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Rights of approved member
27. Subject to this Act, only an approved member of a licensed credit bureau may receive from the licensed credit bureau customer information of any member of the licensed credit bureau (including a credit report about a member’s customer).
Holding out as approved member
28.—(1) A person that is not an approved member of a licensed credit bureau must not hold itself out as such an approved member. (2) Any person that contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part of a day during which the offence continues after conviction.
Deemed approval and actual approval
29.—(1) A member of a licensed credit bureau that comes within any class of persons specified in the First Schedule is deemed to be an approved member of the licensed credit bureau, until that approval is cancelled or revoked under this Part. (2) The deemed approval of a member of a licensed credit bureau under subsection (1) is subject to such conditions as the Authority may specify by written notice. (3) A licensed credit bureau may apply to the Authority for any of its members or a class of its members (including any member in subsection (1) the deemed approval of which has been cancelled or revoked under this Part) to be approved as an approved member or approved members (as the case may be) of the licensed credit bureau. (4) An application made under subsection (3) must be made in such form and manner as the Authority may specify by written notice. (5) The Authority may require the licensed credit bureau, or the member to which the application relates, to provide the Authority with such information or documents as the Authority considers necessary to consider the application. (6) Upon receiving an application under subsection (3), the Authority must consider the application and may —(a) approve, with or without conditions, the member as an approved member or the class of members as approved members of the licensed credit bureau; or (b) refuse the application. (7) The Authority may at any time add to, vary or revoke any of the conditions of the approval or deemed approval of an approved member or class of members. (8) A licensed credit bureau must, within 14 days after the date it becomes a licensed credit bureau, publish a list of its approved members (including those that are deemed approved members under subsection (1)) on its website. (9) A licensed credit bureau must publish an updated list of its approved members on its website within 14 days after —(a) the date the First Schedule is amended where the amendment results in any of its members becoming an approved member; (b) the date any of its members becomes one of the persons specified in the First Schedule; or (c) the date any of its members or class of its members is approved as an approved member or approved members under subsection (6)(a). (10) Any approved member of a licensed credit bureau that fails to comply with any condition imposed by the Authority under subsection (2), (6)(a) or (7) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part of a day during which the offence continues after conviction. (11) Any licensed credit bureau that contravenes subsection (8) shall be guilty of an offence.
Cancellation of approval or deemed approval
30.—(1) An approved member of a licensed credit bureau may apply to the Authority to cancel its approval or deemed approval if the approved member intends to cease any of the following activities:(a) providing to the licensed credit bureau any customer information of that or any other approved member of the licensed credit bureau; (b) requesting from the licensed credit bureau any customer information (including a credit report about the member’s customer) of that or any other approved member of the licensed credit bureau; (c) using any customer information (including any such information in a credit report) of that or any other approved member of the licensed credit bureau that the approved member has received from the licensed credit bureau. (2) The Authority may upon considering the application, cancel the approval or deemed approval of an approved member of a licensed credit bureau if the Authority is satisfied that the approved member has ceased any of the activities mentioned in subsection (1). (3) An approved member of a licensed credit bureau whose approval or deemed approval is cancelled ceases to be an approved member of the licensed credit bureau from the date on which the cancellation takes effect. (4) Where the approval or deemed approval of an approved member of a licensed credit bureau is cancelled, the former approved member —(a) must not use or disclose any customer information of that or any other approved member of the licensed credit bureau that the former approved member received from the licensed credit bureau, except as permitted by any other written law; and (b) must immediately inform the licensed credit bureau by written notice of the cancellation. (5) The Authority must publish a notice in the Gazette whenever it cancels the approval or deemed approval of an approved member of a licensed credit bureau. (6) Where the approval or deemed approval of an approved member of a licensed credit bureau is cancelled under subsection (2), the licensed credit bureau must, within 14 days after receiving the notice of the cancellation under subsection (4)(b), remove the former approved member from the list of its approved members on its website. (7) Despite the cancellation of the approval or deemed approval of an approved member of a licensed credit bureau, and unless the Authority otherwise directs, sections 37, 49 and 50 continue to apply in relation to the former approved member in respect of matters that the former approved member received or that occurred before the cancellation as if the approval or deemed approval had not been cancelled. (8) Any former approved member of a licensed credit bureau that contravenes subsection (4) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part of a day during which the offence continues after conviction. (9) Any licensed credit bureau that contravenes subsection (6) shall be guilty of an offence. (10) This section applies to corrected data received by a licensed credit bureau’s approved member or former approved member under section 18(3)(b)(ii) as it applies to customer information of any approved member of the licensed credit bureau received by the approved member or former approved member.
Revocation of approval or deemed approval
31.—(1) The Authority may revoke the approval or deemed approval of an approved member of a licensed credit bureau if —(a) it appears to the Authority that the approved member is contravening or has contravened —(i) any provision of this Act; or (ii) any written notice issued by the Authority under this Act; (b) the approved member has provided under this Act any information or document to the Authority that is false or misleading; (c) it appears to the Authority that the approved member, or any of its officers or employees, has not performed its duties, or his or her duties, under this Act honestly or fairly; (d) the approved member fails to carry on or ceases any of the activities specified in section 30(1); or (e) it appears to the Authority that it would be contrary to the public interest for the approved member to continue being such an approved member. (2) Subject to subsection (3), the Authority must not revoke the approval or deemed approval of an approved member of a licensed credit bureau under subsection (1) without giving the approved member an opportunity to be heard. (3) The Authority may revoke the approval or deemed approval of an approved member of a licensed credit bureau without giving the approved member an opportunity to be heard on any of the following grounds:(a) the approved member is in the course of being wound up or otherwise dissolved, whether in Singapore or elsewhere; (b) a receiver, a receiver and manager, a judicial manager or an equivalent person has been appointed, whether in Singapore or elsewhere, for or in respect of any property of the approved member; (c) the approved member has been convicted, whether in Singapore or elsewhere, of an offence involving fraud or dishonesty, or the conviction involved a finding that the approved member had acted fraudulently or dishonestly. (4) An approved member of a licensed credit bureau whose approval or deemed approval is revoked ceases to be an approved member of the licensed credit bureau from the date on which the revocation takes effect. (5) Where the approval or deemed approval of an approved member of a licensed credit bureau is revoked, the former approved member —(a) must not use or disclose any customer information of that or any other approved member of the licensed credit bureau that the former approved member received from the licensed credit bureau, except as permitted by any other written law; and (b) must immediately inform the licensed credit bureau by written notice of the revocation. (6) The Authority must publish a notice in the Gazette whenever it revokes the approval or deemed approval of an approved member of a licensed credit bureau. (7) Where the approval or deemed approval of an approved member of a licensed credit bureau is revoked under subsection (1), the licensed credit bureau must, within 14 days after receiving the notice of such revocation under subsection (5)(b), remove the approved member from the list of its approved members on its website. (8) Despite the revocation of the approval or deemed approval of an approved member of a licensed credit bureau, and unless the Authority otherwise directs, sections 37, 49 and 50 continue to apply in relation to the former approved member in respect of matters that the former approved member received or that occurred before the revocation as if the approval or deemed approval had not been revoked. (9) Any former approved member of a licensed credit bureau that contravenes subsection (5) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part of a day during which the offence continues after conviction. (10) Any licensed credit bureau that contravenes subsection (7) shall be guilty of an offence. (11) This section applies to corrected data received by a licensed credit bureau’s approved member or former approved member under section 18(3)(b)(ii) as it applies to customer information of any approved member of the licensed credit bureau received by the approved member or former approved member.
Right of appeal in respect of refusal of approval or revocation of approved members
32.—(1) A licensed credit bureau that is aggrieved —(a) by the refusal of the Authority to approve any of the licensed credit bureau’s members as an approved member or a class of its members as approved members of the licensed credit bureau; or (b) by the revocation by the Authority of its approval or deemed approval of an approved member of the licensed credit bureau, may, within 30 days after the refusal or the date on which the revocation takes effect, appeal in writing to the Minister. (2) A member of a licensed credit bureau that is aggrieved by the refusal of the Authority to approve it as an approved member of the licensed credit bureau may, within 30 days after the refusal, appeal in writing to the Minister. (3) A former approved member of a licensed credit bureau that is aggrieved by the revocation by the Authority of its approval or deemed approval as an approved member of the licensed credit bureau may, within 30 days after the revocation, appeal in writing to the Minister.
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Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. Read the official text ↗
Source: Singapore Statutes Online (Attorney-General's Chambers), © Government of Singapore.
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