(1) Every money lender shall keep and maintain a cash book, a ledger, register of securities and such other books of accounts in such form and in such manner as may be prescribed.
(2) Every money lender shall,––
(a) deliver or cause to be delivered, to the borrower within seven days from the date on which a loan is made, a statement in the prescribed form showing in clear and distinct terms the amount and date of the loan and of its maturity, the nature of the security, if any, for the loan, the name and address of the borrower and of the money lender and the rate of interest charged :
Provided that no such statement shall be required to be delivered to a borrower if he is supplied by the money lender, with a passbook in the prescribed form containing an up-to-date account of the transactions with the borrower ;
(b) upon repayment of a loan in full, mark indelibly every paper signed by the borrower with words indicating payment or cancellation, and discharge every mortgage, restore every pledge, return every document or note and cancel or re-assign every assignment given by the borrower as security for the loan.
(3) No money lender shall receive any payment from a borrower on account of any loan without giving him a duly signed receipt for the payment.
(4) No money lender shall accept from a borrower any article as a pawn, pledge or security for a loan without giving him a signed receipt for the same with its description, estimated value, the amount of loan advanced against it and such other particulars as may be prescribed.
(5) A money lender shall, on a demand in writing by the borrower, and tender of the prescribed sum of expenses, supply a copy of any document relating to a loan made by him or any security therefor, to the borrower, or if the borrower so requires, to any person specified in that behalf in the demand.
(2) Every money lender shall,––
(a) deliver or cause to be delivered, to the borrower within seven days from the date on which a loan is made, a statement in the prescribed form showing in clear and distinct terms the amount and date of the loan and of its maturity, the nature of the security, if any, for the loan, the name and address of the borrower and of the money lender and the rate of interest charged :
Provided that no such statement shall be required to be delivered to a borrower if he is supplied by the money lender, with a passbook in the prescribed form containing an up-to-date account of the transactions with the borrower ;
(b) upon repayment of a loan in full, mark indelibly every paper signed by the borrower with words indicating payment or cancellation, and discharge every mortgage, restore every pledge, return every document or note and cancel or re-assign every assignment given by the borrower as security for the loan.
(3) No money lender shall receive any payment from a borrower on account of any loan without giving him a duly signed receipt for the payment.
(4) No money lender shall accept from a borrower any article as a pawn, pledge or security for a loan without giving him a signed receipt for the same with its description, estimated value, the amount of loan advanced against it and such other particulars as may be prescribed.
(5) A money lender shall, on a demand in writing by the borrower, and tender of the prescribed sum of expenses, supply a copy of any document relating to a loan made by him or any security therefor, to the borrower, or if the borrower so requires, to any person specified in that behalf in the demand.
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More sections of this act
Section 1 · Short title, extent and commencement.Section 2 · Definitions.Section 3 · Appointment of registering authority.Section 4 · Register of money lenders.Section 5 · Money lender to obtain registration.Section 7 · Submission of accounts, returns etc.Section 8 · Power to require production of records or documents, and power of entry, inspection and seizure.Section 9 · Borrowers not bound to admit correctness of accounts.India Code, Government of India. Text fetched 13 Oct 2026. Check the linked official text and subsequent notifications when applying a provision.