Credit Bureau Act 2016 · 2020 Revised Edition · Part 9 · Authority’S Control Over Licensed Credit Bureaus
56. Other provisions concerning control
Feedback & supportThe Authority must cease to be in control of a licensed credit bureau’s relevant business when the Authority is satisfied that the reasons for its assumption of control of the relevant business have ceased to exist.
A statutory manager is treated to have assumed control of a licensed credit bureau’s relevant business on the date of the statutory manager’s appointment as a statutory manager.
statutory manager
“statutory manager” means a statutory manager appointed under section 54(2)(c).
Without limiting section 54(4)(a), the Authority may at any time revoke the appointment of a statutory manager in relation to a licensed credit bureau’s relevant business —
licensed credit bureau
“licensed credit bureau” means a credit bureau that is for the time being licensed;
if the Authority is satisfied that the reasons for the appointment have ceased to exist;
if the confidentiality, security or integrity of any data held by the licensed credit bureau is compromised; or
on any other ground.
The statutory manager must cease to be in control of the relevant business upon revocation of its appointment under subsection (3) or section 54(4)(a).
relevant business
“relevant business”, in relation to a licensed credit bureau, means any of its business —(a)in relation to which a statutory adviser has been appointed under section 54(2)(b);(b)in relation to which a statutory manager has been appointed under section 54(2)(c); or(c)that the Authority has assumed control of under section 54(2)(c);
The Authority must publish in the Gazette the date, and any other particulars that it thinks fit, of —
its assuming control of a licensed credit bureau’s relevant business;
the cessation of its control of a licensed credit bureau’s relevant business;
the appointment of a statutory manager in relation to a licensed credit bureau’s relevant business; and
the revocation of a statutory manager’s appointment in relation to a licensed credit bureau’s relevant business.