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No. S 339

Banking Act

(Chapter 19)

Banking (Recognition of Persons Authorised to Receive Customer Information from Credit Bureau) Notification 2003

In exercise of the powers conferred by item 7 (b)(ii) in the second column of Part II of the Sixth Schedule to the Banking Act, the Monetary Authority of Singapore hereby makes the following Notification:

Citation and commencement

1. This Notification may be cited as the Banking (Recognition of Persons Authorised to Receive Customer Information from Credit Bureau) Notification 2003 and shall come into operation on 16th July 2003.

Definitions

2. In this Notification —

“credit bureau” has the same meaning as in Part III of the Sixth 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.

Made this 14th day of July 2003.

KOH YONG GUAN

Managing Director,
Monetary Authority of Singapore.

[MIR/0/133/2000; AG/LEG/SL/19/2003/1 Vol. 1]