State Act

The Kerala Prohibition of charging Exorbitant Interest Act 2012

2. Definitions.—(1) In this Act, unless the context otherwise requires,- (a) "daily vatti" means interest on daily basis which will work out to an interest rate more than that specified under sub-section (1) of section 7 of the Kerala Money-Lenders Act, 1958 (35 of 1958); (b) "debtor" means a person who receives loan for exorbitant interest; (c) "exorbitant interest" means an interest at the rate more than the rate specified in sub-section (1) of section 7 of the Kerala Money Lenders Act, 1958 and includes daily vatti, hourly vatti, kandu vatti, meter vatti and thandal; (d) "hourly vatti" means interest on hourly basis which will work out to an interest rate more than that specified under sub-section (1) of section 7 of the Kerala Money-Lenders Act, 1958 (35 of 1958); (e) "kandu vatti" means an interest which will work out to an interest rate more than that specified under sub-section (l) of section 7 of the Kerala Money Lenders Act, 1958 (35 of 1958); (f) "loan" means an advance of money for daily vatti, hourly vatti, kandu vatti, meter vatti or thandal; (g) "meter vatti" means an interest which will work out to an interest rate more than that specified under sub-section (1) of section 7 of the Kerala Money-Lenders Act, 1958 (35 of 1958) for every day on the loan amount not paid within the stipulated time; (h) "thandal" means interest which will work out to an interest rate more than that specified under sub-section (1) of section 7 of the Kerala Money-Lenders Act, 1958 (35 of 1958) which is to be recovered daily along with the part of the loan amount; (2) Words and expressions used but not defined in this Act and defined in the Kerala Money-Lenders Act, 1958 (35 of 1958) shall have the meanings respectively assigned to them in that Act.