Enforcement action

(1) The Registrar may take enforcement action against a moneylender if– (a) in the opinion of the Registrar, the (i) has contravened or is in contravention of this Act or the regulations made under this Act; (ii) is carrying on, or is likely to carry on, moneylending busness in a manner detrimental to the public interest or to the interest of any of its customers; (iii) is or is likely to become insolvent; (iv) is in breach of any term or condition of its licence; (v) has failed to comply with a direction given to it by the Registrar; (vi) is not a fit and proper person to hold a licence; or (vii) has provided the Registrar with any inaccurate or misleading whether on application for a licence or approval or subsequent to the issue of the licence or approval; or (b) in the opinion of the Registrar– (i) a person having a share or interest in the moneylender, whether equitable or legal, or any director, officer, manager or employee of the moneylender is not a fit and proper person to have an interest in or be concerned with the management 48 or operation of a business, as the case may be, or (ii) the moneylender or a subsidiary or holding company of the moneylender has refused or failed to cooperate with the on a inspection conducted by the Registrar under section 27C. (2) If the Registrar is entitled to take enforcement action under sub-section (1) it may exercise such powers therefor as may be prescribed.