7.—(1) A person that desires to carry on a credit reporting business must apply in writing to the Authority for a licence under this section.
(2) Subject to subsection (3), the person in subsection (1) may apply for a licence to carry on —
(a)
a consumer credit reporting business;
(b)
a corporate credit reporting business; or
(c)
both a consumer credit reporting business and a corporate credit reporting business.
(3) Upon receiving an application under subsection (1), the Authority must consider the application and may grant a licence to the applicant with or without conditions, or refuse to grant a licence.
(4) The Authority must not grant a licence to an applicant unless —
(a)
the applicant is a company;
(b)
the applicant satisfies the financial and operational requirements specified by the Authority; and
(c)
the application is accompanied by —
(i)
such information as the Authority may require; and
(ii)
a non‑refundable application fee of a prescribed amount that is paid in the manner the Authority specifies.
(5) A licence granted under this section is valid for 5 years or any shorter period that the Authority may specify, and is renewable in accordance with section 8.
(6) The Authority must not grant a licence to an applicant to carry on —
(a)
a corporate credit reporting business; or
(b)
both a corporate credit reporting business and a consumer credit reporting business,
when another person holds a licence for that business.
(7) The Authority must publish the grant of any licence or change of name of a licensed credit bureau in the Gazette.
(8) The Authority may at any time add to, vary or revoke any of the existing conditions of the licence of a credit bureau.
(9) A licensed credit bureau must, at all times during the currency of its licence, satisfy such financial and operational requirements as the Authority may specify by written notice under section 75(1).
(10) Any licensed credit bureau that without reasonable cause fails to comply with subsection (9) or any condition imposed by the Authority under subsection (3) 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.