Amendment status not verified — confirm the current text below against the official source.
Insertion of new section 4A and 4B.- After section 4 of the Principal Act, the following shall be inserted, namely:- “4A. Power to cancel or suspend Registration.- (1) The Registering Authority may, at any time, either suo-motu or upon receipt of complaint by a debtor cancel or recommend to cancel the registration of a Money 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 Money Lender intimating the facts upon which the prima-facie decision to cancel the registration has been taken and Money Lender shall be afforded a reasonable opportunity of being heard against such notice. Explanation: For the purposes of sub-section (1), conviction of a Money 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 his registration. (2) Pending enquiry under sub-section (1), the Registering Authority may, for sufficient reasons to be recorded, suspend the registration, of a Money Lender.