Cap. 645 Art. 9Suspension or withdrawal of authorisation.

(1) The competent authority may at any time suspend or withdraw an authorisation granted to a credit servicer in accordance with this Act where any of the following applies to such a credit servicer:

(a) the credit servicer does not make use of the authorisation within twelve (12) months of its grant from the competent authority;

(b) the credit servicer expressly renounces to the authorisation;

(c) the credit servicer has ceased to engage in the activities of a credit servicer for more than twelve (12) months;

(d) the credit servicer has acquired an authorisation through false statements or other irregular means;

(e) the credit servicer no longer fulfils the requirements for the granting of such authorisation set out in article 8; and, or

(f) the credit servicer commits a serious infringement of any of the provisions of this Act or any regulations made thereunder, of Credit Servicing Rules or Conduct of Business Rules issued thereunder, and, or any other laws regulating consumer protection, including any applicable laws of the host Member State or of the Member State where the credit was granted.

(2) Where an authorisation is withdrawn in accordance with sub-article (1), the competent authority shall, where applicable, immediately inform the European regulatory authority of the host Member State in cases where the credit servicer provides services under regulations made under this Act, and also the European regulatory authority of the Member State where the credit was granted, when different from the host Member State and the home Member State.

(3) When an authorisation is withdrawn in accordance with sub-article (1), the competent authority shall update the list referred to in article 7(10) without delay.