State Act

THE UTTAR PRADESH REGULATION OF MONEY-LENDING ACT, 1976

12- (1) Notwithstanding anything contained in any decree, order, custom, contract or other instrument or any other law for the time being in force, no money-lender shall in respect of any loan, whether advanced before or after the commencement of this Act, be entitled to interest exceeding such rates as may be notified under sub-section (2). (2) The State Government may from time to time, after considering the rate of interest normally charged by a scheduled banks for commercial loans, notify the maximum rates of interest that may be charged by money-lenders : Provided that different rates may be notified for secured and unsecured loans. (3) Any alteration in the rate of interest notified under sub-section (2) shall not affect the validity of any claim for interest made in respect of a loan granted before such alteration.