The licensing authority reviews applications based on the applicant's competency, suitability of the business premises, and public interest considerations. The license is typically valid for one year and must be renewed accordingly. The State Government holds powers to regulate the licensing process, including setting terms, conditions, and forms for applications, as well as overseeing appeals and enforcement. Money lending businesses must display the license name along with the words “money-lender” in English and the regional language at their premises. The process ensures transparency, legal compliance, and consumer protection in the money lending sector in Tamil Nadu.
Why it matters:
- Ensures legal compliance for money lending businesses
- Protects consumers and maintains public interest
Key Points
- License required under Tamil Nadu Money Lenders Rules, 1959
- Application via Tamil Nadu e-District portal with CAN number
- ₹60 service fee payable through bank challan
- Supporting documents include identity, property, and business proofs
- Separate licenses needed for multiple business locations
- License valid for one year with renewal provisions
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