Amendment status not verified — confirm the current text below against the official source.
Power to cancel or suspend Registration.- (1) The Registering Authority may, at any time, either suo-motu or upon receipt of complaint by a borrower cancel or recommend to cancel the registration of a Micro Finance Institution or Money Lending Agencies or Organizations or Lender after hearing and after assigning sufficient reasons in writing for such cancellation and no order of cancellation of the registration shall be passed without issuing notice to the Micro Finance Institution (MFI) or Money Lending Agencies or Organizations or Lender intimating the facts upon which the prima-facie decision to cancel the registration has been taken and the Micro Finance Institution (MFI) or Money Lending Agencies Organizations or Lender shall be afforded a reasonable opportunity of being heard against such notice. Explanation: For the purposes of sub-section (1), conviction of a Micro Finance Institution (MFI) or Money Lending Agencies or Organizations or Lender for an offence of violation of any of the provisions of this Act shall be sufficient cause for cancellation or recommend to cancellation of its registration. (2) Pending enquiry under sub-section (1), the Registering Authority may, for sufficient reasons to be recorded, suspend the registration, of a Micro Finance Institution (MFI) or Money Lending Agencies or Organization or Lender.