Moneylenders Act 2008 · 2020 Revised Edition · Part 3A · Collection, Use and Disclosure of Borrower Information and Data
75. Duties relating to borrower information
Feedback & supportLast amended by an amending law of 2023. 2 amendments in all.
The designated credit bureau and any of its officers or employees must not use any borrower information received from any licensee except for the purpose of —
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;
producing and delivering a credit report under section 74, a business report under section 74A or a loan information report under section 77; (b)correcting the data in the possession or under the control of the designated credit bureau under section 78(6); (c)disclosing the borrower information in such form as directed by the Registrar under section 81; or
discharging the functions of the designated credit bureau under section 57.
Subject to section 77(3A), the designated credit bureau and any of its officers or employees must not disclose (whether in the form of a credit report, business report or loan information report or otherwise) any borrower information received from any licensee to any person except —
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;
to a licensee, to the extent that the borrower information has been required or permitted to be disclosed under section 74 or 74A;
to the person to which the borrower information relates under section 77;
to the Registrar, in accordance with section 80; or
to a public agency, to the extent that the borrower information has been directed by the Registrar under section 81(2)(c) to be disclosed to that public agency, and in accordance with any condition specified by the Registrar under section 81(3).
Nothing in subsections (1) and (2) prevents the designated credit bureau that is a licensed credit bureau under the Credit Bureau Act 2016 from using or disclosing any borrower information that is also customer information within the meaning given by that Act, if the use or disclosure of such information is required or permitted by or under that Act.
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;
Despite anything in this section, an officer or employee of the designated credit bureau may disclose borrower information received from a licensee to another officer or employee of the designated credit bureau, if the disclosure is solely in connection with the performance of the duties of that officer or employee, as the case may be.
officer
“officer”, in relation to a licensee or the designated credit bureau, means any director, chief executive officer, manager, secretary or other similar officer of the licensee or designated credit bureau, and includes any person purporting to act in any such capacity;
Any person who contravenes subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction —
in the case of an individual, to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both; or
in any other case, to a fine not exceeding $250,000.
This section applies to any data received by the designated credit bureau in a request under section 78(1) as it applies to borrower information received from any licensee.[30W
data
“data” means —(a)borrower information of a licensee;(b)any information in a credit report;(c)any information in a loan information report; or(d)any information relating to a person or a loan, that is processed by the designated credit bureau in the course of preparing, providing or maintaining a credit report or loan information report;