The Usurious Loans Act, 1918
Bare Act
(1) This Act may be called Usurious Loans Act, 1918.
(2) It extends to the whole of India except the territories which, immediately before the 1st November, 1956, were comprised in Part B States.
(3) The State Government may, by notification in the Official Gazette, direct that it shall not apply to any area, class of persons, or class of transactions which it may specify in its notification.
Simplified Act
(1) This law is known as the Usurious Loans Act, 1918.
(2) It is applicable throughout India, but does not cover areas that were classified as Part B states before November 1, 1956.
(3) The state government has the power to announce that this law will not apply to certain areas, groups of people, or types of loan transactions, as they will specify in an official public notice.
