s 59 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.