Singapore legislation
Section 69
Section 69
Duty to maintain confidentiality of borrower information
(1)
A licensee and any of the licensee’s officers or employees must not request from the designated credit bureau any borrower information (including a credit report relating to a person) of the licensee or any other licensee, except for the purposes of section 66(5)(b).
(2)
A licensee and any of the licensee’s officers or employees must not use any borrower information (including any such information in a credit report) of the licensee or any other licensee received from the designated credit bureau, except where —
the borrower information is strictly necessary to assess the creditworthiness of an applicant for a loan from the licensee; or
the borrower information is to be used by the licensee for determining the maximum amount that the licensee may lend to an applicant for a loan from the licensee.
(3)
A licensee and any of the licensee’s officers or employees must not disclose to any other person any borrower information of the licensee or any other licensee (including any such information in a credit report) except —
to the designated credit bureau, to the extent that the borrower information is required to be submitted under section 66 or 68;
to the person to which the borrower information relates;
to the Registrar or any officer duly authorised by the Registrar, to the extent that the borrower information is required to be furnished under section 43;
to the Registrar, to the extent that the borrower information is required to be submitted under section 72; or
to the licensee, where the disclosure of borrower information of the licensee is by any of the licensee’s officers or employees.
(4)
Any person who contravenes subsection (1), (2) or (3) 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.
(5)
In this section, unless the context otherwise requires —
where borrower information of a licensee may be disclosed under subsection (3) to any person that is a body corporate, the borrower information may be disclosed to such officers of the body corporate as may be necessary for the purpose for which the disclosure is authorised under that subsection; and
the obligation of any officer or employee of the licensee not to disclose any borrower information of any licensee mentioned in subsection (3) continues after the termination or cessation of his or her appointment, employment, engagement or other capacity or office in which he or she has been provided the borrower information.[30Q