State Act

THE UTTAR PRADESH REGULATION OF MONEY-LENDING ACT, 1976

3- In this Act – (1) ‘bank’ means – (a) a banking company as defined in the Banking Regulation Act, 1949 ; (b) the State Bank of India constituted under the State Bank of India Act, 1955; (c) a subsidiary bank as defined in the State Bank of India (Subsidiary Bank) Act, 1959 ; (d) a “corresponding new bank” constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 ; (e) a Regional Rural Bank established under sub-section (1) of section 3 of the Regional Rural Banks Act, 1976 ; (f) any banking institution notified by the Central Government under section 51 of the Banking Regulation Act, 1949 ; or (g) any other banking or financial institution notified by the State Government as a bank for the purposes of this Act ; (2) ‘business of money-lending’ means the business of advancing loans, whether or not in connection with or in addition to any other business; (3) ‘co-operative society’ means a co-operative society as defined in the Uttar Pradesh Co-operative Societies Act, 1965 ; (4) ‘interest’ in relation to a loan, includes any sum, by whatever name called in excess of the principal, paid or payable to a money-lender in consideration of or otherwise in respect of the loan, but does not include any sum lawfully charged by a money-lender for or on account of costs, charges or expenses in accordance with the provision of this Act or any other law for the time being in force ; (5) ‘loan’ means an advance at interest whether of money or in kind and includes any transaction which is in substance a loan, but does not include sale of any goods by a dealer in such goods whether on credit or on hire-purchase; (6) ‘money-lender’ means a person who carries on the business of money-lending ; (7) ‘principal’, in relation to a loan, means the amount actually advanced to the debtor ; (8) ‘registration’ means registration under this Act, and ‘registered’ shall be construed accordingly.