Banking (Recognition of Persons Authorised to Receive Customer Information from Credit Bureau — Finance Company) Notification

Banking Act

(Chapter 19, Item 7(b)(II) of Part II of the Third Schedule)

N 8

G.N. No. S 339/2003

REVISED EDITION 2004

(29th February 2004)

[16th July 2003]

Citation

1. This Notification may be cited as the Banking (Recognition of Persons Authorised to Receive Customer Information from Credit Bureau — Finance Company) Notification.

Definitions

2. In this Notification —

“credit bureau” has the same meaning as in Part III of the Third Schedule to the Act;

“finance company” means any finance company licensed under the Finance Companies Act (Cap. 108).

Recognition of finance companies as authorised to receive customer information from credit bureau

3. Every finance company is recognised by the Authority as authorised to receive customer information from a credit bureau, subject to the following conditions:

(a)

the finance company has provided confirmation in writing to the Authority, before its membership in the credit bureau, that —

(i)	it has in place appropriate operational systems and procedures for membership in the credit bureau;
(ii)	it is ready, willing and able to abide by the credit bureau’s code of conduct and to meet its obligations under the credit bureau’s subscriber’s agreement; and
(iii)	it is aware of the restrictions against further disclosure imposed by section 47(5) of the Act; and

(b)

the finance company complies with such other conditions as may be specified in notices issued or otherwise imposed from time to time by the Authority.

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