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Article (7) Scope of License

C 112/2018 Effective from 24/4/2018
  1. 7.1 The Licensee must commence licensed activities, specified in its License according to Article 10 of this Regulation, within a maximum of 12 months from the date of notification of approval of License.
     
  2. 7.2 The License shall be granted for an initial period of three years and shall be renewable for same periods unless otherwise required by the Central Bank. A Finance Company must apply to the Central Bank for License renewal no later than two months before the expiry date of the existing License.
     
  3. 7.3 The License shall contain the terms deemed appropriate by the Central Bank.
     
  4. 7.4 The Central Bank may take any action deemed appropriate to ensure the sound functioning of the Finance Companies.