Updated 07/09/2024
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Article 8 - Withdrawal of authorisation

Article 8

Withdrawal of authorisation

1.   Member States shall ensure that the competent authorities of the home Member State have the necessary supervisory and investigatory powers, and sanctioning powers, in accordance with Article 22 in order to withdraw the authorisation granted to a credit servicer, where any of the following applies to such a credit servicer:

(a)

does not make use of the authorisation within 12 months of its grant;

(b)

expressly renounces the authorisation;

(c)

has ceased to engage in the activities of a credit servicer for more than 12 months;

(d)

has acquired an authorisation through false statements or other irregular means;

(e)

no longer fulfils the requirements for the granting of an authorisation as a credit servicer set out in Article 5(1) and, where relevant, in Article 6(2) point (a);

(f)

commits a serious infringement of the applicable rules, including the national provisions transposing this Directive, or of other consumer protection rules, including applicable rules of the host Member State and of the Member State where the credit was granted.

2.   Where an authorisation is withdrawn in accordance with paragraph 1 of this Article, Member States shall ensure that the competent authorities of the home Member State immediately inform the competent authorities of the host Member State in cases where the credit servicer provides services under Article 13, and also the competent authorities of the Member State where the credit was granted, when different from the host and the home Member States.