Amendment status not verified — confirm the current text below against the official source.
Definitions: In this Act, unless the context otherwise requires: (1) 'bank' means a banking company as defined in clause (c) of Section 5 of the Banking Companies Act, 1949 (Central Act 10 of 1949); (2) 'company' means any company as defined in Section 3 of the Companies Act, 1956 (Central Act I of 1956); (3) "Co-operative Society" means a society registered or deemed to be registered under the Assam Co-operative Societies Act, 1949 (Assam Act No. I 1950); (4) 'court' includes acourt acting in the exercise of insolvency jurisdiction; (5) 'debtor' means a person to whom a loan is advanced and includes a successor-in-interest or surety. (6) "Government' means the State Government; (7) 'interest' includes any amount, by whatever name called, paid or payable to a lender in consideration of, or otherwise in respect of, a loan in excess of the principal, but does not include any sum lawfully charged by a lender in accordance with the provisions of this or any other act for the time being in force or on account of costs, charges or expenses; (8) 'license'meansamoney lender's license granted under this Act and licensed shall be construed accordingly; (9) 'loan' means an advance whether of amoney or articles, goods or materials made on consideration for interest, and includes any transaction which the Court h d s in substance to amount to such an advance, but does not include- (i) deposit of money or other property in a bank, Post Office Saving Bank, or Company; (ii) an advance made by a bank, or company; (iii) an advance made by the Government or by any person authorized by the Government to make advance in their behalf of by any local authority; (iv) an advance made by any person bona fide carrying on any business, not having for its primary object the lending of money, if such loan is advanced in the regular course of such business; and (v) an advance made by a landlord to his tenant, by a lessor to his lessee, by one partner or co-sharer in cultivation to another for the purpose of carrying on agriculture. (10) 'money lender' means a person whose business is that of advancing and realizing loans, and shall include a mundy merchant and a pawnbroker, but does not include a bank, or company and the expression 'money lending' shall be construed accordingly; (1 1) 'mundy merchant' means a person who advances money on the security of any standing crop or produce; (12) 'pawnbroker' means a person who carries on the business of taking goods and cattle in pawn for a loan given by him; (13) 'pawner' means a person delivering an articles for pawn to a pawnbroke. (14) 'pledge' means an article pawned with a pawnbroker; (15) 'prescribed' means prescribed by rules made under this Act; (16) 'principal' in relation to a loan means the amount actually lent to the debtor; (17) 'year' means the financial year.