In Bangladesh, money lending is primarily regulated by the following laws:
Money Lenders Act, 1940: Requires money lenders to be licensed and regulates interest rates.
Contract Act, 1872: Governs the legality and enforceability of loan agreements.
Negotiable Instruments Act, 1881: Deals with promissory notes, bills of exchange, and cheques used in loan transactions.
Artha Rin Adalat Ain, 2003: Establishes courts for the recovery of loans by financial institutions.
Microcredit Regulatory Authority Act, 2006: Regulates microfinance institutions, including interest rates and recovery practices.
Financial Institutions Act, 1993: Governs the operations of non-banking financial institutions providing loans.
These laws ensure that loans are provided legally, interest rates are fair, and both lenders and borrowers have legal protections.
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