(1) A credit bureau shall pay a fee to the Central Bank in the amount prescribed by the Minister on the recommendation of the Central Bank —
(a) upon the grant of a licence under section 7(2);
(b) for the annual licence fee; or
(c) the reinstatement of a licence under section 15(5).
(2) The Minister may by Order and on the recommendation of the Central Bank, vary —
(a) the application processing fee under section 5(1)(c);
(b) the fee payable upon the grant of a licence under section 7(2);
(c) the annual licence fee under subsection (1); or
(d) the reinstatement fee under subsection 15(5).
(3) Where a licence is granted after the first quarter in any year, the fee payable upon the grant of the licence shall be calculated on a pro rata basis.
(4) The annual licence fee shall be paid before the 1st day of February in each year.
(5) Where a credit bureau fails to pay the annual licence fee before the 1st day of February in any year, the credit bureau shall pay double the annual licence fee if the payment of the annual licence fee is made before the 1st day of May in that year.
(6) If, a credit bureau fails to pay the annual licence fee before the 1st day of May in any year in accordance with subsection (5) the Central Bank may, in accordance with section 15, suspend or revoke the licence of the credit bureau.