The Telangana Micro Finance Institutions (Regulation of Money Lending) Act, 2011.
telangana · 2011
The scanned source for this Act is imperfect — headings or section boundaries may be off. Verify against the official source.
- S. 1The Andhra Pradesh Micro Finance Institutions (Regulation of Money Lending) Act, 2011 received the assent of the Govern
- S. 2Substituted by G
- S. 3Section 3 mandates Micro Finance Institutions in Telangana to register with the Registering Authority and prohibits them from lending without registration.
- S. 4Section mandates the registering authority to maintain and publish registers of all registered microfinance institutions.
- S. 5The section allows the Registering Authority to cancel or suspend an MFI's registration based on complaints or violations.
- S. 6Substituted by G
- S. 7Substituted by G
- S. 8Section 8 mandates MFIs to publicly display interest rates and prohibits charging fees beyond prescribed application submission charges.
- S. 9Section 9 limits interest MFIs can charge, requiring refunds if they overcharge and prohibiting security for loans.
- S. 10Section 10 regulates MFIs' further loans to SHGs, requiring prior approval from the Registering Authority and specific borrower information checks.
- S. 11Section 11 mandates MFIs to maintain prescribed records, provide loan details to borrowers, and ensure repayment at designated locations.
- S. 12Section 12 mandates Micro Finance Institutions to submit monthly borrower, loan, and interest reports to the Registering Authority by the 10th day of each month.
- S. 13Section 13 authorizes the Registering Authority to inspect MFI premises, seize records, and summon individuals for information verification.
- S. 14Section 14 allows any SHG or public to file complaints against MFIs for Act violations, with the Registering Authority investigating and issuing orders.
- S. 15Section 15 establishes Fast-Track Courts in Telangana to expedite dispute resolution between SHGs, MFIs, and their members regarding loans.
- S. 16Section penalizes individuals connected to MFIs for coercive actions against SHGs or their members, with imprisonment up to three years or fines up to one lakh rupees.
- S. 17Section 17 penalizes individuals managing unregistered or non-approved MFIs with up to three years imprisonment and a fine.
- S. 18Section 18 penalizes violations of the Act with up to six months imprisonment or a fine of up to ten thousand rupees.
- S. 19Section 19 designates government officers and agents under this Act as public servants under the Indian Penal Code.
- S. 20Section 20 protects government officers and employees from lawsuits for actions taken in good faith under the Act.
- S. 21Section 21 allows the government to issue orders to resolve any difficulties in implementing the Act.
- S. 22The government can issue orders to officers for enforcing the Act, which they must follow.
- S. 23(1) The State Government may, by notification, make rules for carrying out the purposes of this Act
- S. 24Section 24 mandates the government to prepare and present an annual report on the Act's administration to the State Legislature.
- S. 25The Andhra Pradesh Micro Finance Institutions (Regulation of Money Lending) Ordinance, 2010 is hereby repealed
- S. 2011(2) It extends to the whole of the State of 2Telangana