Shillong, June 30: The Meghalaya Cabinet on Tuesday approved the Meghalaya Money Lenders and Accredited Loan Providers Bill, 2026, to regulate private lending and protect borrowers from exploitative practices, Chief Minister Conrad K Sangma said.
The Cabinet also approved the Meghalaya Banning of Unregulated Deposit Schemes (BUDS) Rules, 2026, and cleared the promotion of A. Sangma as Legal Remembrancer & Secretary, Law Department.
“Cabinet has approved the Meghalaya Money Lenders and Accredited Loan Providers Bill, 2026,” Sangma told reporters after chairing the meeting.
“The new law creates a framework to register and regulate private money lenders through the Deputy Commissioners, ensuring greater transparency, preventing exploitative lending practices, and protecting borrowers from exorbitant interest rates,” he said.
“This is an important step towards responsible lending and stronger financial protection for the people of Meghalaya,” the Chief Minister added.
The Cabinet also notified rules under the Centre’s BUDS Act.
“Approved the Meghalaya Banning of Unregulated Deposit Schemes (BUDS) Rules, 2026,” Sangma said.
“These Rules have been framed by the State Government under the Government of India’s BUDS Act to strengthen its implementation in Meghalaya and enhance protection against unregulated deposit schemes,” he said.
On the administrative appointment, Sangma said, “(We have) approved the promotion of A. Sangma as Legal Remembrancer & Secretary to the Government of Meghalaya, Law Department.”
“As required under the rules for this post, the promotion was recommended by the Departmental Promotion Committee and received final approval from the Cabinet,” he added.
