ADVOKS GLOBAL · KENYA
The Central Bank of Kenya (Mortgage Refinance Companies) Regulations, 2019
7. Suspension or revocation of licence
Edition: 2022-12-31 · In force
7. Suspension or revocation of licence
(1)The Bank may suspend or revoke a licence of a mortgage refinance company if the licensee—(a)ceases to carry on mortgage refinance business;(b)goes into liquidation or an order is issued for winding up;(c)contravenes any of the conditions in the licence;(d)has contravened any of the provisions of the Act or any other relevant written law; or(e)conducts its business in a manner detrimental to its customers, creditors or members of the public.(2)A suspension of a licence under this regulation shall not exceed a period of three months:Provided that the Bank may, if it considers necessary extend the suspension for a period not exceeding three months.(3)The Bank shall at the expiry of the suspension period specified under sub-regulation (2) either lift the suspension or revoke the licence as the Bank considers appropriate.(4)The Bank shall cause the names of mortgage refinance companies whose licences have been revoked to be published in the Gazette within seven days of the revocation.(5)Where a licence has been revoked, the Bank may, by notice in writing—(a)require the licensee to transfer to its customer, records relating to customer property or the affairs of the customer held at any time for the customer, in such manner, as the Bank may specify in the notice; or(b)permit the licensee, subject to such conditions as the Bank may specify in the notice, to carry on business operations for the purpose of closing down the business connected with the revocation.(6)The Bank shall, in all cases where the Bank takes action under this regulation give the licensee affected by such action an opportunity to be heard.