30.—(1) An approved member of a licensed credit bureau may apply to the Authority to cancel its approval or deemed approval if the approved member intends to cease any of the following activities:
(a)
providing to the licensed credit bureau any customer information of that or any other approved member of the licensed credit bureau;
(b)
requesting from the licensed credit bureau any customer information (including a credit report about the member’s customer) of that or any other approved member of the licensed credit bureau;
(c)
using any customer information (including any such information in a credit report) of that or any other approved member of the licensed credit bureau that the approved member has received from the licensed credit bureau.
(2) The Authority may upon considering the application, cancel the approval or deemed approval of an approved member of a licensed credit bureau if the Authority is satisfied that the approved member has ceased any of the activities mentioned in subsection (1).
(3) An approved member of a licensed credit bureau whose approval or deemed approval is cancelled ceases to be an approved member of the licensed credit bureau from the date on which the cancellation takes effect.
(4) Where the approval or deemed approval of an approved member of a licensed credit bureau is cancelled, the former approved member —
(a)
must not use or disclose any customer information of that or any other approved member of the licensed credit bureau that the former approved member received from the licensed credit bureau, except as permitted by any other written law; and
(b)
must immediately inform the licensed credit bureau by written notice of the cancellation.
(5) The Authority must publish a notice in the Gazette whenever it cancels the approval or deemed approval of an approved member of a licensed credit bureau.
(6) Where the approval or deemed approval of an approved member of a licensed credit bureau is cancelled under subsection (2), the licensed credit bureau must, within 14 days after receiving the notice of the cancellation under subsection (4)(b), remove the former approved member from the list of its approved members on its website.
(7) Despite the cancellation of the approval or deemed approval of an approved member of a licensed credit bureau, and unless the Authority otherwise directs, sections 37, 49 and 50 continue to apply in relation to the former approved member in respect of matters that the former approved member received or that occurred before the cancellation as if the approval or deemed approval had not been cancelled.
(8) Any former approved member of a licensed credit bureau that contravenes subsection (4) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part of a day during which the offence continues after conviction.
(9) Any licensed credit bureau that contravenes subsection (6) shall be guilty of an offence.
(10) This section applies to corrected data received by a licensed credit bureau’s approved member or former approved member under section 18(3)(b)(ii) as it applies to customer information of any approved member of the licensed credit bureau received by the approved member or former approved member.