Power to give directions

(1) The Registrar may give to a moneylender written directions relating to the conduct, supervision or control of operations in the moneylending business of the moneylender and the moneylender shall comply with such directions within the period specified in the direction. (2) Any directions given under sub-section (1) shall take effect when such directions are delivered to the moneylender or at such later date as may be specified in the directions. (3) The power conferred upon the Registrar by this section includes the power to give a direction to a moneylender to do any of the following– (a) adopt, vary, cease or refrain from any practice in respect of the conduct of moneylending (b) where the Registrar is of the opinion that a member of senior management, director or compliance officer of the moneylender does not satisfy its fit and proper criteria– (i) remove that person and, if it considers it appropriate, to replace that person with another person acceptable to the Registrar; or (ii) ensure that the person ceases to undertake certain specified functions in relation to the moneylender. 47