7AWhen licence may be granted—continuous credit activity

7A When licence may be granted—continuous credit activity

For paragraph 37(1)(e) of the Act, a requirement in relation to a person who: (a) is a credit provider, lessor, mortgagee or beneficiary of a guarantee in relation to a carried over instrument immediately before 1 July 2010; and (b) intends to engage in a credit activity in relation to the carried over instrument on or after 1 July 2010; and (c) intends to engage in a credit activity otherwise than in relation to the carried over instrument on or after 1 July 2010; is that the person must apply under section 36 of the Act for a licence to engage in the credit activities mentioned in paragraphs (b) and (c).