A licence may be cancelled by the Collector and shall be renewed for such period as may be specified by him, if after the commencement of this Act, a money-lender commits an act or is guilty of an omission with reference to which he-
(i) has been found guilty by a court in recording in any document the sum advanced to be in excess of that actually advanced.
(ii) has been found guilty of non-compliance with the provisions relating to the maintenance of accounts under the Himachal Pradesh Debt Reduction Act, 1953 (10 of 1953);
(iii) has/had his snit dismissed with a finding that he has made dishonestly or fraudulently a material alteration in any document relating to a loan;
(iv) has/had his suit dismissed with a finding that it is fraudulent;
(v) has been found by a court to have charged higher rates of interest than those prescribed under the Himachal Pradesh Debt Reduction Act, 1953 (10 of 1953) in more than one suit;
(vi) has been found guilty by a court of forgery or cheating in respect of a money transaction.
Provided that the Collector shall not cancel a licence until the prescribed period of appeal, or review, as the case may be, has expired; or in the case of appeal or review the appeal or review has been finally decided.