Moneylenders Act 2008 · 2020 Revised Edition · Part 3A · Collection, Use and Disclosure of Borrower Information and Data
74. Production of credit reports and charging of fees, etc.
Feedback & supportLast amended by an amending law of 2023. 2 amendments in all.
Subject to subsections (3) and (4), upon receiving a request by a licensee for a credit report in relation to an applicant for a loan under section 66(5)(a) or a surety of an applicant for a loan under section 66A(4), the designated credit bureau must prepare and deliver to the licensee a credit report —
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;
containing such information in relation to that person as the Minister may prescribe, having regard to the purposes of a credit report; and
within the prescribed time and in the prescribed manner.
For the purposes of subsection (1)(a), different types of information may be prescribed in respect of different classes or descriptions of persons who are the subject of a credit report, or different classes or descriptions of licensees.
The designated credit bureau may, each time it delivers a credit report to a licensee under subsection (1), charge a fee not exceeding an amount that is approved by the Registrar.
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;
Despite subsections (1)(a) and (2), the designated credit bureau may, by agreement with a licensee making a request under section 66(5)(a) or 66A(4) for a credit report —
deliver at the prescribed time and in the prescribed manner to that licensee a credit report containing information in addition to that prescribed under subsection (1)(a); and
charge that licensee, for the additional information, a fee not exceeding an amount that is approved by the Registrar, in addition to the fee mentioned in subsection (2).
The designated credit bureau must not deliver any credit report to a licensee under subsection (1) or (3) if it is not satisfied that —
the licensee has —
in the case of a request by a licensee under section 66(5)(a) — submitted the declaration mentioned in section 66(6)(a) and any other document or information prescribed under section 66(6)(b); or
in the case of a request by the licensee under section 66A(4) — submitted the declaration mentioned in section 66A(5)(b)(i) and any other document or information prescribed under section 66A(5)(b)(ii); or
the licensee has a valid licence issued under section 5.
If the designated credit bureau without reasonable excuse contravenes subsection (1) or (4), the designated credit bureau shall be guilty of an offence and shall be liable on conviction —
to a fine not exceeding $250,000; and
in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part of a day during which the offence continues after conviction.[30V