The Usurious Loans Act, 1918, is a key piece of Indian legislation designed to protect borrowers from exploitative lending practices. It grants courts the authority to re-examine loan transactions where interest rates are deemed excessive or the terms are substantially unfair. The Act allows courts to reopen transactions, adjust liabilities, and revise securities to ensure fairness. This document is particularly useful for legal practitioners, borrowers facing unfair loan terms, and anyone interested in consumer protection laws in India.
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