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[Cites 0, Cited by 0] [Section 8(1)] [Section 8] [Entire Act]

Union of India - Subsection

Section 8(1)(k) in The Ombudsman Scheme for Non-Banking Financial Companies, 2018

(k)failure to ensure transparency in the contract/ loan agreement regarding (i) notice period before taking possession of security; (ii) circumstances under which the notice period can be waived; (iii) the procedure for taking possession of the security; (iv) a provision regarding final chance to be given to the borrower for repayment of loan before the sale/ auction of the security; (v) the procedure for giving repossession to the borrower and (vi) the procedure for sale/ auction of the security;