(1)The [State] [This word was substituted for the word 'Provincial' by the Adaptation of Laws Order, 1950.] Government may from time to time by notification in the Official Gazette fix the maximum rates of interest for any local area or class of business of money-lending in respect of secured and unsecured loans:[* * * * * * *] [This proviso was deleted by Bombay 13 of 1951, section 11.](2)Notwithstanding anything contained in any law for the time being in force, no agreement between a money-lender and a debtor for payment of interest at rates exceeding the maximum rates fixed by title [State] [Sub-section (3) was added by Bombay 57 of 1949, section 4.] Government under sub-section (1) shall be valid and no Court shall in any suit to which this Act applies award interest exceeding the said rates.(3)[ [If any money-lender or a person advancing a loan specified in sub-clause (g) of clause (9) of section 2 makes an oral or written demand or charges or receives] [Sub-section (3) was added by Bombay 57 of 1949, section 4.] from a debtor interest at rate exceeding the maximum rate fixed by the [State] [This word was substituted for the word 'Provincial' by the Adaptation of Laws Order, 1950.] Government under sub-section (1) he shall, for the purposes of section 34, be deemed to have contravened the provisions of this Act.]
