The Credit Information Companies (Regulation) Act, 2005.
CHAPTER I: PRELIMINARY
Section 2: Definitions
Bare Act
In this Act, unless the context otherwise requires,
- (a) "board" means the Board of directors of a credit information company;
- (b) "borrower" means any person who has been granted loan or any other credit facility by a credit institution and includes a client of a credit institution;
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(c) "client" includes -
- (i) a guarantor or a person who proposes to give guarantee or security for a borrower of a credit institution; or
- (ii) a person -
- (A) who has obtained or seeks to obtain financial assistance from a credit institution, by way of loans, advances, hire purchase, leasing facility, letter o… Read the complete text with KanoonGPT Pro.
Simplified Act
This is what the terms mean in The Credit Information Companies (Regulation) Act, 2005:
- Board: The group of people who direct a company that deals with credit information.
- Borrower: A person or company that has taken a loan or credit from a financial institution.
- Client: This can be someone who:
- Guarantees to pay bac… Read the complete text with KanoonGPT Pro.
