S.L. 441.7 Art. 47FValidity of licence.

(1) A licence to carry out the business of a credit reference agency shall be renewable every five (5) years upon a submission by the credit reference agency for a renewal. A charge for renewal of the licence will be issued by the Trade Licensing Unit, following the recommendation of the Bank:

Provided that the fee of five hundred euro (€500) shall be paid within thirty (30) working days of the charge being issued.

(2) Where the renewal fee payable under sub-regulation (1) is not paid within thirty (30) days, the Trading Licensing Unit shall upon the lapse of such time, notify the credit reference agency of such failure and impose a late payment fee of one hundred euro (€100).

(3) Should the renewal fee payable under sub-regulation (1) and the late-payment fee under sub-regulation (2) of this regulation not be paid within one hundred and fifty (150) days from when such fee becomes due, the license to carry out the business of a credit reference agency shall be cancelled.