(1) The Central Bank may refuse to grant a licence to an applicant if —
(a) the application is not made in accordance with this Act and the Regulations;
(b) the applicant fails to meet the capital requirements specified under section 9(2);
(c) the Central Bank is not satisfied that —
(i) the applicant complied with the licensing requirements of this Act and the Regulations;
(ii) the applicant and its mode of operation are suitable and are in the best interest of the Currency Union; and
(iii) the applicant paid the prescribed fees; or
(d) the Central Bank has reasonable grounds to believe that —
(i) based on the past conduct of the applicant, or any director, officer or representative of the applicant, the applicant is not likely to operate or carry on the business of a credit bureau with honesty and integrity and in accordance with this Act, the Regulations or any term or condition of the licence;
(ii) the applicant made a false or misleading statement, with respect to any matter that the Central Bank considers material, in the application or in any of the information, particulars, declarations, documents or other materials submitted to the Central Bank in support of the application; or
(iii) it is not in the public interest to grant the licence.
(2) Before the Central Bank refuses to grant a licence, the Central Bank shall —
(a) provide a written notice to the applicant of its intention to refuse to grant the licence;
(b) where applicable, give the applicant a reasonable opportunity to make representations; and
(c) where the applicant makes representations under paragraph (b), take the representations into consideration before making the decision.
(3) Where the Central Bank refuses to grant a licence to an applicant, the Central Bank shall, in writing, promptly notify the applicant of —
(a) the refusal and the reasons for the refusal; and
(b) the right of review of the applicant under Part 7 and the right of appeal under Part 8.