266 DR. BABASAHEB AMBEDKAR : WRITINGS AND SPEECHES
(ix) “Prescribed” means prescribed by rules made under this Act.
(x) “Principal” means in relation to a loan the amount actually advanced or lent to the debtor.
(xi) “Secured debt” means a loan for which the moneylender holds a mortgage, charge or lien on the property of the debtor or any part thereof as a security for that loan.
(xii) “Unsecured debt” means any loan other than a secured loan.
Provisions of this Act not affected by laws, customs or contracts.
3. The provisions of this Act shall apply notwithstanding anything contained in any other law or custom or usage having the force of law or any contract to the contrary.
Chapter II.
Licensing of Money-lenders.
4. No person whether individually or otherwise or whether for himself or for another or for himself and another shall carry on the business of money-lending unless he takes out annually a “Money-lender’s License” (in this Act referred to as the Licensee) in respect of every address at which such business is being carried on.
Name in which license to be taken out.
5. A money-lender’s license shall be taken out by a moneylender in his own name and shall be void if taken out in any other name :
Provided that where a person is carrying on the business of money-lending not in his own name but under a business name the license shall also show such business name and the authorised address at which such business is carried on;
Provided further that where the business of money lending is earned on by a firm or by a company the license shall be taken out