State Act
17
Section 17. Penalty for carrying on business without registration.
The Telangana Micro Finance Institutions (Regulation of Money Lending) Act, 2011.
Act no. 1 of 20112011In forceTelangana (State Act)
17. All persons who are connected with and responsible for the day-to-day control, business and management of a MFI including the Partners and Directors of such MFI which carries on the business of providing loans either without obtaining registration of the MFI from the Registering Authority under section 3 or extending a further loan without prior approval under sub-section (1) of section 10 of the Act or granting loan in violation of sub-section (4) thereof, shall be liable for punishment with imprisonment for a term which may extend to three years and with fine which may extend to rupees one lakh.