Clause 6

Any person who desires to obtain or renew a money-changer’s licence shall submit an application to the Authority in such form, and shall furnish the Authority with such information, as the Authority may require.(2) An application made to the Authority for the grant or renewal of a money-changer’s licence shall be accompanied by a non-refundable application fee of a prescribed amount, which shall be paid in the manner specified by the Authority.(3) Upon receiving an application for a money-changer’s licence under subsection (1), the Authority shall consider the application and may —

grant a money-changer’s licence with or without conditions; or

refuse to grant a money-changer’s licence.(4) In considering any application for a money-changer’s licence, the Authority may require to be satisfied as to —

the good character of the applicant or, if the applicant is a company, the general character of the management of the company;

the financial condition of the applicant; and

whether the public interest will be served by the granting of the money-changer’s licence.(5) The Authority may at any time vary or revoke any of the existing conditions of a money-changer’s licence or impose new conditions.(6) An application for the renewal of a money-changer’s licence shall be made not later than one month, or such other period as the Authority may prescribe, before the expiry of the money-changer’s licence.(7) The Authority may renew the money-changer’s licence of a person even though he does not submit an application for the renewal of his money-changer’s licence within the time required by subsection (6), if the person pays a late renewal fee not exceeding $50 for every day or part thereof that the application for renewal is late, subject to a maximum of $1,500.(8) Where a person submits an application for the renewal of his money-changer’s licence, whether or not within the time required by subsection (6), his money-changer’s licence shall continue in force until the date on which the licence is renewed or the application for its renewal is refused, as the case may be.(9) No application for renewal of a money-changer’s licence shall be made after the expiry of the licence.Application for or renewal of remittance licence7A.—

Any person who desires to obtain or renew a remittance licence shall submit an application to the Authority in such form, and shall furnish the Authority with such information, as the Authority may require.(2) An application made to the Authority for the grant or renewal of a remittance licence shall be accompanied by a non-refundable application fee of a prescribed amount, which shall be paid in the manner specified by the Authority.(3) Upon receiving an application for a remittance licence under subsection (1), the Authority shall consider the application and may —

subject to section 7B, grant a remittance licence with or without conditions; or

refuse to grant a remittance licence.(4) In considering any application for a remittance licence, the Authority may require to be satisfied as to —

the general character of the management of the applicant;

the financial condition of the applicant; and

whether the public interest will be served by the granting of the remittance licence.(5) The Authority may at any time vary or revoke any of the existing conditions of a remittance licence or impose new conditions.(6) An application for the renewal of a remittance licence shall be made not later than one month, or such other period as the Authority may prescribe, before the expiry of the remittance licence.(7) The Authority may renew the remittance licence of a person even though he does not submit an application for the renewal of his remittance licence within the time required by subsection (6), if the person pays a late renewal fee not exceeding $50 for every day or part thereof that the application for renewal is late, subject to a maximum of $1,500.(8) Where a person submits an application for the renewal of his remittance licence, whether or not within the time referred to in subsection (6), his remittance licence shall continue in force until the date on which the licence is renewed or the application for his renewal is refused, as the case may be.(9) No application for renewal of a remittance licence shall be made after the expiry of the licence.Criteria for granting, renewal or holding of remittance licence7B.—

No remittance licence shall be granted to or renewed for any person, and no person shall continue to hold a remittance licence, unless the person —

is a company;

has a minimum capital of $100,000 or such other sum as may be prescribed by the Authority; and

has furnished and maintains with the Authority the security required under section 8.(2) Any person who holds a remittance licence in contravention of the minimum capital requirement in subsection (1)(b) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.(3) Notwithstanding subsection (1), a person who holds a remittance licence which is in force on the eve of the appointed day shall be exempt from subsection (1)(a) and (b) for a period of 12 months starting from the appointed day (referred to in this section as the exemption period).(4) The remittance licence of a person referred to in subsection (3) which is renewed during the exemption period shall be valid for the duration of the licence unless —

by the end of the exemption period, the holder of the licence does not comply with the requirements of subsection (1), in which case the licence shall lapse on the anniversary of the appointed day; or

the licence is earlier revoked under section 14.(5) In this section, “appointed day” means the date of commencement of the Money-changing and Remittance Businesses (Amendment) Act 2005.”.