Moneylenders Act 2008 · 2020 Revised Edition · Part 3A · Collection, Use and Disclosure of Borrower Information and Data
66A. Obtaining, etc., information and requesting credit report in relation to surety
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This section applies where an application for a loan is made to a licensee by an applicant with one or more sureties.
Subject to subsection (3), a licensee must, before granting any loan to the applicant, comply with —
the requirements of section 66(1) and (4) in respect of each surety of the applicant, as if a reference to an applicant in those provisions were a reference to the surety; and
the requirement of section 66(3) to submit the information mentioned in section 66(1) (called in this paragraph the required information) to the designated credit bureau as if a reference to the required information in relation to the applicant were a reference to the required information in relation to the surety.
The Minister may, under section 66(1)(d) as it applies to a surety of the applicant under subsection (2), prescribe different types of information to be obtained by a licensee from the surety.
A licensee may, before deciding whether to grant a loan to an applicant, submit a request to the designated credit bureau for a credit report in relation to any surety of the applicant.
designated credit bureau
“designated credit bureau” means the person that is for the time being designated under section 56(1) as the designated credit bureau;
A request for a credit report under subsection (4) —
credit report
“credit report” means a report prepared by the designated credit bureau under section 74 using borrower information provided by at least one licensee for the purposes of —(a)enabling a licensee to assess the creditworthiness of a person, including —(i)information about the person’s history in relation to loans with one or more licensees;(ii)information about the person’s capacity to repay loans granted by one or more licensees to the person; and(iii)any other information relating to the person’s creditworthiness; and(b)enabling a licensee to comply with any restriction imposed under this Act as to the maximum amount that may be lent to a borrower or to a class or description of borrowers to which a borrower belongs;
must be submitted in the prescribed manner; and
must be accompanied by —
a declaration that —
the licensee is submitting the request to assess the creditworthiness of the surety; and
the licensee has a valid licence issued under section 5 at the time of the request; and
any other document or information that the Minister may prescribe for the purposes of this subsection.
A licensee must, if the licensee intends to grant the loan to the applicant, inform the designated credit bureau, in the prescribed manner and before granting the loan, of any change in the surety’s information submitted under section 66(3) read with subsection (2)(b).
To avoid doubt, a licensee is not required to seek the consent of a surety of an applicant before submitting a request to the designated credit bureau for a credit report in relation to the surety under subsection (4).
Any licensee who, without reasonable excuse, contravenes subsection (2) or (6) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000 or to imprisonment for a term not exceeding 6 months or to both.
Any licensee who submits under subsection (5)(b)(i) a declaration that is false 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.