Carrying on credit reporting business before the commencement of this Act
s 77
(1) Any person who has been carrying on a credit reporting business prior to the appointed date may continue to do so as if this Act has not been enacted for a period of three months from the appointed date or such other period as may be allowed by the Registrar in writing, referred to as “grace period”, and shall, if he or it intends to continue to carry on such business after the expiry of the grace period, make an application for registration as a credit reporting agency under section 13 within the grace period. (2) Where the applicant has been registered as a credit reporting agency by the Registrar, the credit reporting agency shall within six months from the expiry of the grace period fully comply with the provisions of this Act in respect of all credit information collected and further processed, whether before or after the appointed date, by the credit reporting agency for the purpose of carrying on the credit reporting business. (3) Where the applicant has not applied to be registered as a credit reporting agency or has been refused registration as a credit reporting agency on the expiry of the grace period, he or it shall immediately cease to collect and further process all credit information for the purpose of carrying on a credit reporting business, whether such credit information was collected or further processed before or after the appointed date. (4) Any person referred to in subsection (1) who is aggrieved by the decision of the Registrar in refusing to approve his or its registration as a credit reporting agency under section 14 may appeal to the Minister under section 18. (5) The grace period granted to a person under subsection (1) shall expire— (a) in the case where the person fails to apply for registration as a credit reporting agency, on the date of expiry of the grace period; or (b) in the case where the person has applied for registration as a credit reporting agency— (i) on the date his or its application for registration as a credit reporting agency is approved by the Registrar and a certificate of registration is issued; (ii) on the date of service of the notice issued under subsection 14(3) stating that his or its application for registration is refused by the Registrar; or (iii) on the determination of his appeal to the Minister under section 18.