Registration Of Credit Reporting Agencies
PROHIBITION TO CARRY ON CREDIT REPORTING BUSINESS UNLESS REGISTERED
- No person shall carry on a credit reporting business unless :
- its a company and
- it has been registered as a credit reporting agency and been issued a certificate of registration by the Registrar under subsection 14(5)
- A person who contravenes this provision commit an offence and shall, be liable to :
- a fine not exceeding RM1 million or
- to imprisonment for a term not exceeding 3 years or
- both
- In the case of a continuing offence, the offender shall be liable to :
- a fine not exceeding RM1000 for each day or
- part of a day during which the offence continues after conviction
RESTRICTION TO CARRY ON BUSINESS OTHER THAN CREDIT REPORTING BUSINESS
- A credit reporting agency shall not carry any business other than a credit reporting business, unless it has obtained the prior written approval of the Registrar.
- A person who contravenes this provision commits an offence and shall, be liable to a fine not exceeding RM200,00 or to imprisonment for a term not exceeding 2 years or to both.