(1)Every registered money-lender shall in respect of every loan advanced by him after the commencement of the [Bihar Money-Lenders Act, 1938 (Bihar Act III of 1938) and every transaction made by him after the commencement'] [The said Act has been repeated and re-enacted by the Bihar Money-Lenders Act, 1974 (Bihar Act 22 of 1975) and any reference to the former Act should be construed to refer to be the latter Act.] of the said Act relating to any loan advanced by him before or after the commencement of the said Act-(a)regularly record and maintain or cause to be recorded or maintained an account showing for each debtor-(i)the date of the loan, the amount of the principal of the loan and rate per centum per annum of interest charged on the loan;(ii)the amount of every payment received by the money-lenders in respect of the loan and the date of such payment, and(iii)any other terms which may be agreed upon between the moneylender and the debtor;(b)give to the debtor or his agent, a receipt for every sum paid by, or on behalf of the debtor duly signed, and if necessary, stamped at the time of such payment.(c)deliver or send by registered post to the debtor or his agent, within fifteen days of advancing the loan, a copy of the entries recorded under sub-clause (i) and (iii) of clause (a);(d)deliver or send by registered post to the debtor or his agent, at least once in every calender year, statement of account signed by himself or his agent, showing the balance of amount that may be outstanding against such debtor on account of the principal and interest at the time of delivering or sending by registered post the said statement of account, the amount of every payment received by the money-lender in respect of the loan and the date of such payment during the period to which the statement relates; and(e)give to the debtor a signed receipt for every pawned article with its general description, immediately after it is pawned, mentioning the amount for which it is pawned.
