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;
- (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 of credit, guarantee facility, venture capital assistance o
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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: