(1) After such date, not being later than six months from the commencement of this Regulation, as the Chief Commissioner may, by notification in the Official Gazette, appoint in this behalf, no money-lender shall carry on the business of money-lending unless he holds a licence under this Regulation.
Licensing of moneylenderB.
(2) Every application for a licence under this Regulation shall be made to the Registrar and every such application shall contain the prescribed particulars and shall be accompanied by the prescribed fee.
(3) Every application for a licence under this Regulation which does not contain the prescribed particulars or is not accompanied by the prescribed fee shall be summarily rejected by the Registrar.
(4) Where any application for a licence under this Regulation is not rejected under sub-section (3) and the applicant is not for the time being disqualified for holding such licence, the Registrar shall, subject to the provisions of section 7, grant to the applicant a licence in such form and subject to such conditions as may be prescribed.