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Grant and rejection of applications for registration.
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14.—(1) The Authority may register an applicant as a designated mortgage credit institution only if it is satisfied that the applicant—
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(a) is or will be able to carry out, in a proper manner, the responsibilities that a designated mortgage credit institution is required by this Act to carry out, and
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(b) complies with, or will be able to comply with, such requirements (if any) relating to designated mortgage credit institutions as are prescribed by the regulations and by regulatory notices.
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(2) The Authority may register an applicant as a designated public credit institution only if it is satisfied that the applicant—
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(a) is or will be able to carry out, in a proper manner, the responsibilities that a designated public credit institution is required by this Act to carry out, and
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(b) complies with, or will be able to comply with, such requirements (if any) relating to designated public credit institutions as are prescribed by the regulations and by regulatory notices.
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(3) In granting an application, the Authority may impose such conditions (other than conditions prescribed by the regulations or by a regulatory notice) on the applicant with respect to the orderly and proper regulation of the applicant's business as it considers appropriate.
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(4) On granting an application for registration as a designated mortgage credit institution, the Authority shall—
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(a) record the appropriate particulars of the applicant in the register of designated mortgage credit institutions, and
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(b) issue the applicant with a certificate of registration as a designated mortgage credit institution,
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and, if the Authority has imposed conditions on the applicant under subsection (3), shall specify those conditions in the certificate or in one or more documents that accompany the certificate.
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(5) On granting an application for registration as a designated public credit institution, the Authority shall—
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(a) record the appropriate particulars of the applicant in the register of designated public credit institutions, and
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(b) issue the applicant with a certificate of registration as a designated public credit institution,
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and, if the Authority has imposed conditions on the applicant under subsection (3), shall specify those conditions in the certificate or in one or more documents that accompany the certificate.
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(6) On granting an application for registration as a designated mortgage credit institution or designated public credit institution, the Authority is also required to give to the Revenue Commissioners written notice of—
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(a) the name of the institution concerned, and
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(b) the address of the principal place of business of that institution and, if the address of its registered office is different from that address, the address of that office.
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(7) The Authority may not reject an application without giving the applicant an opportunity to make representations in writing as to why the application should not be rejected.
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(8) If the Authority rejects an application, it shall immediately give to the applicant written notice of the rejection, which must include a statement setting out the reasons for the rejection.
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