(1) No money lender shall
commence or carry on the business of providing loan at any place to which
this Act applies without obtaining a registration under this Act.
(2) Every application for a money lender’s registration and for a renewal of money lender’s license shall be in writing in the prescribed manner and form and shall be made to the registering authority along with the prescribed fee.
(3) Every registration granted by the registering authority shall be in such form and subject to such conditions as may be prescribed.
(4) A registration shall be valid within the local area as specified in the registration for a period of three years :
Provided that when an application for renewal of a registration has been received by the registering authority within the prescribed period, the registration shall, until the application is finally disposed of, be deemed to be valid.
(5) The registering authority may, at any time for sufficient cause suspend or cancel a registration granted under sub-section (3) :
Provided that no order suspending or cancelling the registration shall be passed except after giving the money lenders an opportunity of showing cause against the proposed action.
Explanation :––For the purposes of sub-section (5), prosecution or conviction of a money lender for violating any of the provisions of this Act shall be sufficient cause for suspension or cancellation of his registration.
(2) Every application for a money lender’s registration and for a renewal of money lender’s license shall be in writing in the prescribed manner and form and shall be made to the registering authority along with the prescribed fee.
(3) Every registration granted by the registering authority shall be in such form and subject to such conditions as may be prescribed.
(4) A registration shall be valid within the local area as specified in the registration for a period of three years :
Provided that when an application for renewal of a registration has been received by the registering authority within the prescribed period, the registration shall, until the application is finally disposed of, be deemed to be valid.
(5) The registering authority may, at any time for sufficient cause suspend or cancel a registration granted under sub-section (3) :
Provided that no order suspending or cancelling the registration shall be passed except after giving the money lenders an opportunity of showing cause against the proposed action.
Explanation :––For the purposes of sub-section (5), prosecution or conviction of a money lender for violating any of the provisions of this Act shall be sufficient cause for suspension or cancellation of his registration.