Minister, or the appeal is for any reason dismissed by the Minister or is withdrawn.
(11) Any decision of the Registrar to revoke or suspend his approval under this section shall not affect any moneylending transaction entered into before the date the decision is made.
(12) The approval of any place of business for moneylending—
- (a) shall be suspended for the duration of any suspension of the relevant licence; and
- (b) shall terminate as at the date of the expiry or revocation of the relevant licence.
(13) Any licensee who—
- (a) commences the business of moneylending at a place of business without the approval of the Registrar; or
- (b) continues to carry on the business of moneylending in a place of business in respect of which the approval of the Registrar has been revoked or is suspended,
shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000.
(14) Any licensee who contravenes any condition of approval imposed under this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000.
Forfeiture of security deposit
11.—(1) The Registrar may, without prejudice to the exercise of any other power under this Act, forfeit the whole or such part of any security deposit placed with the Accountant-General under section 5(5)(c), 6(4)(c) or 10(3)(c) as the Registrar thinks fit if he is satisfied that there exists a ground for the revocation or suspension of the licence under section 9(1).
(2) The Registrar shall, before forfeiting the security deposit or such part thereof under subsection (1), give the licensee notice in writing of his intention to do so specifying a date, not less than 14 days after the date of the notice, upon which the forfeiture shall be made unless the licensee shows cause to the Registrar as to why the security deposit or such part thereof should not be forfeited.
