81. Saving and transitional provisions

(1)

Any person (Y) that, immediately before 31 May 2021, is recognised as a credit bureau by the Authority by notification in the Gazette for the purposes of the Third Schedule to the Banking Act 1970, is treated as having been granted a licence under section 7(3) of this Act to carry on consumer credit reporting business (called in this section a transitional licence) until —

(a)

6 months after 31 May 2021; or

(b)

where Y applies for a licence on or before the end of the period in paragraph (a), the date on which the licence is granted to Y or the application is refused or withdrawn.

(2)

Any condition to which Y is subject as a recognised credit bureau in subsection (1) immediately before 31 May 2021 is, to the extent that it is consistent with the provisions of this Act, treated as a condition to which Y is subject under its transitional licence.

(3)

Subject to subsection (4), any person (X) (not being a person set out in the First Schedule) that immediately before 31 May 2021 is a member of Y, is treated as having been approved under section 29(6) of this Act as an approved member of Y until —

(a)

6 months after 31 May 2021; or

(b)

where an application is made for X to be an approved member on or before the end of the period in paragraph (a), the date on which the Authority approves X as an approved member or the application is refused or withdrawn.

(4)

Any individual who, immediately before 31 May 2021, is a chief executive officer or director of Y, is treated as having been appointed as a chief executive officer or director of the licensed credit bureau with the approval of the Authority under section 46(2)(b) of this Act.

(5)

For a period of 2 years after 31 May 2021, the Minister may, by regulations, prescribe such further saving, transitional and other consequential provisions as the Minister may consider necessary or expedient.[84

Terms defined in s 2

approved member
Defined · s 2
“approved member”, in relation to a licensed credit bureau, means a member of the licensed credit bureau that is —(a)deemed to be an approved member of the licensed credit bureau under section 29(1); or(b)approved by the Authority under section 29(6)(a);
Open s 2
Authority
Defined · s 2
“Authority” means the Monetary Authority of Singapore established under the Monetary Authority of Singapore Act 1970;
Open s 2
chief executive officer
Defined · s 2
“chief executive officer”, in relation to a company, means an individual, by whatever name described, who —(a)is in the direct employment of, or acting for or by arrangement with, the company; and(b)is principally responsible for the management and conduct of the business of the company;
Open s 2
consumer credit reporting business
Defined · s 2
“consumer credit reporting business” means a credit reporting business concerning credit reports of individuals in their personal capacity;
Open s 2
credit bureau
Defined · s 2
“credit bureau” means an entity that carries on a credit reporting business;
Open s 2
director
Defined · s 2
“director” has the meaning given by section 4(1) of the Companies Act 1967;
Open s 2
licence
Defined · s 2
“licence” means a licence granted under section 7 or renewed under section 8;
Open s 2
licensed credit bureau
Defined · s 2
“licensed credit bureau” means a credit bureau that is for the time being licensed;
Open s 2
member
Defined · s 2
“member”, in relation to a licensed credit bureau, means an entity that is obliged under any contract or arrangement with the licensed credit bureau to provide data to the licensed credit bureau, and is entitled under such contract or arrangement to —(a)receive or request data from the licensed credit bureau;(b)use data received from the licensed credit bureau; and(c)disclose data received from the licensed credit bureau;
Open s 2

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