Singapore legislation
Section 67
Section 67
Credit report to be disposed of or kept by licensee
(1)
Where a licensee declines to grant a loan to an applicant for a loan, the licensee must dispose of the credit report (including any information in the credit report) obtained under section 66(5)(b) in relation to the applicant, on the same day that the licensee informs the designated credit bureau under section 66(7)(b) of the reason or reasons for so declining.
(2)
Every licensee who enters into a contract for a loan with a borrower must —
keep or cause to be kept the credit report obtained under section 66(5)(b) for the purposes of the loan for a period of 5 years after the date on which the loan is fully repaid or on which the contract for the loan is otherwise terminated; and
immediately dispose of that credit report upon the expiry of the period mentioned in paragraph (a).
(3)
Any licensee who without reasonable excuse contravenes subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $30,000 or to imprisonment for a term not exceeding 12 months or to both.[30O