Hyderabad, July 14: The Andhra Pradesh Assembly today passed a landmark legislation that will regulate money lending and protect the interests of borrowers, particularly those availing of micro finance.
The AP Money Lenders and Accredited Loan Providers Act, 2010, saw the light of the day 13 years after it was first introduced in the state Assembly.
The Assembly passed the legislation in the absence of members of the principal Opposition TDP, CPI, CPM and BJP parties, who were suspended for the day. The Bill was cleared by the Legislative Council on July 12.
Moving the legislation, Revenue Minister Dharmana Prasada Rao said it was a foolproof law that would provide major relief for farmers and other poorer sections of society who borrowed smaller amounts from private moneylenders.
The law is in accordance with the model legislation on money lending suggested by Reserve Bank, he said.
–Agencies