s 75 Power of Authority to issue written notice
75.—(1) The Authority may, if it thinks it necessary or expedient in the interest of the public or a section of the public, or for the protection of data subjects, issue a written notice, either of a general or a specific nature, to —(a) any licensed credit bureau; (b) any class of licensed credit bureaus; (c) any approved member of a licensed credit bureau; or (d) any class of approved members of a licensed credit bureau, to comply with such requirements as the Authority may specify in the notice. (2) Without limiting subsection (1), a notice may be issued —(a) with respect to —(i) the activities that may be carried out by —(A) the licensed credit bureau in relation to its business; or (B) the approved member of a licensed credit bureau in relation to its membership of that licensed credit bureau; (ii) the standards, framework, policies and procedures for —(A) the prudent management of risks (including information technology risks); and (B) the protection of the confidentiality, security and integrity of any data held by the licensed credit bureau; (iii) the financial soundness, financial management and stability of the licensed credit bureau; (iv) the membership and reciprocity arrangements, internal controls and operations of the licensed credit bureau; (v) the standards to be maintained by the licensed credit bureau in the conduct of its business; (vi) the arrangement and conditions that are to apply if the licensed credit bureau appoints any person as an independent contractor to carry out any of the licensed credit bureau’s functions and duties; (vii) the type, form, manner and frequency of returns and other information to be submitted to the Authority; (viii) the preparation and publication of reports on the performance of the licensed credit bureau; (ix) the remuneration of an auditor appointed under this Act and the costs of an audit carried out under this Act; (x) the manner in which the licensed credit bureau conducts its operations, including —(A) the scope, definition, classification and retention period of any data collected, used or disclosed by the licensed credit bureau; and (B) the credit scoring methodology, credit scoring model validation method, analysis and reporting of credit scoring to be used by the licensed credit bureau; and (xi) the collection by or on behalf of the Authority of information from the licensed credit bureau in relation to the conduct of the licensed credit bureau’s credit reporting business at such intervals or on such occasions as may be set out in the notice; (b) where any person is contravening, is likely to contravene or has contravened, any provision of this Act, to require the person —(i) to comply with that provision or to cease contravening that provision; (ii) to take any action necessary to enable the person to conduct the person’s business in accordance with sound principles; and (iii) where the person is a company, to remove any of its directors; and (c) for any other purpose specified in this Act. (3) It is not necessary to publish any written notice issued under subsection (1) in the Gazette. (4) The Authority may at any time vary, rescind or revoke any notice issued under subsection (1). (5) Any person that fails to comply with any requirement specified in a notice issued under subsection (1) 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.