Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Act 2022
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Further transitional provision for existing retail credit firms | ||
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5. The Act of 1997 is amended by the insertion of the following section after section 34E: | ||
“Further transitional provision for existing retail credit firms | ||
34EA. (1) Notwithstanding section 29, a person carrying on the business of a retail credit firm who did not require authorisation immediately before the coming into operation of section 2 (a)(vii) of the Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Act 2022 is taken to be authorised to carry on the business of a retail credit firm until the Bank has granted or refused authorisation to the person, provided that the person applies to the Bank under section 30 for authorisation no later than 3 months after that coming into operation. | ||
(2) If a person is taken to be authorised to carry on the business of a retail credit firm under subsection (1), the Bank may do either or both of the following: | ||
(a) impose on that person such conditions or requirements or both as the Bank considers appropriate relating to the proper and orderly regulation and supervision of retail credit firms; | ||
(b) direct that person not to carry on the business of a retail credit firm for such period (not exceeding 3 months) as is specified in the direction. | ||
(3) A condition or requirement imposed, or a direction given, under this section is an appealable decision for the purposes of Part VIIA of the Act of 1942.”. |