Credit Guarantee (Amendment) Act 2016
Participating finance provider
4. The Principal Act is amended by the substitution of the following section for section 2:
“2. (1) For the purposes of this Act, a finance provider is a participating finance provider if—
(a) the finance provider is a person in respect of whom a certificate under subsection (2) has effect, and
(b) the finance provider stands approved for the time being by the Minister in accordance with this section.
(2) For the purposes of this section, the Minister may, on the provision by the person referred to in paragraph (a) or (b), as may be appropriate, of such information or documentation as the Minister considers necessary, certify in writing that he or she is satisfied—
(a) that a person is a finance provider, or
(b) that a person intends to carry on the business of—
(i) providing financial products to qualifying enterprises,
(ii) arranging for the provision by other persons of financial products to qualifying enterprises, or
(iii) providing facilities for the provision on credit of goods or services by the person first-mentioned in this paragraph to qualifying enterprises.
(3) The Minister may approve a finance provider under this section if—
(a) the finance provider declares, in writing, that he or she agrees to comply with and be bound by the terms of a credit guarantee scheme, and
(b) the Minister is satisfied that the finance provider has complied with the applicable conditions.
(4) The Minister may withdraw an approval under this section if a finance provider ceases to comply with the applicable conditions or contravenes any other provisions of a credit guarantee scheme.”.