(1)Where it is found in respect of a money lender that after the commencement of this Act(a)he has been found guilty by a Civil Court of contravening the provisions of Sections 5, 6 or 8 in more than two suits, or(b)the suit instituted by him has been dismissed in whole or in part on the ground that an entry relating to loan has been made by him in any document showing the amount of loan to be in excess of that actually advanced including the necessary expenses incurred, or(c)that suit instituted by him was dismissed on the ground that it was based on fraud, or(d)he has been found guilty in a money transaction by a Court, of forgery, cheating or coercion within the meaning of Section 15 of the Indian Contract Act 1872 (Central Act 9 of 1872); or he or his agent has been found guilty of contravening the provisions of Section 13. The Collector may cancel the licence or suspend it for any term, or prohibit the renewal thereof for a period not exceeding two years;Provided that the Collector shall not pass such order until the expiry of the period for appeal or revision or review and in case an appeal or revision or review has been disposed of.(2)(a)The Collector may take action under sub section (1) either of his own motion or on the application of an interested party:Provided that no licence shall be cancelled or suspended nor renewal thereof shall be prohibited without giving the money lender an opportunity to defend.(b)The Collector may, during the period for an appeal either of his own motion or on the application of an interested party review his own order, provided an appeal therefrom is not pending before the Board of Revenue. An appeal from an order or the Collector shall lie to the Board of Revenue whose decision shall be final.
