11.—(1) A licence lapses —| (a) | if the licensed credit bureau is wound up or otherwise dissolved, whether in Singapore or elsewhere; | | (b) | if the licence is not renewed on or before the expiry of the licence; or | | (c) | upon the occurrence of such event as may be prescribed. |
(2) The Authority may revoke a licence of a licensed credit bureau if —| (a) | it appears to the Authority that any of the following persons of the licensed credit bureau are not fit and proper persons in accordance with the Guidelines on Fit and Proper Criteria:| (i) | its officers and employees; | | (ii) | its substantial shareholders, 12% controllers, 20% controllers and indirect controllers, as defined in section 39(2); |
| | (b) | it appears to the Authority that —| (i) | the financial standing of the licensed credit bureau; or | | (ii) | the manner in which the licensed credit bureau’s business is being conducted, |
| | (c) | the licensed credit bureau is contravening or has contravened any provision of this Act, or any condition or restriction imposed or any notice issued by the Authority under this Act; | | (d) | it appears to the Authority that the licensed credit bureau is failing or has failed to satisfy any of its obligations under or arising from —| (i) | this Act; or | | (ii) | any notice issued by the Authority under this Act; |
| | (e) | the licensed credit bureau has provided to the Authority any information or document required under this Act that is false or misleading; | | (f) | it appears to the Authority that the licensed credit bureau, or any of its officers or employees, has not performed its or his or her duties under this Act honestly or fairly; | | (g) | it appears to the Authority that it would be contrary to the public interest for the licensed credit bureau to continue its operations; | | (h) | the licensed credit bureau fails to pay the annual fee mentioned in section 10(1); or | | (i) | the licensed credit bureau fails or ceases to carry on any credit reporting business for which it is licensed. |
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(3) The Authority may, if it considers it desirable to do so —| (a) | suspend the licence of a licensed credit bureau for a specified period instead of revoking the licence under subsection (2); and | | (b) | at any time —| (i) | extend the suspension for a specified period; or | | (ii) | revoke the suspension. |
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| (4) Subject to subsection (5), the Authority must not revoke a licence under subsection (2) or suspend a licence under subsection (3) without giving the licensed credit bureau an opportunity to be heard. |
(5) The Authority may, without giving the licensed credit bureau an opportunity to be heard, revoke or suspend a licence of a licensed credit bureau in any of the following circumstances:| (a) | the licensed credit bureau is in the course of being wound up or otherwise dissolved, whether in Singapore or elsewhere; | | (b) | a receiver, a receiver and manager, a judicial manager or an equivalent person has been appointed, whether in Singapore or elsewhere, for or in respect of any property of the licensed credit bureau; | | (c) | the licensed credit bureau has been convicted —| (i) | whether in Singapore or elsewhere; and | | (ii) | whether before, on or after 31 May 2021, |
| of an offence involving fraud or dishonesty, or the conviction involved a finding that the licensed credit bureau had acted fraudulently or dishonestly. |
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| (6) A licensed credit bureau whose licence has lapsed, or is revoked or suspended, must cease to carry on any credit reporting business from the date it lapses, or the date the revocation or suspension takes effect. |
(7) Where the licence of a licensed credit bureau lapses or is revoked under this section, the former licensed credit bureau concerned must —| (a) | immediately inform all its members by written notice of the lapse or revocation; | | (b) | if directed by the Authority by a written notice, within the period specified in the notice —| (i) | destroy the part of any book in its possession that contains any data and expunge all data from its information technology system, in such manner as may be specified in the notice; | | (ii) | transfer all books containing any data, and data from its information technology system, to any third party appointed by the Authority, and expunge all data from its information technology system after the transfer; or | | (iii) | transfer all books containing any data, and data from its information technology system, to any third party appointed by the Authority; and |
| | (c) | within 3 months after the date the licence lapses or is revoked, or any other period that the Authority may approve for any particular case, submit to the Authority a report from its auditor confirming that the former licensed credit bureau has complied with paragraph (b). |
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(8) Where —| (a) | the licence of a licensed credit bureau is suspended under subsection (3)(a); or | | (b) | the suspension of the licence of the licensed credit bureau is extended under subsection (3)(b)(i), |
| the licensed credit bureau must immediately inform all its members by written notice of the suspension, or the extension of the suspension, as the case may be. |
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(9) Where a licence —| (a) | lapses; | | (b) | is revoked; or | | (c) | is suspended, |
| the Authority must publish a notice of this in the Gazette. |
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| (10) Despite the lapse or revocation of the licence, and unless the Authority otherwise directs, sections 21, 23, 48, 49 and 50 continue to apply in relation to the former licensed credit bureau and its approved members in respect of matters that occurred before the lapse or revocation as if it had not occurred. |
| (11) Any person that contravenes subsection (6), (7) or (8) 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. |
| (12) In this section, “information technology system”, in relation to a licensed credit bureau, means computer servers and network equipment operated, maintained or used by the licensed credit bureau, and any other electronic device that contains data. |
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