Singapore legislation
Section 56
Section 56
Designation, etc., of designated credit bureau
(1)
The Registrar may designate a company within the meaning of section 4(1) of the Companies Act 1967, with the consent of the company, to be the designated credit bureau for the purposes of this Act.
(2)
Only one company may be designated under subsection (1) at any one time.
(3)
The Registrar must not designate any company under subsection (1) unless the Registrar has approved a plan submitted by the company that sets out the steps to be taken by the company in the event of the impending cancellation of the designation of that company, so as to ensure continuity in the performance of the functions set out in section 57 by the subsequent designated credit bureau or a statutory manager.
(4)
Notice of the designation must be published in the Gazette.
(5)
A person that is not the designated credit bureau must not hold itself out as the designated credit bureau.
(6)
Any person who contravenes subsection (5) shall be guilty of an offence and shall be liable on conviction —
in the case of an individual, to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $12,500 for every day or part of a day during which the offence continues after conviction; or
in any other case, 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.[30D