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Factoring Regulation Act, 2011

[No. 12 of 2012]

[22nd January, 2012]

Sections Particulars
Chapter I Preliminary
1 Short title, extent and commencement
2 Definitions
Chapter II Registration of Factors
3 Registration of factors
4 Provisions of nonbanking financial companies apply to factor
5 Requirement for registration as a factor not to apply to bank or Statutory corporation or Government company
6 Powers of Reserve Bank to give directions and to collect information from factors
Chapter III Assignment of Receivables
7 Assignment of receivables
8 Notice to debtor and discharge of obligation of such debtor
9 Discharge of liability of debtor on payment to assignee
10 Payment made by debtor to assignor to be held in trust for benefit of assignee in certain cases
Chapter IV Rights and Obligations of Parties to Contract for Assignment of Receivables
11 Rights and obligations of parties to contract for assignment of receivables
12 Liability of debtor
13 Assignor to be trustee of assignee
14 Liability of debtor in case of an assignor being micro or small enterprises
15 Principle of debtor protection
16 Defences and right of set off of debtor
17 Modification of original contract
18 Breach of contract
Chapter V Registration of Assignments
19 Registration of certain assignments of receivables transactions
20 Public inspection
Chapter VI Offences and Penalties
21 Penalties
22 Penalties for non
23 Offences
24 Cognizance of offences
25 Offences by factors
Chapter VII Miscellaneous
26 Provisions of this Act to override other laws
27 Application of other laws not barred
28 Limitation
29 Confidentiality of information
30 Power to exempt
31 Provisions of this Act not to apply or affect in certain cases
32 Power of Central Government to make rules
33 Laying of rules
34 Power to remove difficulties
35 Amendments to certain enactments
Schedule Schedule

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