Section 2(9) in The Punjab Registration of Money Lenders Act, 1938
(9)"Money-lender" means a person, or a firm carrying on the business of advancing loans as defined in this Act, and shall include the legal representatives and the successors-in-interest, whether by inheritance; assignment or otherwise, of such person or firm; provided that nothing in this definition shall apply to-(a)a person who is the legal representative or is by inheritance the successor-in-interest of the estate of a deceased money-lender together with all his rights and liabilities; provided that such person only-(i)winds up the estate of such money-lender;(ii)realises outstanding loans;(iii)does not renew any existing loan, nor advance any fresh loan;(b)a bona fide assignment by a money-lender of a single, loan to any one other than the wife or husband of such assignor, as the case may be, or any person, who is descended from a common grant-father of the assignor.
