7C. [ Bar to carry on business without registration certificate. [Inserted by Assam Act No. 18 of 1969, dated 27.8.1969.]
(1)No person shall carry on the business of money-lending unless he holds a valid registration certificate in this behalf.(2)Whoever contravences the provisions of sub-section (1) shall be punishable for the first offence with simple imprisonment which may extend to three months or with fines which may extend to Rs. 500 or with both, and for a second or subsequent offence, with imprisonment of either descriptions which may extend to six months or with fines which may extend to rupees one thousand or with both.]
