Amendment status not verified — confirm the current text below against the official source.
Every money-lender may apply to the Collector for a licence which shall be granted for such period, in such form, and on such conditions, and on payment of such fees, as may be prescribed. Explanation.—When an application for the renewal of a licence has bzen received from a licensed money- lender before the expiry of his licence, the existing uits and applica- tions by money- lenders barred unless money- lender is register ed and licensed Registration of money-lenders. Licensin, of money-lenders. 22 REGISTRATION OF MONEY-LENDERS [1938: Pb. Act Irj, licence shall be decmed to continue in force until orders on the application have bec1 issued. Where licence . A licence may be cancelled by the Collectpr and may be °““°""°"'sha]16not be 1renewed for such period as may be specified by him, if after the commencement of this Act, a money- lender commits an act or is guilty of an omission with reference to which he— (i) has been held by a Court to have contravened the provisions of section 3 of the Punjab Regu-!u lation of Accounts Act, in more than two suits ; (i) has had his suit dismissed, in whole or in part, under section 37 of the Punjab Relief of i Indebtedness Act; I (iii) has had his suit dismissed with a finding that he has made, dishonestly or fraudulently, a material alteration in any document relating to a loan ; (iv) has had his suit dismissed with a finding that it is fraudulent ; (v) has been found by a Court to have charged higher rates of interest than those prescribed under section 5 of the Punjab Relief of Indebt- v edness Act in more than one suit ; 193 (v) has been found guilty by a Court of forgery or cheating in respect of a money transaction : Provided that the Collector shall not cancel a licence until the prescribed period of appeal, revision or review. as the case may be, has expired ; or in case of appeal re- vision or review, the appeal, revision or review has l’)een finally decided. vme; Collestor