7. Registered money-lender to maintain accounts and give receipts.
- Every registered money-lender shall in respect of every loan advanced by him after the commencement of this Act and every transaction made by him after the commencement of this Act relating to any loan advanced by him before the commencement of this Act-(a)regularly record and maintain or cause to be recorded and maintained an account showing for each debtor-(i)the date of the loan, the amount of the principal of the loan and the rate per centum per annum of interest charged on the loan;(ii)the amount of every payment received by this money-lender in respect of the loan, and the date of such payment; and(iii)any other terms which may be agreed on between the moneylender and the debtor;(b)give to the debtor, or his agent, a receipt for every sum paid by or on behalf of the debtor duly signed and, if necessary, stamped at the time of such payment; or within a reasonable time, after it. The money-lender shall also, on demand, permit the debtor or his agent to endorse such payment on the document, if any, evidencing the loan; and(c)give to the debtor a signed receipt for every pawned article with its general description, immediately after it is pawned, mentioning the amount for which it is pawned, the rate of interest charged per centum per annum and other particulars as may be prescribed.Chapter-II-A General provisions
