Gujarat Money-Lenders Act, 2011
In this Act, unless the context otherwise requires, - (1) "appointed day" means the date on which this Act comes into force; (2) "bank" means- (i) a banking company or a co-operative bank to which the Banking Regulations Act, 1949 applies; (ii) the State Bank of India constituted under the State Bank of India Act, 1955; (iii) a Subsidiary Bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959; (iv) a corresponding new bank constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act,1970, or the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980; and (v) a regional rural bank established under section 3 of the Regional Rural Banks Act, 1976; (3) "business of money-lending" means the business of advancing loans, whether in cash or kind and whether or not in connection with or in addition to, any other business and includes the business of payment of loan by an agreement under any law for the time being in force; (4) "capital" means a sum of money which a Money-Lender invests in the business of money-lending; (5) "company" means a company as defined in the Companies Act, 1956; (6) "co-operative society" means a society registered or deemed to have been registered under the Gujarat Co-operative Societies Act, 1961 or any other Act relating to co-operative societies and includes a Multi State Co-operative Society registered under the Multi State Co-operative Societies Act, 2002; (7) "debtor" means a person to whom a loan is advanced and includes a successor-in-interest or surety; (8) "interest" includes the sum to be made over and above principal amount lent, whether the same is charged or sought to be recovered specifically by way of interest or otherwise, but does not include any sum lawfully charged by Money-Lender as costs, charges, expenses, towards evaluation, assessment and creation of the security; (9) "loan" means an advance whether of money or in kind, at an interest, with or without security, and includes advance, discount, money paid for or on account of or on behalf of or at the request of any person, or the forbearance to require payment of money owing on any account whatsoever, and every agreement under any law for the time being in force (whatever its terms or form may be) which in substance or effect a loan of money, but does not include— (a) a deposit of money or other property in a Government post office, a bank, a company or a co-operative society; (b) a loan to, or by, or a deposit with any society or association registered under the Societies Registration Act, 1860, or any other enactment relating to a public, religious or charitable object; (c) a loan advanced by the State Government or by any local authority authorized by the State Government; (d) a loan advanced to a Government employee from a fund, established for the welfare or assistance of Government employees and which is sanctioned by the State Government; (e) a deposit of money with or a loan advanced by a co-operative society; (f) an advance made to a subscriber to, or a depositor in, a provident fund from the amount standing to his credit in the fund in accordance with the rules of the fund; (g) a loan to or by an insurance company as defined in the Insurance Act, 1938; (h) a loan advanced by a Government company as defined in the Companies Act, 1956; (i) an advance made bona fide by any trader carrying on any business, other than money-lending, if such advance is made in the regular course of such business; (j) a loan advanced by the National Bank for Agriculture and Rural Development established under the National Bank for Agriculture and Rural Development Act, 1981; (k) a loan advanced by the Export-Import Bank of India established under the Export-Import Bank of India Act, 1981; (l) a loan advanced by the Small Industries Development Bank of India, established under the Small Industries Development Bank of India Act, 1989; (m) a loan advanced by the National Housing Bank, constituted under the National Housing Bank Act, 1987; (n) a loan advanced by State Financial Corporations established under the State Financial Corporations Act, 1951; and (o) a loan advanced by any institution- (1) established by or under an Act of Parliament or the legislature of a State, which grants any loan or advance in pursuance of the provisions of that Act, or (2) notified in this behalf by the State Government, in consultation with the Reserve Bank; (10) "Money-Lender" means- (i) an individual, or (ii) a Hindu Undivided Family, or (iii) a company, or (iv) a pawn-broker, or (v) an unincorporated body of individuals, including a firm, who or which- (a) carries on the business of money-lending in the State, or (b) has his or its principal or subsidiary place of such business in the State;