Section 6(2) in The Jammu and Kashmir Money Lenders and Accredited Loan Providers Act, 2010
(2)Every money lender shall, -(a)deliver or cause to be delivered, to the borrower within seven days from the date on which a loan is made, a statement in the prescribed form showing in clear and distinct terms the amount and date of the loan and of its maturity, the nature of the security, if any, for the loan, the name and address of the borrower of the money lender and the rate of interest charged :Provided that no such statement shall be required to be delivered to a borrower if he is supplied by the money lender, with a passbook in the prescribed form containing an up-to-date account of the transactions with the borrower ;(b)upon repayment of a loan in full, mark indelibly every paper signed by the borrower with words indicating payment or cancellation, and discharge every mortgage, restore every pledge, return every document or note and cancel or reassign every assignment given by the borrower as security for the loan.
