Designation, etc., of designated credit bureau
56.—(1) The Registrar may designate a company within the meaning of section 4(1) of the Companies Act 1967, with the consent of the company, to be the designated credit bureau for the purposes of this Act.[7/2018]
(2) Only one company may be designated under subsection (1) at any one time.[7/2018]
(3) The Registrar must not designate any company under subsection (1) unless the Registrar has approved a plan submitted by the company that sets out the steps to be taken by the company in the event of the impending cancellation of the designation of that company, so as to ensure continuity in the performance of the functions set out in section 57 by the subsequent designated credit bureau or a statutory manager.[7/2018]
(4) Notice of the designation must be published in the Gazette.[7/2018]
(5) A person that is not the designated credit bureau must not hold itself out as the designated credit bureau.[7/2018]
(6) Any person who contravenes subsection (5) shall be guilty of an offence and shall be liable on conviction —(a)
in the case of an individual, 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; or
(b)
in any other case, 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.[30D
[7/2018]
Functions of designated credit bureau
57.—(1) Subject to the provisions of this Part, the functions of the designated credit bureau are as follows:(a)
to prepare and provide reports in accordance with the provisions of this Part;[Act 38 of 2023 wef 01/03/2024]
(b)
to serve as a repository of data from which the Registrar or any public agency may obtain data for any purpose specified in this Act;[Act 38 of 2023 wef 01/03/2024]
(c)
to maintain a record of persons to whom a licensee is prohibited from granting a loan, and to assist in giving effect to such prohibition.[Act 38 of 2023 wef 01/03/2024]
[Act 38 of 2023 wef 01/03/2024]
(2) In addition to the functions under subsection (1), the designated credit bureau must undertake any other function that may be prescribed by the Minister in relation to protecting the interest of licensees, borrowers or potential borrowers.[Act 38 of 2023 wef 01/03/2024]
Cancellation of designation by Registrar
58.—(1) The Registrar may, by written notice, cancel the designation of the designated credit bureau if —(a)
the Registrar is not satisfied with —(i)
the financial standing of the designated credit bureau; or
(ii)
the manner in which the designated credit bureau’s business is being conducted;
(b)
the designated credit bureau is contravening or has contravened any provision of this Part, or any direction or notice issued, or any condition imposed, by the Registrar under this Part;
(c)
it appears to the Registrar that the designated credit bureau is failing or has failed to satisfy any of its obligations under or arising from this Part, or any direction or notice issued, or any condition imposed, by the Registrar under this Part;
(d)
the designated credit bureau has provided to the Registrar any information or document required under this Part that is false or misleading; or
(e)
the designated credit bureau, or any of its officers or employees, has not performed its or the officer’s or employee’s duties under this Part honestly.[7/2018]
(2) Subject to subsection (3), the Registrar must not cancel the designation of the designated credit bureau without giving the designated credit bureau an opportunity to be heard.[7/2018]
(3) The Registrar may, without giving the designated credit bureau an opportunity to be heard, cancel the designation of the designated credit bureau in any of the following circumstances:(a)
the designated credit bureau is insolvent, becomes unable to meet its obligations, or suspends payments;
(b)
the designated credit bureau informs the Registrar 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;
(c)
the Registrar is of the opinion that the designated 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 designated credit bureau; or
(ii)
is or is likely to become insolvent, is or is likely to become unable to meet its obligations, or is about to suspend payments;
(d)
the designated credit bureau is wound up or otherwise dissolved, whether in Singapore or elsewhere;
(e)
it appears to the Registrar that it would be contrary to the public interest for the designated credit bureau to continue its operations.[7/2018]
(4) The cancellation of the designation of a designated credit bureau takes effect on the date specified by the Registrar in the written notice mentioned in subsection (1), being a date not earlier than the date that the notice is served on the designated credit bureau.[7/2018]
(5) Despite subsection (4), if the Registrar is of the view that it is necessary —(a)
for the cancellation of the designation of the designated credit bureau to take effect on a later date, pending the designation of a subsequent designated credit bureau; or
(b)
for the cancellation of the designation of the designated credit bureau to take effect on an earlier date so that a subsequent designated credit bureau can be designated,
the Registrar may, by a further written notice to the designated credit bureau, specify a different date (being a date not earlier than the date that the further notice is served on the designated credit bureau) on which the cancellation of the designation is to take effect, and the cancellation takes effect on the date specified in the further notice.
[7/2018]
(6) Notice of the cancellation of the designation must be published in the Gazette.[7/2018]
(7) If the designated credit bureau or former designated credit bureau is aggrieved by the Registrar’s decision under subsection (1) or (3), the designated credit bureau or former designated credit bureau may appeal in writing to the Minister within 14 days after the written notice mentioned under subsection (1) or (5) is served.[7/2018]
(8) Despite the lodging of an appeal under subsection (7), the cancellation of the designation takes effect —(a)
on the date stated in the written notice under subsection (1); or
(b)
if a further written notice mentioned in subsection (5) is served, on the date specified in that notice,
unless the cancellation of the designation is withdrawn by the Registrar before the date mentioned in paragraph (a) or (b), whichever is applicable.
[7/2018]
(9) The Minister’s decision on an appeal lodged under subsection (7) is final.[30F
[7/2018]
Application by designated credit bureau to cancel designation
59.—(1) The designated credit bureau may apply for the cancellation of its designation upon giving prior notice, of such period as may be prescribed or such shorter period as the Registrar may allow, of its intention to do so.[7/2018]
(2) Where notice has been given under subsection (1) and has not been withdrawn, the designation is treated as cancelled upon the expiry of the notice period mentioned in that subsection.[7/2018]
(3) Notice of the cancellation of the designation must be published in the Gazette.[30G
[7/2018]
