(1) . (i) A Court passing an order of conviction against a money-lender for an offence under this Act, or
(ii) a Court trying a suit, if satisfied that such money-lender has committed such contravention of the provisions of this Act or the rules made thereunder as would, in its opinion, make him unfit to carry on the money-lending,- ( a) may order that all the licences held by such money-lender in the State be cancelled or suspended for such time as it may think fit, and
(b) may, if it thinks fit, declare any such money-lender, or if any money lender is an undivided Hindu family, a company or an unincorporated body, such family, company or body and also any person responsible for the management of the money-lending carried on by such family, company or body, to be disqualified from holding any licence in the State, for such time as the Court may thinks fit;
Provided that, where any licence held by any money-lender is suspended or cancelled or any money-lender is disqualified from holding any licence under this section, he may appeal against such order to the Court to which an appeal ordinarily lies from the decision of the Court passing the order, and the Court which passed the order or the Court of appeal may, if it thinks fit, pending the appeal, stay the operation of the order under this section.
(2) Where a Court convicts a money-lender of an offence under this Act, or makes an order or declaration, under sub-clause (a) or (b) of clause (ii) of sub-section (1), it shall cause the particulars of the conviction, order or declaration, as the case may be, to be endorsed on all the licences held by the money-lender convicted or by any other person affected by the order or declaration and shall cause copies of its order or declaration to be sent to the District Registrar by whom the licences were granted for the purpose of entering such particulars in the registers.
(3) Any licence required by a Court for endorsement in accordance with sub section (2) shall be produced by the person by whom it is held in such manner and within such time as may be directed by the Court and any person who, without reasonable cause, makes default in producing the licence so required shall be liable, on conviction, to a fine not exceeding rupees one thousand for each day for the period during which the default continues.
( 4) Powers conferred on a Court under this section may be exercised by any Court in appeal or in revision.
No compensa- 20. · Where any licence is suspended or cancelled under this Act, no person shall be tion for entitled to any compensation or the refund of any licence fee or inspection fee.
Court's power to cancel or suspend licence.
suspension or cancellation of licence.
Persons debarred from doing money lending during period of suspension or cancellation of licence.
21. A person whose licence has been suspended or cancelled in accordance with the provisions of this Act shall, during the period of suspension or cancellation, as the case may be, be disqualified for carrying on business of money-lending in the State.
The Arunachal Pradesh Extraordinary Gazette, May 9, 2018 9
22. No person whose licence has been endorsed under section 19 or who has been Person whose disqualified from holding a licence shall apply for, or be eligible to hold, a licence, licence is without.giving particulars of such endorsement or disqualification. suspended or cancelled not to apply without giving particu lars of endorse ment orof disqualification.
23. No money-lender shall take any promissory note, acknowledgment bond or Promissory other writing which does not state the actual amount of the loan and rate of note, Bond etc ..
interest or which states such amount wrongly or execute any instrument in to be factual.
which blanks are left to be filled in after execution, without mentioning the date and amount of loan.
Every money-lender shall keep and maintain a cashbook and a ledger in Duty of moneysuch form and in such manner as may be prescribed. lender to keep
(2) Every money-lender shall.- accounts and furnish copies.