Revocation of approval or deemed approval
31.—(1)  The Authority may revoke the approval or deemed approval of an approved member of a licensed credit bureau if —
(a)it appears to the Authority that the approved member is contravening or has contravened —
(i)any provision of this Act; or
(ii)any written notice issued by the Authority under this Act;
(b)the approved member has provided under this Act any information or document to the Authority that is false or misleading;
(c)it appears to the Authority that the approved member, or any of its officers or employees, has not performed its duties, or his or her duties, under this Act honestly or fairly;
(d)the approved member fails to carry on or ceases any of the activities specified in section 30(1); or
(e)it appears to the Authority that it would be contrary to the public interest for the approved member to continue being such an approved member.
(2)  Subject to subsection (3), the Authority must not revoke the approval or deemed approval of an approved member of a licensed credit bureau under subsection (1) without giving the approved member an opportunity to be heard.
(3)  The Authority may revoke the approval or deemed approval of an approved member of a licensed credit bureau without giving the approved member an opportunity to be heard on any of the following grounds:
(a)the approved member 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 approved member;
(c)the approved member has been convicted, whether in Singapore or elsewhere, of an offence involving fraud or dishonesty, or the conviction involved a finding that the approved member had acted fraudulently or dishonestly.
(4)  An approved member of a licensed credit bureau whose approval or deemed approval is revoked ceases to be an approved member of the licensed credit bureau from the date on which the revocation takes effect.
(5)  Where the approval or deemed approval of an approved member of a licensed credit bureau is revoked, 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 revocation.
(6)  The Authority must publish a notice in the Gazette whenever it revokes the approval or deemed approval of an approved member of a licensed credit bureau.
(7)  Where the approval or deemed approval of an approved member of a licensed credit bureau is revoked under subsection (1), the licensed credit bureau must, within 14 days after receiving the notice of such revocation under subsection (5)(b), remove the approved member from the list of its approved members on its website.
(8)  Despite the revocation 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 revocation as if the approval or deemed approval had not been revoked.
(9)  Any former approved member of a licensed credit bureau that contravenes subsection (5) 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.
(10)  Any licensed credit bureau that contravenes subsection (7) shall be guilty of an offence.
(11)  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.