Act 30 of 2005

The Credit Information Companies (Regulation) Act, 2005.

An Act to provide for regulation of credit information companies and to facilitate efficient distribution of credit and for matters connected therewith or incidental thereto.

  • Ministry of Finance
  • Department of Financial Services
  • Enacted 2005-06-23
  • 38 sections
SectionTitle
1 Short title, extent and commencement. Read
2 Definitions. Read
3 Prohibition to commence or carry on business of credit information. Read
4 Application for registration. Read
5 Grant of certificate of registration. Read
6 Power of Reserve Bank to cancel certificate of registration. Read
7 Appeal against order of Reserve Bank. Read
8 Requirement as to minimum capital. Read
9 Management of credit information company. Read
10 Power of Reserve Bank to determine policy. Read
11 Power of Reserve Bank to give directions. Read
12 Inspection of credit information company, credit institution and specified user. Read
13 Powers and duties of auditors. Read
14 Functions of a credit information company. Read
15 Credit institution to be member of a credit information company. Read
16 Failure to become a member of a credit information company. Read
17 Collection and furnishing of credit information. Read
18 Settlement of dispute. Read
19 Accuracy and security of credit information. Read
20 Privacy principles. Read
21 Alteration of credit information files and credit reports. Read
22 Unauthorised access to credit information. Read
23 Offences and penalties. Read
24 Cognizance of offences. Read
25 Power of Reserve Bank to impose penalty. Read
26 Application of fines. Read
27 Power of Reserve Bank to specify maximum amount of fees. Read
28 Disclosure of information before any court or tribunal or authority. Read
29 Obligations as to fidelity and secrecy. Read
30 Protection of action taken in good faith. Read
31 Bar of jurisdiction. Read
32 Power of Reserve Bank to exempt in certain cases. Read
33 Application of other laws not barred. Read
33A Powers of Reserve Bank not to apply to International Financial Services Centre. Read
34 Amendment of certain enactments. Read
35 Removal of difficulties. Read
36 Power to make rules. Read
37 Power of Reserve Bank to make regulations THE SCHEDULE. Read
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