(1) Any person or institution intending to engage himself or itself as an accredited loan provider shall apply to the registering authority constituted under section 3 of this Act for registration to carry on the business as an accredited loan provider:
Provided that only such persons who have necessary educational qualification or knowledge of agriculture and rural economy, knowledge of maintenance of books of accounts and such other conditions as maybe specified in the order issued by the Government in this behalf shall be eligible to become accredited loan providers.
(2) The registering authority shall not entertain an application of any person or institution, unless it is countersigned by an institutional creditor having credit link with such person or institution.
(3) No person or institution shall commence or carry on the business of providing loan as on accredited loan provider without obtaining a registration under this Act.
(4) Every registration granted by the registering authority shall be in such form as may be prescribed.
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(5) Every registering authority shall maintain for the area under its jurisdiction the registers of all accredited loan providers having valid registration in such form as maybe prescribed.
(6) The registers maintained under sub-section (5) shall be published in such manner and at such periodic intervals as may be prescribed.