Is a loan transaction between two individuals legal in the eyes of law when executed via a promissory note/loan agreement? Is the lender required to register himself with any regulatory body?
Gaurav Aggarwal (Owner) 21 May 2011
Is a loan transaction between two individuals legal in the eyes of law when executed via a promissory note/loan agreement? Is the lender required to register himself with any regulatory body?
Sandeep Bhargava (Advocate & Notary) 24 May 2011
FOR EVERY STATE MONEY LENDING LAWS DIFFER IN M.P. IF A PERSON IS LENDING MONEY TO SEVRAL PERSONS WHO ARE NOT HIS FRIENDS THEN MONEY LENDING LICENCE IS NECESSARY
Gaurav Aggarwal (Owner) 24 May 2011
Hi Sandeep,
Thanks for the reply.
In that case, the regulations of which state will apply. The state of domicile of the borrower or the state of domicile of the lender or the state in which the lending agreement is executed?
Regards,
Gaurav
Sandeep Bhargava (Advocate & Notary) 31 May 2011
the state in which lendor residesand transaction took place will apply
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