Cap. 645 Art. 7Application for authorisation.

(1) A legal person established in Malta intending to act as a credit servicer shall apply to the competent authority for authorisation to act as a credit servicer.

(2) An applicant shall submit to the competent authority an application for authorisation to act as a credit servicer. An applicant shall also provide all the information necessary for the competent authority to verify that the applicant has satisfied all the conditions set out in article 8.

(3) Without prejudice to the provisions of sub-article (2), the application referred to in the said sub-article (2) shall be accompanied by the following:

(a) evidence of the legal status of the applicant and a copy of its certificate of registration, and its memorandum and articles of association;

(b) the address of the applicant’s registered office;

(c) the identity of the members of the applicant’s management or administrative body and the persons who hold qualifying holdings in accordance with point (36) of Article 4(1) of the CRR;

(d) evidence that the applicant fulfils the conditions laid down in article 8(b) and (c);

(e) evidence that the persons who hold qualifying holdings in accordance with point (36) of Article 4(1) point

(36) of the CRR fulfil the conditions laid down in article 8(d);

(f) evidence of the governance arrangements and internal control mechanisms referred to in article 8(e);

(g) evidence of the policy referred to in article 8(f);

(h) evidence of the internal procedures referred to in article 8(g);

(i) evidence of the procedures referred to in article 8(h);

(j) where relevant, evidence of the existence of a separate account in a credit institution as provided for in article 8(j);

(k) any outsourcing agreement as referred to in article 13; and

(l) where the applicant does not intend to receive and hold funds from borrowers as part of its business model, a declaration to that effect.

(4) The competent authority shall, within forty-five (45) days of receipt of the application referred to in sub-article (2), assess whether that application is complete by ensuring that the information and documentation referred to in sub-article (3) have been submitted.

(5) Where the application referred to in sub-article (2) is not complete, the competent authority shall set a deadline by which the applicant is to provide the missing information. If the said application remains incomplete after the deadline referred to in this sub-article, the competent authority may refuse to review the application and, in the event of such refusal, shall return the submitted documents to the applicant.

(6) Where an application referred to in sub-article (2) is complete, the competent authority shall immediately notify the applicant thereof.

(7) The competent authority shall, within ninety (90) days of receipt of a complete application or, if the application is considered incomplete by the competent authority, of receipt of the required information and, or documentation, notify the applicant whether the authorisation to act as a credit servicer is granted or refused, and provide reasons for refusal.

(8) In granting an authorisation under this Act, the competent authority may subject a credit servicer to such conditions as it may deem appropriate and, having granted such an authorisation, it may, from time to time, vary or revoke any condition so imposed or impose new conditions, as applicable.

(9) A credit servicer intending to extend its business to additional services not foreseen at the time of the granting of the authorisation under this Act shall submit a request in writing for the extension of its licence to the competent authority by complementing and, or updating the information and documentation referred to in this Act, as applicable.

(10) The competent authority shall establish and maintain a list of all credit servicers authorised under this Act and all credit servicers authorised in any Member State other than Malta providing services in Malta under Article 13 of the NPL Directive. The competent authority shall publish the said list on its official website and shall update it on a regular basis.