Legislature Moves to Strengthen 2014 Maharashtra Moneylending Act

The Maharashtra Legislative Assembly debated a comprehensive overhaul of the 2014 Moneylending (Regulation) Act. The proposed revisions target three key offences: operating a loan business without a license, using falsified documents to obtain a license, and conducting lending from unauthorized locations. Each violation would attract enhanced jail sentences and higher fines. The amendment also specifically addresses harassment of debtors, raising the penalty ceiling to reflect the gravity of intimidation tactics employed by illegal lenders.