In forceAmended2020 Revised Edition

Contents

Moneylenders Act 2008 · 2020 Revised Edition · Part 3A · Collection, Use and Disclosure of Borrower Information and Data

77. Duty to provide loan information report

Feedback & support

Amended

Last amended by an amending law of 2023. 2 amendments in all.

(1)

Upon the request of any person, the designated credit bureau must, within one business day after the request or any other period that the Minister may prescribe, provide the person with a loan information report in relation to the person —

(a)

that is prepared using one or more of the following:

(i)

borrower information provided by at least one licensee;

(ii)

any information in a credit report in relation to the person;

(iii)

any information relating to the person or a loan granted to the person, that is processed by the designated credit bureau in the course of preparing, providing or maintaining a credit report in relation to the person; and

(b)

that contains such information as the Minister may prescribe relating to —

(i)

each loan granted by a licensee to that person that has not been fully repaid or in respect of which the contract for the loan has not otherwise been terminated; and

(ii)

any pending application for a loan made by that person from any licensee.

(2)

The designated credit bureau may charge a person a fee each time the designated credit bureau provides the person with a loan information report under subsection (1).

(3)

The designated credit bureau must provide the loan information report mentioned in subsection (1) to a person, in one of the following forms at the person’s option:

(a)

a physical copy to be collected by the person at the registered office of the designated credit bureau;

(b)

a physical copy sent by registered post to an address specified by the person;

(c)

an electronic copy sent by email to an email address specified by the person.

(3A)

Despite subsections (1) and (3) and section 75(2), where the designated credit bureau is required to provide a loan information report to a person (P) under subsection (1), the designated credit bureau or any of its officers or employees may disclose the loan information report to any other person, if the designated credit bureau has P’s written consent for the disclosure.

(4)

If the designated credit bureau without reasonable excuse contravenes subsection (1) or (3), the designated credit bureau shall be guilty of an offence and shall be liable on conviction —

(a)

to a fine not exceeding $250,000; and

(b)

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.[30Y

Terms defined in s 54

borrower information
Defined · s 54
“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;
Open s 54
credit report
Defined · s 54
“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;
Open s 54
designated credit bureau
Defined · s 54
“designated credit bureau” means the person that is for the time being designated under section 56(1) as the designated credit bureau;
Open s 54
loan information report
Defined · s 54
“loan information report” means a report prepared by the designated credit bureau under section 77 using borrower information provided by at least one licensee;
Open s 54

Report

Read on from s 77A

Part 4

Miscellaneous

Read on from Part 4