2. Carrying on finance business and accepting deposits, without authority, to be an offence

Subject to the provisions of section 3 of this Act, no person other than a person licensed under this Act shall carry on finance business.

No person, other than a person licensed to carry on finance business under this Act or a person exempted from the application of the provisions of this Act in terms of section 3, shall accept deposits.

A person shall not be eligible to be licensed as a finance company under this Act unless such person is a company registered under the Companies Act, No. 7 of 2007, and such company is not a company limited by guarantee, a private company, an offshore company or an overseas company within the meaning of the Companies Act, No. 7

Any person who contravenes the provisions of subsections (1) or (2) shall be guilty of an offence under this