Section List

Act Number: 30

Act Name: The Credit Information Companies (Regulation) Act, 2005.

Year: 2005

Enactment Date: 2005-06-23

Long Title: 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: Ministry of Finance

Department: Department of Financial Services

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