Section 21(1) in The Karnataka Money-Lenders Act, 1961
(1)Every money-lender shall deliver or cause to be delivered every year to each of his debtors a legible statement of such debtor’s accounts signed by the money-lender or his agent of any amount that may be outstanding against such debtor. The statement shall show,-(i)the amount of principal and the amount of interest, separately, due to the money-lender;(ii)the amount of every payment already received by the money-lender in respect of the loan during the year together with the date on which each payment was made;(iii)all payments credited first in the account of interest and the residue, if any, of any payment more than sufficient to discharge the balance of interest due at the time it is made, credited to the debtor in the account of principal, in the alternative such of the payments credited first in the account of principal as the money-lender may determine and the remaining payments credited in the account of interest calculated on the basis of the decreased balance of principal and when the balance of interest is fully discharged the residue of the payments, if any, further credited in the account of principal;(iv)the amount of principal and interest remaining unpaid.The statement shall be signed by the money-lender, or his agent, and shall be either in Kannada or in English. It shall be in such form and shall be supplied to the debtor on or before such date as may be prescribed: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.The money-lender shall on or before the aforesaid date deliver or cause to be delivered a statement containing the particulars specified in clauses (i) to (iv) to the Assistant Registrar.
