99.— (1) Subject to subsection (3) and section 100, sections 28(1) and 89 and the provisions of this Act applicable to a licensee and a property service shall not apply to a person (in the transitional provisions referred to as a “person concerned”) and a property service (in the transitional provisions referred to as a “property service concerned”) provided by the person concerned if, and only if—

(a) the person concerned was lawfully providing the property service concerned before the commencement of section 28(1) in respect of that property service, and

(b) the person concerned has, before that commencement, made an application under section 30 for a licence to provide the property service concerned and there has not been a final determination of the application before that commencement.

(2) Where subsection (1) has not ceased to apply to a person concerned and a property service concerned, the statutory provisions repealed, revoked or amended by this Act (including Part IV of the Act of 1947) shall, in so far as they applied to the person concerned and the property service concerned before the commencement of section 28(1) in respect of that property service, continue to apply to the person concerned and the property service concerned as if those statutory provisions have not been so repealed, revoked or amended, as the case may be.

(3) Subject to section 100, subsection (1) shall cease to apply to a person concerned and a property service concerned immediately upon the final determination of the application under section 30 referred to in subsection (1)(b) made by the person concerned for a licence to provide the property service concerned.

(4) Notwithstanding the repeal of the Act of 1947 effected by the commencement of section 7(1), Part IV of that Act shall continue to apply to a deposit (within the meaning of section 2 of that Act) which has not been released before that commencement and, for the purposes of such application, a licence (if any) under this Act held by the depositor shall not be treated as a licence referred to in that Part.

(5) Where a licence is issued to a person concerned in respect of a property service concerned pursuant to the final determination of the application under section 30 referred to in subsection (1)(b) made by the person for that licence, the period of validity of the licence as so issued shall be deemed to start to run on the day of commencement of section 28(1) in respect of the property service concerned, and irrespective of whether the licence is issued before, on or after that commencement.