Tamil Nadu assembly approves bill to curb coercive loan recovery
The Tamil Nadu assembly on Tuesday passed a bill that proposes stringent punishment against loan sharks to protect economically weaker sections.
'The Tamil Nadu Money Lending Entities (Prevention of Coercive Actions) Bill, 2025, was drafted because it was necessary to provide a statutory framework to protect vulnerable groups from the aggressive tactics used by money-lending firms,' Deputy chief minister Udhayanidhi Stalin said.
'The money-lending entities are resorting to unethical methods of debt recovery from borrowers who are already in financial distress. These actions sometimes drive borrowers to take their own lives, shattering families and disturbing social order,' the bill read.
'The bill prohibits money-lending entities or their agents from using coercive actions against borrowers or their families during loan recovery,' Udhayanidhi said. 'If harassment from such entities leads to a borrower or family member dying by suicide, the firm and its agents could face charges for abetment to suicide under Section 108 of the Bharatiya Nyaya Sanhita, 2023.'
Besides this, the assembly also passed a bill that transfers the powers of the Governor-Chancellor to the government in the appointment and removal of the Vice-Chancellor of the Tamil Nadu Physical Education and Sports University. This comes after the Supreme Court in its landmark order setting timelines for governors said that the bills readopted by the Tamil Nadu assembly were deemed as having received assent.
'In the said State University Laws, the Government has been empowered to appoint and remove the Vice-Chancellor of 18 Universities. On the same lines, Government has decided to empower themselves to appoint and remove the Vice-Chancellor of the Tamil Physical Education and Sports University,' the bill said.
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