Moneylenders Act 2008 · 2020 Revised Edition · Part 3A · Collection, Use and Disclosure of Borrower Information and Data
71. Duty to correct borrower information
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A person may request a licensee to correct any error or omission in the borrower information of the licensee that relates to that person.
borrower information
“borrower information”, in relation to a licensee, means —(a)any information relating to a person or a loan applied for or granted to that person, that is in the possession or under the control of the licensee;(b)any information relating to a person or a loan, that is obtained by the licensee under section 66;(c)the prescribed information mentioned in section 68(1)(a) relating to the repayment of a loan granted by the licensee, or any instalment of such repayment; or(d)the prescribed information mentioned in section 68(1)(b) relating to any writing off of any debt arising from a loan granted by the licensee,but excludes any information that is not referable to any named person or named group of persons;
Upon receiving a request under subsection (1), the licensee must —
inform the Registrar and the designated credit bureau of the request as soon as practicable after receiving the request;
conduct and complete an investigation to ascertain the integrity of the borrower information within such period as the Minister may prescribe; and
unless the licensee is satisfied on reasonable grounds that a correction should not be made, within such period as the Minister may prescribe —
correct the borrower information in question; and
send the corrected borrower information to the designated credit bureau.
Upon receiving a request of the designated credit bureau under section 78(3)(b), the licensee must —
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;
inform the Registrar of the request as soon as practicable after receiving the request;
conduct and complete an investigation to ascertain the integrity of the borrower information of the licensee that is the subject of the request, within such period as the Minister may prescribe; and
unless the licensee is satisfied on reasonable grounds that a correction should not be made, within such period as the Minister may prescribe —
correct the borrower information in question; and
send the corrected borrower information to the designated credit bureau.
Any licensee who without reasonable excuse contravenes subsection (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.[30S