s 29 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.