Mumbai: The State Assembly on Thursday passed the
Maharashtra Money lending (regulation) Act which aims to
regulate illegal and legal money lending.
Co-operation Minister Harshvardhan Patil said illegal
money lenders will face a five-year jail sentence and Rs
50,000 fine.
Similarly, authorised money lenders will face one year
imprisonment and Rs 25,000 fine for the first offence of
violating rules.
The punishment will be two years imprisonment and Rs
10,000 fine if found violating rules for the second time, he
said.
The new legislation also prevents a money lender from
transferring land or agriculture land?belonging to the farmers
in his name at any cost, he added.
Patil said the license of 4766 money lenders was renewed
this year and an additional 938 licenses were issued.
So far 5489 illegal money lending complaints have been
received out of which action was being taken on 5478 cases, he
added.
PTI
First Published: Thursday, April 22, 2010, 23:07