Suits and applications by money-lenders barred, unless money- lender is registered and licensed

Notwithstanding anything contained in any other enactment for the time being in force a suit by a money-lender for the recovery of a loan, or an application by money-lender for the execution of a decree relating to a loan, shall, after the commencement of this Act, be dismissed, unless the money-lender, at the time of the institution of the suit or presentation of the application for execution or at the time of decreeing the suit or deciding the application for execution,-

1. (a) is registered; and
   • (i) holds a valid licence, in such form and in such manner as may be prescribed; or
   • (ii) holds a certificate from a Commissioner granted under section 10, specifying the loan in respect of which the suit is instituted, or the decree in respect of which the application for execution is presented; or
2. (b) 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.