Section 16(1) in The Jammu and Kashmir Money Lenders and Accredited Loan Providers Act, 2010
(1)If the institutional creditor has informed the registering authority about the termination of its relationship with the accredited loan provider, the registering authority shall cancel the registration of the accredited loan provider :Provided that if within a period of thirty days from the cancellation of the registration such accredited loan provider enters into an agreement with another institutional creditor and his application is countersigned by the new institutional creditor, the registering authority shall restore the registration of such accredited loan provider.
