(1) Every licensee shall pay the prescribed annual licence fee according to the classification of the licence set out in Schedule 4.
(1A) Notwithstanding subsection (1), Cabinet may, by Order, exempt a Class E non-profit licensee from the payment of annual licence fees, on such terms as it may determine. (Inserted by Act 1 of 2016)
(2) A licence to carry on money services business is valid from the date of first issue to the 31 December of that year and is renewable each year on payment on or before the 15 January of the prescribed annual licence fee.
(3) All licence fees paid under this Act are payable to the Accountant General and form part of the Consolidated Fund.