money lender

Querist : Anonymous (Querist) 14 May 2011 This query is : Resolved

Is there any restriction for money lender in this growing society. they are collecting more than 9% interest backed up with muscle and power. my friend is suffering a lot for 2 and years in the clutch of the money lender. what are the remedy available

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Advocate. Arunagiri (Expert) 14 May 2011
In Tamil Nadu there is The TN Prohibition of Charging Exorbitant Interest Ordinance 2003.

Most of the states are having similar acts.

By this the money lenders can not collect exorbitant interest.

M/s. Y-not legal services (Expert) 15 May 2011
Am agree with mr.aruna giri

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