The Tamil Nadu Prohibition of Charging Exorbitant Interest Act, 2003
tamil-nadu · 2003
The scanned source for this Act is imperfect — headings or section boundaries may be off. Verify against the official source.
- S. 1The act is titled the Tamil Nadu Prohibition of Charging Exorbitant Interest Act, 2003.
- S. 2In this Act, unless the context otherwise requires,- Definitions
- S. 3No person shall charge exorbitant interest on any loan advanced by him
- S. 4Section 4 penalizes contravention of section 3 or molestation for loan recovery with up to three years imprisonment and a fine up to 30,000 rupees.
- S. 5Section allows debtors to deposit loan money with interest in court to settle debt, with court procedure for verification.
- S. 6The section allows a debtor to petition the court for restoration of property forcibly taken for loan repayment.
- S. 8The Court may, on a petttion filed by the debtor for settlement of loan tncludlng the interest irlterest
- S. 9Where a debtor or any member of his famtly commrts surctde and rf it IS shown that I suicide
- S. 10Section 10 specifies that court fees for petitions under the Act are fixed at one hundred rupees.
- S. 12Section 12 makes the Tamil Nadu Prohibition Act the primary law for prosecuting money-lenders, superseding the Money-lenders Act.
- S. 13( I ) The Tamil Nadu Prohibition of Charging Exorbitant Interest Ordinance, 2003 T ~ ~ I I N Savlng
- S. 2003extent and commence- r ment