ADVOKS GLOBAL · KENYA
The Central Bank of Kenya (Mortgage Refinance Companies) Regulations, 2019
5. Issuance of a licence
Edition: 2022-12-31 · In force
5. Issuance of a licence
(1)The Bank may, if satisfied that the applicant meets the requirements under these Regulations, grant a licence to the applicant, within ninety days of the application.(2)In assessing the application, the Bank shall consider the following factors—(a)the financial condition and history of the applicant;(b)adequacy of the business strategy of the applicant;(c)the professional and moral suitability of the persons proposed to manage or control the proposed mortgage refinance company;(d)the adequacy of its capital structure and earning prospects; and(e)the public interest which shall be served by the granting of the licence.(3)The Bank may endorse on a licence granted under sub regulation (1), such conditions as it considers necessary and may, from time to time, vary or substitute such conditions.(4)A person granted a licence shall pay an annual fee to the Bank as set out in the Fourth Schedule at such time as the Bank may determine.(5)A licence shall remain valid unless suspended or revoked by the Bank in accordance with these Regulations.(6)The Bank shall cause the name of a mortgage refinance company to be published in the Gazette within seven days of grant of licence.