The Usurious Loans Act, 1918
It is expedient to give additional powers to Court to deal in certain cases with usurious loans of money or in kind;
Administered by. Ministry of Finance, Department of Economic Affairs · Other Acts of 1918
Preamble
THE USURIOUS LOANS ACT, 1918
ACT NO. 10 OF 19181
[22nd March, 1918.] An Act to give additional powers to Courts to deal in certain cases with usurious loans of money or in kind.
WHEREAS it is expedient to give additional powers to Courts to deal in certain cases with usurious loans of money or in kind; It is hereby enacted as follows:--
What this Act covers
Summary of Usurious Loans Act, 1918
*Primary Focus: Empower Courts to handle usurious loans, protecting debtors from excessive interest.
Key Provisions
• Extent & Title:
• Title: Usurious Loans Act, 1918
• Extent: Applies to the whole of India, except specified areas (Part B States before 1st November, 1956, with provisions for State Government exemptions).
• Definitions: - Interest: Includes any return over the lent amount, whether called interest or otherwise.
• Loan: Encompasses loans in money or kind, and transactions substantially equivalent to loans.
• Suit to which this Act Applies: Covers suits for recovery of loans made after the Act's commencement, enforcement of securities, or redemption of securities.
• Court Powers to Re-open Transactions (Section 3):
• Re-open Transactions: If interest is excessive and the transaction is substantially unfair.
Sections
Type to filter. 4 sections.
Related Acts
- The Reserve Bank of India Act, 1934140 sections
- The Indian Stamp Act, 189997 sections
- The Insurance Act, 1938260 sections
- The Central Excise Act, 1944130 sections
- The Public Debt Act, 194435 sections
- The Bankers' Books Evidence Act, 18919 sections
- The International Monetary Fund and Bank Act, 19458 sections
- The Revenue Recovery Act, 189010 sections
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Every one of the 4 sections of this Act has its own page. This page is not a substitute for legal advice.