(1) An existing licence application must be treated as if it were an application for registration as a motor vehicle trader made under this Act; and the provisions relating to applications for registration under this Act apply with any necessary modifications.
(2) Subsection (1) applies only if, within 20 working days after receiving the notice referred to in section 150, the applicant—
(a) gives written notice to the Registrar that the applicant wishes to have the application determined under this Act; and
(b) provides the Registrar with the information or other matters that are required to ensure that the application complies with sections 31 and 32.