The Government of Goa on March 20, 2025, notified the Goa Money Lenders and Accredited Loan Providers Rules, 2025.
The following has been stated-
•They define the application process for registration and renewal for money lenders and accredited loan providers, including fees of Rs. 10,000 for registration and Rs. 7,000 for renewal. Registration applications are accepted or rejected based on specific criteria, and reasons for rejection must be recorded in writing.
•Money lenders must maintain specified books of accounts and provide borrowers with loan statements and passbooks. Accounts must be submitted to the Registering Authority every six months.
•In case of disputes, loans up to Rs. 50,000 are resolved by the Mamlatdar of Taluka, while higher amounts go to the Collector of the District. Appeals against decisions can be made to higher authorities, with applicable fees.
•An annual report on the administration of the Act is to be prepared by the Registering Authority and submitted to the Finance Department.
[Notification No. 1-80-2006/Fin(BUD)/8633]
