Section 20 in The Karnataka Money-Lenders Act, 1961
20. Duty of money-lender to keep accounts and furnish copies.—
(1)Every money-lender shall keep and maintain a cash book and a ledger in Kannada or in English in such form and in such manner as may be prescribed.(2)Every money-lender shall,-(a)deliver or cause to be delivered,-(i)to the debtor within thirty days from the date on which a loan is made, a statement either in Kannada or in English 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 debtor and of the money-lender and the rate of interest charged:Provided that no such statement shall be required to be delivered to a debtor if he is supplied by the money-lender with a pass book which shall be in the prescribed form and shall contain an up-to-date account of the transactions with the debtor;(ii)to the Assistant Registrar, within the said period, a statement containing the particulars referred to in sub-clause (i);(b)upon repayment of a loan in full, mark indelibly every paper signed by the debtor with words indicating payment or cancellation, and discharge every mortgage, restore every pledge, return every note and cancel or reassign every assignment given by the debtor as security for the loan.(3)No money-lender shall receive any payment from a debtor on account of any loan without giving him a duly signed receipt for the payment.(4)No money-lender shall accept from a debtor any article as a pawn, pledge or security for a loan without giving him a signed receipt for the same with its description, estimated value, the amount of loan advanced against it and such other particulars as may be prescribed.
