Cap. 645 Art. 10Notification of proposed refusal, variation, suspension or withdrawal of an authorisation.

(1) Where the competent authority proposes:

(a) to vary any condition to which the authorisation is subject or to impose a condition thereon; or

(b) to refuse an application for an authorisation, or to withdraw or suspend an authorisation, it shall give the applicant or the credit servicer, as applicable, notice in writing of its intention to do so, setting out the reasons for the decision it proposes to take.

(2) Every notice given under sub-article (1), shall state that the recipient of the notice may, within such reasonable period after the notification thereof as may be stated in the notice, make representations in writing to the competent authority indicating reasons why the proposed decision should not be taken, and the competent authority shall consider any representation so made before reaching a final decision.

(3) Without prejudice to the provisions of article 7(7), the competent authority shall as soon as practicable notify its final decision in writing to any person to whom notice is to be given in accordance with sub-article (1).