Amendment status not verified — confirm the current text below against the official source.
Notwithstanding anything contained in any other S enactment for the time being in force, a suit by a money- lender for the recovery of a loan, or an application by a money-lender for the execution of a decree relating to a loan, shall, after the commencement of this Act, be dismis- sed, unless the money-lender— (a) at the time of the institution of the suit or pre- sentation of the application for execution ; or (b) at the time of decreeing the suit or deciding the application for execution— (i) is registered ; and (i) holds a valid licence, in such form and man- ner as may be prescribed ; or (i) holds a certificate from a Commissioner granted under section 11, specifying the loan in respect of which the suit is institute- ed, or the decree in respect of which the ap- plication for execution is presented ; or (iv) if he is not already a registered and licensed money-lender, satisfies the Court that he has applied to the Collector to be registered and licensed and that such application is pend- ing : provided that in such a case, the suit or application shall not be finally disposed of until the application of the money-lender for registration and grant of licence pending before the Collector is finally disposed of.