Uttar Pradesh act 1 of 1979 : The UTTAR PRADESH REGULATION OF MONEY-LENDING (AMENDMENT) ACT, 1978

Department
  • Department of Vidhai Anubhag - 1
Ministry
  • Ministry of Vidhai
Enforcement Date

17 Jan 1997

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IN pursuance of the provisions of clause (3) of Article 348 of the Constitution of India,

the Governor is pleased to order the publication of the following English translation of the Uttar Prainh Salnkari Viniyama (Sanshodhan) Adhiniyam, 1978 (Uttar Pradesh Adhiniyam l5ankhya I of 1.979), as passed by the Uttar Pradesh Legislature and assented to by the President on

'January 2, 1979:

No. 26/XVII- V-1-8-78

bated Lucknow, January 6, 1979

THE UTTAR PRADESH REGULATION OF MONEY-LENDING (AMENDMENT) ACT, 1978

[U. P. Act NO. I OF 1979]

(As passed by Ow Uttar Pradesh Legislature)

AN

ACT

to amend the Uttar Pradesh Regulation of Money-Lending Act, 1976

IT Is HEREBY enacted in the Twenty-ninth Year of the Republic of India as follows :-

1. This Act may be called the Uttar Pradesh Regulation of Money- Lending (Amendment) Act, 1978.

2. 'in section 2 of the Uttar Pradesh Regulation of Money-Lending Act, Amendment of

1976, hereinafter referred to as the principal Act, in sub-section (1), for clause (a) section 2 of U.P., Act no. 29 of

the following clause shall be substituted and be deemed always to have been 1976. substituted, namely :—

"(a) any loan or advance by or any deposit with any bank or a co- operative society."

3. rn section 7 of the principal Act, in sub-section (1)—

after the words, "Any person carrying on the business of Money- Lending on the date of commencement of this Act wishing to carry on such business after such commencement", the words "or any person wishing to commence such business after the said date" shall be inserted and be deemed always to have been inserted ;

in the proviso, for the words "from the date of such commence- ment", the words and figures "from the date of commencement of the Uttar Pradesh Regulation of Money-Lending (Amendment) Act, I978" shall be substituted.

4. In Section 14 of the principal Act, in sub-section (1), the following proviso shall be inserted and be deemed always to have been inserted, namely :—

"Provided that nothing in this sub-section shall apply to a transac- tion where a fresh bond or promissory note is executed in lieu of a bond or promissory note which remains wholly or partly unpaid."

5. For section 18 of the principal Act, the following section shall be Substitution of

substituted and be deemed always to have been substituted, namely:— section IS.

"18. (1) No' suit on the basis of any loan, agreement or security re- Bar on certain ferred to in sub-section (1) of section 15 shall be instituted

' suits by moncy- by a money-lender, unless at the time of advancing such lenders, loan or making such agreement or taking such security—

(a ) such money-lender held a valid certificate of registration ; or

(b) such money-lender had applied for such certificate and the same had .not been refused ; or

(c) the period specified in the proviso to sub-section (1) of section 7 had not expired.

Short title,

Amendment of !lotion 7.

Amendment of section 14.

ii. aw. sin murmur ware, 5 arm 1 9.7 9 3 i" ,, _IN pursuance of the provisions of clause (3) of Article 348 of the Constitution of India, the Gover'noris pleased to orderthe publication of the following English translation of the Uttar Praiesh Sahnkari Viniyama 1 (Sanshodhan) Adhin-iyam, 1978 (Uttar Pradesh Adhiniyam ‘Sankhya 1 of 1979), as passed by the Uttar Pradesh Legislature and assented to by the President on . (January 2, 1979: No. 26/XVII-V- [—3-78 DatedLucknaw, January 6, 1979 ' THE UTI‘AR PRADESH REGULATION OF MONEY-LENDING (AMENDMENT) ACT, 1978 [U. P. Act No. I or 1979] (As passed by the Uttar Pradesh Legislature) 1 'AN ’ACT \ to amend the Utiar Praderh Regulation of MoneyLending Act, 1976 IT Is HEREBY enacted in the Twenty-ninth Year of the Republic of India as follows :— 1. This Act may be called the Uttar Pradesh Regulation of Money« Lending (Amendment) Act, 1978. 2. !In section 2 of the Uttar Pradesh Regulation of Money-Lending Act, 1976, hereinafter referred to as the principal Act, in sub-section (1), for clause (a), the following clause shall be substituted and be deemed always to have been substituted, namely :— “(a) any loan or advance by or any deposit with any bank or a co- operative society.” 3. rn section 7 of the principal Act, iii sub-section (1)— (a) after the words, “Any person carrying on the business of Money- Lending on the date of commencement of this Act wishing to carry on such business after such commencement”, the words “or any person wishing to commence such business after the said date"shall be inserted and be deemed always to have been inserted ; (b) in the proviso, for the words “from the date of such commence- ment”, the words and figures “from the date of commencement of the Uttar Pradesh Regulation of Money-Lending (Amendment) Act, 1978” shall be substituted. 4. In section 14 of the principal Act, in sub-section (1), the following proviso shall be inserted and be deemed always to have been inserted, namely :— “Providcd that nothing in this sub-section shall apply to a transac- tion where a fresh bond or promissory note is executed in lieu of a bond or promissory note which remains wholly or partly unpaid.” 5. For section 18 of the principal Act, the following section shall be substituted and be deemed always to have been substituted, namely:— “18. (1) No’suit on the basis of any loan, agreement or security re- am on certain ferred to in sub-section (1) of section 15 shall be instituted suits by monCy- by a money-lender, unless at the time of advancing such ‘Enderst loan or making such agreement or taking such security— , (n) such m‘Oney-lender held a valid certificate of registration ; or (b) such money-lender had applied for such certificate and the same had.not been refused ; or (c) the period specified in the proviso to sub~section (1) of section 7 had not expired. Short title, Amandment of section 2 of UP. Act no. 29 of 1976._ Amendment of section 7. AmEndment of Section 14. Substitution of section 18.

4 3975f% PraT u TM!, 6$'-1t; 1979

Amendinent of 6. In section 26 of the principal Act, in sub-section: (l), the following Ai section 26. proviso shall be inserted, namely:—

"Provided that the Registfar may on an application by such money- lender, for sufficient cauSe condone the delay and accept the statement submitted within three mouths from the date of the commencement of the Uttar Pradesh Regulation of Money-Lending (Amendment) Act, 1978."

7. For section 29 of the principal Act, the following E e ction shall be subs- tituted and be deemed always to have been substituted, namely:—

"29. The Usurious Loans Act, 1918, as amended in its application tg Repeal.

to Uttar PradeSh, is hereby repealed with effect from August 10, 1976 in relation to loans and advances to which :-.5;;

the provisions of this Act apply."

By order, R. C. DEO SHARMA,

Snehiv.

it

Substitution section 29.

--1978--650 iiVO) to qo 10 tit 0-90 to 36 ma thigli 0--6-1-79---( 3396

eat st? interwar fl‘it‘a‘; amen-1979 Amendment of 6. In sectron 26 of the principal Act, in sub-section: .(1), the following '. ““10“ 26- proviso shall be inserted namely: —- “Provided that the Registrar may on an application by such money- lender, for sufficient cauSe * condone the delay and accept the statement submitted within three months from the date of the commencement of the Uttar Pradesh Regulation of Money-Lending (Amendment) Act, 1978.” S‘tibsmigion ’ ~ 7. For section 29 of the principal Act, the following section shall be subs- Sec ‘0“ ' tituted and be deemed always to have been substituted, namely:— “29. The Usurious Loans Act, 1918,95 amended in its application to Uttar Prndesh, is hereby repealed with effect from August 10,1976 in relation to loans and advances to which the provisions of this Act apply.” Repeal . By order, R. C. DEO SHARMA, Sachiv. tire new :10 filo—120 l1‘10 315 m0 teen0——e—1—79——{3395)—-1978—'—650-.(ifio) E

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