38.—(1) Notwithstanding the repeal of the Moneylenders Act, as from 1st March 2009 —| (a) | every licence granted under the repealed Moneylenders Act (Cap. 188, 1985 Ed.) and which continues to be valid immediately before that date shall be deemed to be a licence issued under this Act in respect of the activities authorised by the first-mentioned licence for the remaining period of the licence and shall subsist until its expiry, and may be renewed, revoked, suspended or otherwise dealt with in accordance with the provisions of this Act; | | (b) | every exemption granted under the repealed Moneylenders Act (Cap. 188, 1985 Ed.) and subsisting immediately before that date shall, except to the extent that the person exempted qualifies to be an excluded moneylender, be deemed to be an exemption granted under this Act and shall subsist until its expiry, and may be extended, revoked or otherwise dealt with in accordance with the provisions of this Act; and | | (c) | every pending application for any licence, exemption, consent or approval under the repealed Moneylenders Act shall be deemed to be an application therefor under this Act, except that the fees payable for such an application or for the grant of the licence, exemption, consent or approval sought shall be those prescribed under the repealed Moneylenders Act. |
(2) Where any person —| (a) | is granted an exemption under the repealed Moneylenders Act which subsists immediately before 1st March 2009; and | | (b) | qualifies to be an excluded moneylender in relation to the activities or services for which the exemption is granted, |
| the Registrar may, in his discretion, refund such amount of the fees paid by the person in respect of such exemption as is proportionate to the period (being a period of not less than 6 months) for which, but for such person becoming an excluded moneylender, the exemption would continue to subsist. |
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| (3) Any notice, order, decision, direction, requisition or approval made or granted by the Registrar or the Minister under the repealed Moneylenders Act in force immediately before 1st March 2009 shall continue and be deemed to have been made or granted by the Registrar or the Minister, respectively, under this Act and shall have effect accordingly. |
| (4) All acts done by or on behalf of the Registrar or the Minister under the repealed Moneylenders Act before 1st March 2009 shall continue to remain valid and have effect as though done by or on behalf of the Registrar or the Minister, respectively, under this Act until such time as such acts are invalidated, revoked, cancelled or otherwise determined by the Registrar or the Minister, as the case may be. |
| (5) Subject to subsection (1)(c), where anything has been commenced by or on behalf of the Registrar or the Minister before 1st March 2009, such thing may be carried on and completed by or on behalf of the Registrar or the Minister, respectively, under the authority of this Act. |
| (6) Any subsidiary legislation made under the repealed Moneylenders Act (Cap. 188, 1985 Ed.) and in force immediately before 1st March 2009 shall, so far as it is not inconsistent with the provisions of this Act, continue in force as if made under this Act until it is revoked. |
| (7) Any written law or document referring to the repealed Moneylenders Act or any provision thereof shall, as far as may be necessary for preserving its effect, be construed as referring or as including a reference to this Act or the corresponding provision in this Act, as the case may be. |
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