S.L. 441.7 Art. 47BProcessing of credit reference agency application.

(1) The Trade Licensing Unit shall, without delay, acknowledge receipt of an application and receipt of the applicable licence fee in writing to the applicant and shall specify the procedure under which a refusal by the Trade Licensing Unit to grant a licence may be appealed in terms of the Act and Part VI of these regulations: Provided that an application form shall not be deemed to be complete unless the Trade Licensing Unit is in receipt of all the documentation required to be submitted together with the application form.

(2) The Bank shall within ten (10) working days of being informed by the Trade Licensing Unit about the receipt of an application:

(a) report to the Trade Licensing Unit whether the Bank is satisfied that the information and documentation submitted is complete; or

(b) in the case of incomplete information and, or documentation, indicate to the Trade Licensing Unit the additional information and, or documentation needed, in accordance with sub-regulation 3 of regulation 47A.

(3) The Bank shall give its recommendation for the issuance of a license or otherwise, to the Trade Licensing Unit within three (3) months from the date of receipt of a complete application:

Provided, that during the three (3) month period, the Bank may require further clarifications, additional information and documentation:

Provided further, that the three (3) month period may at the discretion of the Bank be extended for one period of not more than three (3) months. Such extension and the reasons therefore shall be notified to the Trade Licensing Unit who shall inform the applicant of the extension.

(4) An application for a licence is deemed to be determined by the Trade Licensing Unit in consultation with the Bank when:

(a) the Trade Licensing Unit in consultation with the Bank has decided to issue a licence without condition; or

(b) the Trade Licensing Unit in consultation with the Bank has decided to issue a licence subject to conditions it may deem appropriate:

Provided that, all such conditions shall be specified in writing.

(5) If a licence is issued, it is to be issued in the name of the credit reference agency, and by reference to the applicable code issued by the Trade Licensing Unit:

Provided that the licence so issued is non transferable:

Provided further the conditions contained in the Second Schedule shall not apply in the case of credit reference agencies.