(1)

As soon as practicable after the Minister receives an application by a provider for approval of a bank guarantee, the Minister must approve, or refuse to approve, the guarantee.

(2)

The Minister must approve the guarantee if there are reasonable grounds for believing that the bank that indemnifies the provider under the guarantee has, and will continue to have, financial resources, or access to financial resources, to pay the amounts for which the guarantee is given.

(3) As soon as practicable after approving, or refusing to approve, the guarantee, the Minister must:

(a)

give the applicant written notice of the decision; and

(b)

if the decision is a refusal, mention in the notice the reasons for the refusal and that the applicant may apply to the Administrative Appeals Tribunal for review of the decision.