Interpretation of this Part
53. In this Part, unless the context otherwise requires —“business” includes affairs and property;
“office‑holder”, in relation to a licensed credit bureau, means any person acting as the liquidator, provisional liquidator, receiver, receiver and manager, judicial manager or an equivalent person of the licensed credit bureau;
“relevant business”, in relation to a licensed credit bureau, means any of its business —(a)
in relation to which a statutory adviser has been appointed under section 54(2)(b);
(b)
in relation to which a statutory manager has been appointed under section 54(2)(c); or
(c)
that the Authority has assumed control of under section 54(2)(c);
“statutory adviser” means a statutory adviser appointed under section 54(2)(b);
“statutory manager” means a statutory manager appointed under section 54(2)(c).
Action by Authority if licensed credit bureau is unable to meet obligations, etc.
54.—(1) The Authority may exercise one or more of the powers specified in subsection (2) as appears to it to be necessary, where —(a)
a licensed credit bureau informs the Authority that it is or is likely to become insolvent, or that it is or is likely to become unable to meet its obligations, or that it has suspended or is about to suspend payments;
(b)
a licensed credit bureau is insolvent, becomes unable to meet its obligations, or suspends payments;
(c)
the Authority is of the opinion that the licensed credit bureau —(i)
is carrying on its business in a manner likely to be detrimental to the confidentiality, security or integrity of any data held by the licensed credit bureau;
(ii)
is or is likely to become insolvent, or that it is or is likely to become unable to meet its obligations, or that it has suspended or is about to suspend payments;
(iii)
has contravened any of the provisions of this Act; or
(iv)
has failed to comply with any condition attached to its licence; or
(d)
the Authority considers it in the public interest to do so.
(2) Subject to subsection (1), the Authority may —(a)
require the licensed credit bureau to immediately take any action or to do or not to do any act in relation to its business as the Authority may consider necessary;
(b)
appoint one or more persons as statutory adviser, on such terms as the Authority may specify, to advise the licensed credit bureau on the proper management of such of the licensed credit bureau’s business as the Authority may determine; or
(c)
assume control of and manage such of the licensed credit bureau’s business as the Authority may determine, or appoint one or more persons as statutory manager to do so on such terms as the Authority may specify.
(3) Where the Authority appoints 2 or more persons as statutory manager of a licensed credit bureau, the Authority must specify, in the terms of the appointment, which of the duties, functions and powers of the statutory manager —(a)
may be discharged or exercised by such persons jointly and severally;
(b)
must be discharged or exercised by such persons jointly; and
(c)
must be discharged or exercised by a specified person of such persons.
(4) Where the Authority has exercised any power under subsection (2), it may, at any time and without affecting its powers under section 11(2) or (3), do one or more of the following:(a)
vary or revoke any requirement of, any appointment made by, or any action taken by the Authority under subsection (2) in the exercise of such power, on such terms as it may specify;
(b)
exercise any of the powers under subsection (2);
(c)
add to, vary or revoke any term the Authority has specified under this section.
(5) A statutory manager or a statutory adviser incurs no liability for anything done (including any statement made) or omitted to be done with reasonable care and in good faith in the course of or in connection with —(a)
the exercise or purported exercise of any power under this Act;
(b)
the performance or purported performance of any function or duty under this Act; or
(c)
the compliance or purported compliance with this Act.
Assumption of control
55.—(1) Upon assuming control of any business of a licensed credit bureau under section 54(2)(c), the Authority or statutory manager (as the case may be) must take custody or control of the relevant business.
(2) During the period when the Authority or statutory manager is in control of a licensed credit bureau’s relevant business, the Authority or statutory manager —(a)
must manage the relevant business in the name of and on behalf of the licensed credit bureau; and
(b)
is treated as an agent of the licensed credit bureau.
(3) In managing the licensed credit bureau’s relevant business, the Authority or statutory manager —(a)
must ensure that the operations of the licensed credit bureau are conducted without compromising the confidentiality, security or integrity of any data held by the licensed credit bureau; and
(b)
has all the duties, powers and functions of the members of the board of directors of the licensed credit bureau (collectively and individually) under —(i)
this Act;
(ii)
the Companies Act 1967; and
(iii)
the licensed credit bureau’s constitution,
including powers of delegation, in relation to the relevant business.
(4) Despite subsection (3), the Authority or statutory manager is not required to call any meeting of the licensed credit bureau under the Companies Act 1967 or the licensed credit bureau’s constitution.
(5) Despite any written law or rule of law —(a)
upon the Authority or statutory manager assuming control of any business of a licensed credit bureau under section 54(2)(c), any appointment of an individual as chief executive officer or director of the licensed credit bureau that was in force immediately before the assumption of control is treated as revoked, unless the Authority gives its approval, by written notice to the individual and the licensed credit bureau, for the individual to remain in the appointment; and
(b)
during the period when the Authority or statutory manager is in control of the licensed credit bureau’s relevant business, an individual must not be appointed as chief executive officer or director of the licensed credit bureau, except with the approval of the Authority.
(6) Where the Authority has given its approval under subsection (5) for an individual to remain in the appointment of, or to be appointed as, chief executive officer or director of a licensed credit bureau, the Authority may at any time, by written notice to the individual, revoke its approval and such appointment is treated as revoked on the date specified in the notice.
(7) Despite any written law or rule of law, if any individual whose appointment as chief executive officer or director of a licensed credit bureau is revoked under subsection (5) or (6), acts or purports to act after the revocation as chief executive officer or director of the licensed credit bureau during the period when the Authority or statutory manager is in control of the licensed credit bureau’s relevant business under section 54(2)(c) —(a)
the act or purported act of the individual is invalid and of no effect; and
(b)
the individual shall be guilty of an offence.
(8) Despite any written law or rule of law, if any individual who is appointed as chief executive officer or director of a licensed credit bureau in contravention of subsection (5) acts or purports to act as chief executive officer or director of the licensed credit bureau during the period when the Authority or statutory manager is in control of the licensed credit bureau’s relevant business under section 54(2)(c) —(a)
the act or purported act of the individual is invalid and of no effect; and
(b)
the individual shall be guilty of an offence.
(9) During the period when the Authority or statutory manager is in control of a licensed credit bureau’s relevant business —(a)
if there is any conflict or inconsistency between —(i)
a direction or decision given by the Authority or statutory manager (including a direction or decision given to a person or body of persons mentioned in sub‑paragraph (ii)); and
(ii)
a direction or decision given by any chief executive officer, director, member, executive officer, employee, agent, office‑holder, or the board of directors, of the licensed credit bureau, or any trustee for the licensed credit bureau,
the direction or decision mentioned in sub‑paragraph (i) prevails over the direction or decision mentioned in sub‑paragraph (ii) to the extent of the conflict or inconsistency; and
(b)
a person must not exercise any voting or other right attached to any share in the licensed credit bureau in any manner that may defeat or interfere with any duty, power or function of the Authority or statutory manager, and any such act or purported act is invalid and of no effect.
(10) Any individual who is guilty of an offence under subsection (7) or (8) shall be liable on conviction to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $12,500 for every day or part of a day during which the offence continues after conviction.
Other provisions concerning control
56.—(1) The Authority must cease to be in control of a licensed credit bureau’s relevant business when the Authority is satisfied that the reasons for its assumption of control of the relevant business have ceased to exist.
(2) A statutory manager is treated to have assumed control of a licensed credit bureau’s relevant business on the date of the statutory manager’s appointment as a statutory manager.
(3) Without limiting section 54(4)(a), the Authority may at any time revoke the appointment of a statutory manager in relation to a licensed credit bureau’s relevant business —(a)
if the Authority is satisfied that the reasons for the appointment have ceased to exist;
(b)
if the confidentiality, security or integrity of any data held by the licensed credit bureau is compromised; or
(c)
on any other ground.
(4) The statutory manager must cease to be in control of the relevant business upon revocation of its appointment under subsection (3) or section 54(4)(a).
(5) The Authority must publish in the Gazette the date, and any other particulars that it thinks fit, of —(a)
its assuming control of a licensed credit bureau’s relevant business;
(b)
the cessation of its control of a licensed credit bureau’s relevant business;
(c)
the appointment of a statutory manager in relation to a licensed credit bureau’s relevant business; and
(d)
the revocation of a statutory manager’s appointment in relation to a licensed credit bureau’s relevant business.
Responsibilities of directors, officers, etc., of licensed credit bureau
57.—(1) During the period when the Authority or statutory manager is in control of a licensed credit bureau’s relevant business —(a)
the General Division of the High Court may, on an application of the Authority or statutory manager, direct any former or current relevant person of the licensed credit bureau to pay, deliver, convey, surrender or transfer to the Authority or statutory manager, within such period as the General Division of the High Court may specify, any property or book of the licensed credit bureau that —(i)
forms part of or relates to the business of the licensed credit bureau; and
(ii)
is in the person’s possession or control; and
(b)
any former or current relevant person of the licensed credit bureau must provide the Authority or statutory manager such information as the Authority or statutory manager may require to —(i)
discharge its duties or functions; or
(ii)
exercise its powers,
in relation to the licensed credit bureau, within such time and in such manner as the Authority or statutory manager may specify.
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(2) Any person who —(a)
without reasonable excuse, fails to comply with subsection (1)(b); or
(b)
in purported compliance with subsection (1)(b), knowingly or recklessly provides any information or document that is false or misleading in a material particular,
shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence (if applicable), to a further fine not exceeding $12,500 for every day or part of a day during which the offence continues after conviction.
(3) In this section, “relevant person”, in relation to a licensed credit bureau, means a chief executive officer, director, executive officer, employee, agent, banker, auditor or office‑holder of, or trustee for, the licensed credit bureau.
Remuneration and expenses of Authority and others in certain cases
58. The Authority may at any time fix the remuneration and expenses to be paid by a licensed credit bureau —(a)
to a statutory adviser or statutory manager appointed in relation to the licensed credit bureau, whether or not the appointment has been revoked; and
(b)
where the Authority has assumed control of any business of a licensed credit bureau under section 54(2)(c), to the Authority and any person appointed by the Authority under section 5 in relation to its assumption of control of such business, whether or not the Authority has ceased to be in control of such business.
Matters requiring approval of Authority
59.—(1) A licensed credit bureau must apply in writing for approval from the Authority before —(a)
carrying on any business other than credit reporting business;
(b)
any change in —(i)
the licensed credit bureau’s name;
(ii)
the licensed credit bureau’s constitution;
(iii)
the licensed credit bureau’s shareholding;
(iv)
the reciprocity arrangement or equivalent operating rules between the licensed credit bureau and any of its approved members;
(v)
the format of a credit report and specifications of the data to be processed;
(vi)
the scope, definition, classification and retention period of data collected, used or disclosed by the licensed credit bureau;
(vii)
the credit scoring methodology, credit scoring model validation method, analysis and reporting of credit scoring used by the licensed credit bureau;
(viii)
any other products or services offered by the licensed credit bureau; or
(ix)
any matter that may impact or potentially impact the confidentiality, security or integrity of any data held by the licensed credit bureau; or
(c)
any addition to, removal of or amendment to the terms or rules of membership of the licensed credit bureau.
(2) The Authority may —(a)
grant its approval, with or without conditions; and
(b)
at any time vary or revoke any condition of approval in paragraph (a), or impose conditions or additional conditions in respect of any approval granted under paragraph (a).
(3) Any person that contravenes subsection (1) or any condition imposed by the Authority under subsection (2) 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.
Source: Singapore Statutes Online (Attorney-General's Chambers), © Government of Singapore.
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