PART 2 | REGULATION OF PAWNBROKERS, ETC. |
| Division 1 — Licensing of pawnbrokers |
| No pawnbroking without licence, etc. |
6.—(1) Subject to subsection (2), it shall be an offence for a person to carry on the business of pawnbroking in Singapore or to hold out that the person is carrying on that business.(2) A person may carry on the business of pawnbroking, and hold out that the person is carrying on that business, only in accordance with —| (a) | a licence granted under this Act; | | (b) | the Registrar’s directions under section 41; | | (c) | a waiver certificate under section 43; or | | (d) | a class waiver under section 46. |
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(3) A person guilty of an offence under subsection (1) shall be liable on conviction —| (a) | if the person has no previous qualifying conviction, to a fine not exceeding $50,000; and | | (b) | if the person has any previous qualifying conviction, to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 12 months or to both. |
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| (4) In subsection (3), “qualifying conviction” means a conviction for an offence under subsection (1) or under section 8(5) of the repealed Act. |
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7.—(1) The Registrar may grant a licence in accordance with this Act.(2) An application for the grant of a licence must be —| (a) | made in the form and manner specified by the Registrar; and | | (b) | accompanied by the payment of the prescribed fee. |
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| (3) The Registrar may grant more than one licence to a person. |
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8.—(1) A licence takes effect on the date it is granted.(2) Unless a licence earlier lapses or is revoked, the licence has effect until —| (a) | 31 December of the year in which it is granted; or | | (b) | any other date that the Registrar may specify. |
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9.—(1) A licensee must inform the Registrar, no later than one month before the date of expiry of its licence, whether it intends to apply to renew the licence.| (2) The Registrar may, on the application of a licensee, renew its licence in accordance with this Act. |
(3) An application for the renewal of a licence must be —| (a) | made in the form and manner specified by the Registrar; and | | (b) | accompanied by the payment of the prescribed fee. |
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(4) The renewal of a licence takes effect from —| (a) | the date on which the licence would have expired but for the renewal; or | | (b) | any other date that the Registrar may specify. |
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(5) Unless a renewed licence earlier lapses or is revoked, the renewed licence has effect until —| (a) | 31 December of the year in which it is renewed; or | | (b) | any other date that the Registrar may specify. |
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| Grounds for refusing to grant or renew licence |
10.—(1) A licence cannot be granted to a person who is not a company incorporated in Singapore.| (2) A licence may be granted or renewed only in the prescribed circumstances. |
(3) The Registrar may, in particular, refuse to grant or renew a licence on the following grounds:| (a) | the prescribed fee for the grant or renewal (as the case may be) of the licence is not paid; | | (b) | the application for the grant or renewal (as the case may be) —| (i) | contains materially false or misleading information; or | | (ii) | is materially incomplete; |
| | (c) | the applicant for the grant or renewal (as the case may be) —| (i) | does not have a paid-up share capital that is equal to or greater than the prescribed amount; or | | (ii) | has carried on the business of pawnbroking in Singapore or elsewhere in a way that, in the Registrar’s opinion, makes the applicant unfit to hold a licence; |
| | (d) | in the Registrar’s opinion, the proposed place of business —| (i) | is unsuitable for carrying on the business of pawnbroking; or | | (ii) | is situated at a location that is unsuitable for carrying on the business of pawnbroking; |
| | (e) | a substantial shareholder of the applicant —| (i) | is a disqualified person; or | | (ii) | has carried on the business of pawnbroking in Singapore or elsewhere in a way that, in the Registrar’s opinion, makes the applicant unfit to hold a licence; |
| | (f) | a person who is (or is proposed to be) a director or a manager of the applicant —| (i) | is below 21 years of age; | | (ii) | is a disqualified person; | | (iii) | is, in the Registrar’s opinion, not of good character; | | (iv) | is, in the Registrar’s opinion, not a fit and proper person to carry on or manage the applicant’s business of pawnbroking; or | | (v) | has carried on the business of pawnbroking in Singapore or elsewhere in a way that, in the Registrar’s opinion, makes the applicant unfit to hold a licence; or |
| | (g) | a person who is (or is proposed to be) a manager of the applicant —| (i) | is not ordinarily resident in Singapore; | | (ii) | will not be ordinarily resident in Singapore while the person holds that position; or | | (iii) | does not, in the Registrar’s opinion, possess adequate qualifications or experience for that position. |
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| 11. A person aggrieved by the Registrar’s refusal to grant or renew a licence may appeal to the Minister. |
Division 2 — Approval of substantial shareholders,
directors and managers |
| Substantial shareholding, etc., to be approved by Registrar |
12.—(1) It shall be an offence for a person to —| (a) | become a substantial shareholder of a licensee by increasing the person’s shareholding in the licensee without the Registrar’s approval; | | (b) | increase the person’s substantial shareholding in a licensee without the Registrar’s approval; or | | (c) | refuse to comply with the Registrar’s direction under subsection (2)(c) to reduce the person’s shareholding in a licensee. |
(2) For the purposes of subsection (1), the Registrar may —| (a) | approve a person to become a substantial shareholder of a licensee by an increase of the person’s shareholding; | | (b) | approve an increase of a person’s substantial shareholding in a licensee; or | | (c) | subject to section 16, direct a substantial shareholder to reduce its shareholding in a licensee. |
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| (3) A direction under subsection (2)(c) may not require a person’s shareholding to be reduced beyond what is necessary for the person to cease to be a substantial shareholder in the licensee. |
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| Grounds for declining to approve substantial shareholding, etc. |
13. Approval under section 12(2)(a) or (b) may be refused, and a direction under section 12(2)(c) may be given, on the following grounds in particular:| (a) | the relevant person is a disqualified person; or | | (b) | the relevant person has carried on the business of pawnbroking in Singapore or elsewhere in a way that, in the Registrar’s opinion, makes the person unfit to hold a licence. |
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| Directors and managers to be approved by Registrar |
14.—(1) A person cannot be appointed or act as a director or a manager of a licensee without the Registrar’s approval.| (2) Where a person contravenes subsection (1), the person and the licensee shall each be guilty of an offence. |
(3) For the purposes of subsection (1), the Registrar may —| (a) | approve a person to be appointed or to act as a director or a manager of the licensee; or | | (b) | subject to section 16, withdraw any such approval. |
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| Grounds for declining to approve director or manager, etc. |
15. Approval under section 14(3) may, in particular, be refused or withdrawn if the relevant person —| (a) | is below 21 years of age; | | (b) | is or becomes a disqualified person; | | (c) | is, in the Registrar’s opinion, not of good character; | | (d) | is, in the Registrar’s opinion, not a fit and proper person to carry on or manage the licensee’s business of pawnbroking; | | (e) | has carried on the business of pawnbroking in Singapore or elsewhere in a way that, in the Registrar’s opinion, makes the licensee unfit to hold a licence; or | | (f) | in any case where the approval is for the person to be appointed or to act as a manager of the licensee —| (i) | is not ordinarily resident in Singapore; | | (ii) | will not be ordinarily resident in Singapore while the person holds that position; or | | (iii) | does not in the Registrar’s opinion, possess adequate qualifications or experience for that position. |
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| Registrar to give opportunity to make representations before withdrawing approval under section 12 or 14 |
16.—(1) The following provisions are to apply before the Registrar makes a decision to give a direction under section 12(2)(c) or withdraw any approval under section 14(3)(b).(2) The Registrar must give the affected person written notice of —| (a) | the Registrar’s intention to make the decision; and | | (b) | the date on which the Registrar intends to make the decision. |
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| (3) The date in subsection (2)(b) must not be earlier than 21 days after the date of the written notice in subsection (2). |
| (4) The affected person may make representations to the Registrar at any time before the date in subsection (2)(b). |
| (5) The Registrar must consider any representation made by the affected person before the date in subsection (2)(b). |
| (6) The Registrar must, on or after the date in subsection (2)(b), give the affected person written notice of the Registrar’s final decision. |
| (7) The Registrar’s final decision takes effect 14 days (or any longer period that the Registrar may specify) after the date of the written notice in subsection (6). |
| (8) In this section, “affected person”, in relation to a decision under section 14(3)(b), includes the licensee whose director or manager is affected. |
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17. A person aggrieved by any of the following decisions of the Registrar may appeal to the Minister:| (a) | the refusal of any approval under section 12(2)(a) or (b); | | (b) | a direction under section 12(2)(c); | | (c) | the refusal of any approval under section 14(3)(a) or withdrawal of any approval under section 14(3)(b). |
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Division 3 — Conditions of licence and
statutory duties of licensee |
18.—(1) A licensee must comply with such conditions of its licence as the Registrar may specify.(2) For the purpose of subsection (1), the Registrar may specify —| (a) | conditions applicable to all licensees; | | (b) | conditions applicable to a specified class of licensees; or | | (c) | conditions applicable to a specified licensee only. |
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| (3) The Registrar may, by written notice to a licensee, add to, vary or cancel any condition of a licence. |
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| Licensee to comply with statutory duties |
19.—(1) A licensee must comply with its statutory duties in sections 20 to 29.| (2) A licensee that fails to comply with any of its statutory duties in sections 20 to 29 shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000. |
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| Licensee to maintain paid-up share capital |
| 20. A licensee must maintain the prescribed paid‑up share capital. |
| Carrying on of pawnbroking business and other businesses, etc. |
21.—(1) A licensee must not carry on the business of pawnbroking at any place other than a licensed place of business, unless the Registrar gives written permission.| (2) A licensee must not carry on any business other than the business of pawnbroking at a licensed place of business, unless the Registrar gives written permission. |
(3) A licensee must —| (a) | keep each licensed place of business in a suitable condition for carrying on the business of pawnbroking; and | | (b) | comply with any requirements that the Registrar may specify for this purpose. |
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| (4) A licensee must comply with any security requirements for each licensed place of business that the Registrar may specify. |
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| Licensee to display sign and rates, etc. |
22.—(1) A licensee must display, at each of its licensed places of business, a conspicuous sign stating, in English, the licensee’s name and the words “Pawnbroker’s Shop”, “Pawnbroker” or “Pawnshop”.| (2) A licensee must display, at each of its licensed places of business, a conspicuous notice stating, in English, the maximum profit and the fees it can charge under section 50. |
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| Licensee to keep records of pawnbroking business and transactions |
23.—(1) A licensee must keep the prescribed records in relation to —| (a) | its business of pawnbroking; and | | (b) | its transactions. |
(2) The records under subsection (1) —| (a) | must be kept —| (i) | in English; | | (ii) | in electronic form; | | (iii) | from the prescribed time; | | (iv) | for the prescribed period, or any longer period that the Registrar may, in writing, require; and | | (v) | in accordance with any other prescribed requirement; and |
| | (b) | must be kept or be available for inspection at the licensed place of business where the goods are pawned. |
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| Licensee to submit statement on pawnbroking business and transactions |
24.—(1) A licensee must submit to the Registrar, at such intervals and in such form and manner as the Registrar may require, statements containing such particulars as may be prescribed in relation to —| (a) | its business of pawnbroking; and | | (b) | its transactions. |
| (2) A licensee must explain any particular in a statement submitted under subsection (1) if the Registrar so requires. |
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| Licensee to conduct annual audit |
| 25. A licensee must at its own cost appoint an auditor to carry out annual audits of its business of pawnbroking, including an audit of any matters that the Registrar may specifically require. |
| Licensee to maintain adequate insurance |
| 26. A licensee must maintain adequate and appropriate insurance, or any other forms of protection that the Registrar may approve in writing, against the damage, theft or loss of all pledges taken by it. |
| Licensee to maintain security deposit |
27.—(1) A licensee must place with the Accountant-General a deposit of the prescribed amount.| (2) The deposit must be in cash or any other form that the Registrar may, in writing, allow. |
| (3) The deposit is to be security for the licensee’s compliance with the conditions of its licence and the provisions of this Act, including the payment of any financial penalty imposed under section 37(2)(a). |
| (4) If the deposit or part of the deposit is forfeited by the Registrar, the licensee must replace the forfeited amount within 14 days (or any longer period that the Registrar may allow) after the forfeiture. |
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| Licensee to inform Registrar if substantial shareholder, etc., becomes disqualified person |
28. A licensee must, within 7 days after it becomes aware or has reason to believe that any of the following persons is or has become a disqualified person, inform the Registrar in writing of the fact:| (a) | a substantial shareholder of the licensee; | | (b) | a director of the licensee; | | (c) | a manager of the licensee. |
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| Licensee to inform Registrar of proceedings, etc. |
29.—(1) A licensee must notify the Registrar in writing of the occurrence of any of the following events, no later than 14 days after the licensee becomes aware that the event has occurred:| (a) | a receiver or a manager is or will be appointed in respect of the property of the licensee; | | (b) | a meeting of the creditors or shareholders of the licensee has been summoned for the purpose of winding up the licensee; | | (c) | an application has been made to the court for an order summoning all or any class of the creditors or shareholders of the licensee to meet for the purpose of a proposed compromise or arrangement between the licensee and those creditors or shareholders; | | (d) | an application has been made to the court for an order under section 71 of the Insolvency, Restructuring and Dissolution Act 2018 in respect of the licensee; | | (e) | an application has been made to the court for a judicial management order under the Insolvency, Restructuring and Dissolution Act 2018 in respect of the licensee; | | (f) | a written notice of the appointment of an interim judicial manager has been lodged under section 94(5)(a) of the Insolvency, Restructuring and Dissolution Act 2018 in respect of the licensee; | | (g) | an application has been made to the court for the licensee to be wound up or otherwise dissolved under the Insolvency, Restructuring and Dissolution Act 2018; | | (h) | legal proceedings have been commenced against the licensee; | | (i) | any event in paragraphs (a) to (h) occurs in relation to a company that is a substantial shareholder of the licensee (instead of the licensee); | | (j) | an entity that is a substantial shareholder of the licensee is dissolved under the law applicable to the entity; | | (k) | any other event that may be prescribed. [40/2018] |
(2) When a licensee notifies the Registrar of an event under subsection (1) —| (a) | the Registrar may require the licensee to notify the Registrar of any further event in relation to that event; and | | (b) | the licensee must notify the Registrar of the further event no later than 14 days after the licensee becomes aware that the further event has occurred. |
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| Division 4 — Investigative powers |
| Power to order production of information, document or thing |
30.—(1) The Registrar may, in writing, order a person —| (a) | to produce any information, document or thing in the person’s possession or control that the Registrar considers relevant for deciding whether this Act has been contravened; or | | (b) | to give the Registrar access to that information, document or thing. |
| (2) Subsection (1) does not apply to customer information (as defined in section 40A of the Banking Act 1970) kept by a financial institution. |
| (3) A person ordered to produce any information, document or thing may cause the information, document or thing to be produced instead of producing it in person. |
(4) It shall be an offence for a person to —| (a) | fail to comply with the Registrar’s order under subsection (1) without reasonable excuse; or | | (b) | knowingly obstruct or prevent, or attempt to obstruct or prevent, a person from complying with the Registrar’s order under subsection (1). |
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| Power to seize property, etc., in certain circumstances |
31.—(1) The Registrar may seize any property —| (a) | in respect of which a contravention of this Act is suspected to have been committed; | | (b) | that is suspected to have been used or intended to be used in a contravention of this Act; or | | (c) | that is suspected to constitute evidence of a contravention of this Act. |
| (2) Subsection (1) does not apply to property held or suspected to be held in an account or a safe deposit box in a financial institution. |
| (3) The occupier or person-in-charge of a place from which property is to be seized under subsection (1), or a representative of the occupier or person‑in‑charge, may attend during the seizure. |
| (4) The Registrar must prepare and sign a list of any property seized under subsection (1), recording the location from which each item of property is seized. |
| (5) A signed copy of the list must be given to the occupier or person‑in‑charge of the place from which property was seized, or a representative of the occupier or person‑in‑charge. |
(6) Instead of seizing any property under subsection (1), the Registrar may, by written order —| (a) | prohibit any person from dealing with the property; and | | (b) | require any person to affix the order or a copy of the order on or near the property. |
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(7) It shall be an offence for a person to —| (a) | knowingly obstruct or prevent, or attempt to obstruct or prevent, the Registrar from exercising the powers under subsection (1) or (6); or | | (b) | dispose of or deal in any property contrary to the Registrar’s order under subsection (6). |
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| Power of court over seized property, etc. |
32.—(1) Sections 370, 371 and 372 of the Criminal Procedure Code 2010 apply, with the necessary modifications, when the Registrar seizes property or prohibits any dealing in property under section 31.| (2) Despite subsection (1), when the Registrar seizes a pledge or prohibits any dealing in a pledge under section 31, the court may, at any time and on the application of a person interested in the pledge, order that the pledge be released to the person or dealt with as the court sees fit. |
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| Registrar’s powers may be exercised by authorised persons |
33.—(1) Subject to subsection (2), the Registrar’s powers and duties under this Division may be exercised and performed by a person authorised by the Registrar.(2) The Minister may prescribe —| (a) | any class of persons who may, or cannot, be authorised to exercise the Registrar’s powers and perform the Registrar’s duties under this Division; and | | (b) | the conditions to be complied with by any person authorised under subsection (1) to exercise the Registrar’s powers or perform the Registrar’s duties. |
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| Division 5 — Regulatory action |
34.—(1) For the purpose of carrying out the provisions of this Act, the Registrar may give written directions, either of a general or specific nature, to a licensee.| (2) The Registrar may, in particular, give directions setting out the manner in which a licensee is to conduct the business of pawnbroking. |
| (3) A licensee that fails or refuses to comply with a direction under subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000. |
| (4) A direction under subsection (1) need not be published in the Gazette. |
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35.—(1) The Minister may prescribe any offence under this Act as a compoundable offence.| (2) The Registrar may compound any offence under this Act that is prescribed as a compoundable offence by collecting a sum not exceeding $5,000 from a person reasonably suspected of having committed the offence. |
| (3) On payment of the sum of money under subsection (2), no further criminal proceedings are to be taken against that person in respect of the offence. |
| (4) All sums collected under this section must be paid into the Consolidated Fund. |
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| Variation, suspension or revocation of licence |
36.—(1) This section applies where —| (a) | a licensee is convicted of an offence under this Act; | | (b) | the Registrar compounds an offence under this Act committed by the licensee; | | (c) | a licensee contravenes a provision of this Act, which contravention is not an offence; | | (d) | the Registrar is satisfied that a licensee has conducted its business of pawnbroking in an improper or unsatisfactory manner; or | | (e) | the Registrar is satisfied that a licensee is not able to carry on its business of pawnbroking in a proper and satisfactory manner. |
(2) On the occurrence of any event specified in subsection (1), the Registrar may —| (a) | do either or both of the following:| (i) | vary any condition of the licensee’s licence; | | (ii) | suspend the licensee’s licence in respect of all or any of the licensee’s places of business; or |
| | (b) | revoke the licensee’s licence with effect from a specified date. |
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| Financial penalty and forfeiture of security deposit |
37.—(1) This section applies where —| (a) | a licensee contravenes a provision of this Act, which contravention is not an offence; | | (b) | the Registrar is satisfied that a licensee has conducted its business of pawnbroking in an improper or unsatisfactory manner; or | | (c) | the Registrar is satisfied that a licensee is not able to carry on its business of pawnbroking in a proper and satisfactory manner. |
(2) On the occurrence of an event specified in subsection (1), the Registrar may, in addition to taking any action under section 36(2) —| (a) | order the licensee to pay a financial penalty of an amount not exceeding $20,000 for each occurrence of the event, up to a cumulative maximum of $100,000 at a time; and | | (b) | if the licensee fails to pay any financial penalty ordered under paragraph (a), enforce the payment by forfeiting the whole or any part of the deposit placed by the licensee under section 27. |
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| Registrar to give opportunity to make representations before taking action under section 36 or 37 |
38.—(1) The following provisions are to apply before the Registrar makes a decision to take any action against a licensee under section 36 or 37.(2) The Registrar must give the licensee written notice of —| (a) | the Registrar’s intention to make the decision; and | | (b) | the date on which the Registrar intends to make the decision. |
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| (3) The date in subsection (2)(b) must not be earlier than 21 days after the date of the written notice in subsection (2). |
| (4) The licensee may make representations to the Registrar at any time before the date in subsection (2)(b). |
| (5) The Registrar must consider any representation made by the licensee before the date in subsection (2)(b). |
| (6) The Registrar must, on or after the date in subsection (2)(b), give the licensee written notice of the Registrar’s final decision. |
| (7) In the case of a decision to suspend or revoke a licence, the Registrar’s final decision takes effect 14 days (or any longer period that the Registrar may specify) after the date of the written notice in subsection (6). |
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| 39. A person aggrieved by the Registrar’s decision under section 36 or 37 may appeal to the Minister. |
| Division 6 — Lapsing, expiry or revocation of licence |
40. A licence lapses on the earliest of the following dates (so far as they are applicable):| (a) | on the date the Registrar approves the licensee’s application to surrender the licence; | | (b) | on the date the licensee goes into liquidation or is wound up or otherwise dissolved under the Insolvency, Restructuring and Dissolution Act 2018; | | (c) | where the licensee has not commenced the business of pawnbroking for a continuous period of 6 months (or any longer period that the Registrar may allow) after the grant of or renewal of the licence, on the date immediately after the expiry of that period; | | (d) | where the licensee has ceased to carry on its business of pawnbroking for a continuous period of 6 months (or any longer period that the Registrar may allow), on the date immediately after the expiry of that period; | | (e) | on any other date that may be prescribed. [40/2018] |
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| Registrar’s powers when licence lapses, expires or is revoked |
41.—(1) This section applies —| (a) | where a licence has lapsed; | | (b) | where a licence has expired; or | | (c) | where a licensee has been informed by the Registrar under section 38(6) of the Registrar’s final decision to revoke the licence under section 36(2)(b), even if the licensee has appealed against the Registrar’s decision. |
| (2) This section has effect for the purposes of securing the orderly cessation of the licensee’s business of pawnbroking, protecting the interests of pawners and securing the licensee’s compliance with the provisions of this Act. |
(3) The Registrar may, for the purposes of this section —| (a) | give directions to —| (i) | the licensee; | | (ii) | any director or manager of the licensee; and | | (iii) | if there is no such director or manager who is able to comply with the directions of the Registrar, any person who was a director of the licensee in the 6 months before the date of the relevant event in subsection (1); |
| | (b) | in particular, give all or any of the following directions:| (i) | direct the licensee to continue complying with all or any of its statutory duties under Division 3; | | (ii) | direct that any records kept by the licensee be delivered to the Registrar, a police officer, the liquidator of the licensee (if any) or any other person; | | (iii) | direct that the licensee’s place or places of business be kept open for the redemption of pledges for such period and at such times as the Registrar may specify; | | (iv) | direct the licensee to forfeit and sell any pledges taken by it that are unredeemed; |
| | (c) | intervene in any proceedings involving the licensee; and | | (d) | apply or forfeit the whole or any part of the deposit placed by the licensee under section 27(1). |
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| (4) The Registrar may not take any action under subsection (1) that is inconsistent with any order of court in any proceedings involving the licensee. |
| (5) A person who complies with a direction of the Registrar under subsection (3)(a) or (b) is not liable for any loss or damage suffered by any person as a result. |
| (6) A person who, without reasonable excuse, fails to comply with a direction of the Registrar under subsection (3)(a) or (b) shall be guilty of an offence. |
| (7) In this section, “licensee” includes a pawnbroker whose licence has lapsed or expired or is revoked. |
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| Validity of transactions not affected |
| 42. The lapsing, expiry or revocation of a licence does not affect the validity of any transaction entered into by the licensee. |
43.—(1) The Minister may, on the application of a person —| (a) | grant a waiver certificate, with or without conditions, waiving the application of all or any of the requirements of this Act as they concern the person, for a period that the Minister may specify; | | (b) | add to, vary or cancel any condition of the waiver; or | | (c) | extend the period of the waiver. |
| (2) The Minister may require a person granted a waiver certificate under subsection (1)(a) to pay a fee for the purpose of recovering the costs of regulating the person’s compliance with the conditions of the waiver. |
| (3) A waiver certificate granted under subsection (1)(a) need not be published in the Gazette. |
(4) An application under this section —| (a) | must be made in the form that the Registrar may specify; | | (b) | must include the information that the Registrar may require in any case; and | | (c) | must be accompanied by the payment of the prescribed fee. |
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| Revocation, etc., of waiver certificate |
44. Subject to section 45, the Minister may by written notice to a person granted a waiver certificate under section 43(1)(a) —| (a) | add to, vary or cancel any condition of the waiver; | | (b) | reduce the period of the waiver; or | | (c) | revoke the waiver. |
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| Minister to give opportunity to make representations before revoking waiver certificate, etc. |
45.—(1) The following provisions are to apply before the Minister makes a decision under section 44 in relation to a person granted a waiver certificate under section 43(1)(a).(2) The Minister must give the person written notice of —| (a) | the Minister’s intention to make the decision; and | | (b) | the date on which the Minister intends to make the decision. |
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| (3) The date in subsection (2)(b) must not be earlier than 21 days after the date of the written notice in subsection (2). |
| (4) The person may make representations to the Minister at any time before the date in subsection (2)(b). |
| (5) The Minister must consider any representation made by the person before the date in subsection (2)(b). |
| (6) The Minister must, on or after the date in subsection (2)(b), give the person written notice of the Minister’s final decision. |
| (7) The Minister’s final decision takes effect 14 days (or any longer period that the Minister may specify) after the date of the written notice in subsection (6). |
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| 46. The Minister may make rules for the waiver of the application of any (but not all) of the requirements of this Act as they concern any class of persons, subject to any condition prescribed in those rules. |
| Validity of transactions not affected by variation or revocation of waiver |
| 47. The variation or revocation of a waiver certificate granted to a person under section 43(1)(a), or a class waiver under section 46 that applied to a person, does not affect the validity of any transaction entered into by the person before the variation or revocation, as the case may be. |
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