(1) Notwithstanding section 29, a person carrying on the business of a retail credit firm who did not require authorisation immediately before the coming into operation of section 2(a)(vii) of the Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Act 2022 is taken to be authorised to carry on the business of a retail credit firm until the Bank has granted or refused authorisation to the person, provided that the person applies to the Bank under section 30 for authorisation no later than 3 months after that coming into operation.

(2) If a person is taken to be authorised to carry on the business of a retail credit firm under subsection (1), the Bank may do either or both of the following:

(a) impose on that person such conditions or requirements or both as the Bank considers appropriate relating to the proper and orderly regulation and supervision of retail credit firms;

(b) direct that person not to carry on the business of a retail credit firm for such period (not exceeding 3 months) as is specified in the direction.