(1)Any person may, during the currency of a licence, file an application to the Registrar for the cancellation of the licence issued to a money-lender on the ground that such money-lender has been guilty of any act or conduct for which the Registrar may under section 9 refuse him the grant of a licence. At the time of filing his application the said person shall deposit such amount not exceeding Rs.500/- as the Registrar may deem fit.(2)On the receipt of such application and deposit or of a report to that effect from an officer acting under section 18 the Government shall hold an inquiry and if it is satisfied that the money-lender has been guilty of such act or conduct it may direct the Registrar to cancel the licence of the money-lender and may also direct the return of the deposit made under sub-section (1).(3)If, in the opinion of the Registrar, an application made under sub-section (1) is frivolous or vexatious, he may, out of the deposit made under sub-section (1), direct to be paid to the money-lender such amount as he deems fit as compensation.
