22Term of licence

22 Term of licence

22 Term of licence

(1) An application for a licence or renewal of a licence is to nominate one of the following terms of duration for the licence (the nominated term)—

(a) 1 year,

(b) 3 years,

(c) 5 years.

(2) A licence may only be granted for a term of 3 or 5 years if—

(a) the applicant has requested that the licence be granted for a term of either 3 years or 5 years, and

(b) (Repealed)

(c) neither the applicant nor any of the applicant’s close associates is, at the time the application is made, under investigation by the Secretary in relation to any breach of a condition of a licence or any other contravention of this Act or the regulations, and

(d) neither the applicant nor any of the applicant’s close associates has, in the 5 years immediately before the date of the application—

(i) been subject to any prescribed disciplinary action under this Act, or

(ii) engaged in any prescribed conduct, and

(e) the Secretary is satisfied that a 3-year or a 5-year licence should be granted.

(3) Subject to subsection (2), the Secretary may grant or renew a licence for the nominated term or a shorter term than the nominated term if satisfied that it is in the public interest to do so.

(4) If an application for renewal of a licence has been made but the application is not finally determined by the Secretary before the expiry of the licence, the licence (if not suspended or sooner cancelled) continues in force until the application is finally determined.

(5) If a licence is granted or renewed for a shorter term than the nominated term, the Secretary is to refund to the applicant the difference between the fee for the nominated term and the fee for the term that was granted.

(6) The suspension of a licence does not affect the term of the licence.

(7) This section does not affect the term of any licence granted under this Act and in force immediately before the substitution of this section by the .