Revocation Of Registration
- The Registrar may revoke the registration of a credit reporting agency if he is satisfied that :
- the credit reporting agency has failed to comply with any of the provisions of this act
- the credit reporting agency has failes to comply with any of the conditions or restrictions imposed upon the issuance of the certificate of registration
- the issuance of the certificate of registration was induced by a false representation of fact by the credit reporting agency
- the credit reporting agency is in the course of being wound up or otherwise dissolved
- a receiver, manager or receiver and manager or an equivalent person has been appointed in respect of any property of the credit reporting agency
- the credit reporting agency has ceased to carry on the credit reporting business for a continuous period of 3 months
- the credit reporting agency carries on the credit reporting business in addition to other business without the prior written approval of the Registrar under subsection 12(1); or
- the credit reporting agency surrenders its certificate of registration to the Registrar
- Notwithstanding the above provision, the Registrar shall not revoke the registration of the credit reporting agency unless the Registrar is satisfied that, after giving the credit reporting agency an apportunity of making any representation in writing it may wish to make, the registration should be revoked.
- Where the registration of the credit reporting agency is revoked, the Registrar shall issue a notice of revocation of registration to the credit reporting agency, and the certificate of registration issued in respect of such registration shall have no effect upon service of the notice of revocation of registration.
- A credit reporting agency whose registration has been revoked under reporting business thereafter commits an offence and shall, be liable to a fine not exceeding RM1 million or it imprisonment for a term not exceeding 3 years or to both.
- In the case of continuing offence, the offender shall, be liable to a fine not exceeding RM10,000 for each day or part of a day during which the offence continues after conviction.
