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(1) The Bank shall

(a) acknowledge receipt of an application for a credit bureau licence,

(b) within three months after the receipt of the application, inform the applicant in writing of the decision of the Bank, and

(c) within three months after receipt of the application, and on satisfying itself that the applicant has

(i) paid the stipulated fees, and

(ii) Satisfied all other conditions grant a licence to the applicant.

(2) Where

(a) an applicant fails to pay the stipulated fees,

(b) there is an error in the application, or

(c) an applicant fails to satisfy any pre-condition for the grant of the licence, the Bank shall, within three months after receiving the application, notify the applicant in writing to rectify the situation within thirty days after the receipt of the notification.

(3) Where the applicant fails to rectify the situation, the Bank shall not process the application.

(4) Where an application for a licence is refused, the Bank shall state the reasons for the refusal in the notice of refusal to the applicant.