Section 3(b) in The Punjab Registration of Money-lender's Act, 1938
(b)at the time of decreeing the suit or deciding the application for execution -(i)is registered; and(ii)holds a valid licence, in such form and manner as may be prescribed; or(iii)holds a certificate from a Commissioner granted under section 11, specifying the loan in respect of which the suit instituted, or the decree in respect of which the application for execution is presented; or(iv)if he is not already a registered and licensed money- lender, satisfies the Court that he has applied to the Collector to be registered and licensed and that such application is pending : provided that in such a case, the suit or application shall not be finally disposed of until the application of the money-lender for registration and grant of licence pending before the Collector is finally disposed of.
