Malaysia legislation
Section 16
Section 16
(a)
the credit reporting agency has failed to comply with any of the provisions of this Act;
Act 710
(b)
the credit reporting agency has failed to comply with any of the conditions or restrictions imposed upon the issuance of the certificate of registration;
(c)
the issuance of the certificate of registration was induced by a false representation of fact by the credit reporting agency;
(d)
the credit reporting agency is in the course of being wound up or otherwise dissolved;
(e)
a receiver, manager or receiver and manager or an equivalent person has been appointed in respect of any property of the credit reporting agency;
(f)
the credit reporting agency has ceased to carry on the credit reporting business for a continuous period of three months;
(g)
the credit reporting agency carries on the credit reporting business in addition to other businesses without the prior written approval of the Registrar under subsection 12(1);
or
(h)
the credit reporting agency surrenders its certificate of registration to the Registrar.
(2)
Notwithstanding subsection (1), 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 opportunity of making any representation in writing it may wish to make, the registration should be revoked.
(3)
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.
(4)
A credit reporting agency whose registration has been revoked under this section and who continues to carry on the credit reporting business thereafter commits an offence and shall, upon conviction, be liable to a fine not exceeding one million ringgit or to imprisonment for a term not exceeding three years or to both.
Credit Reporting Agencies 21
(5)
In the case of a continuing offence, the offender shall, in addition to the penalties under subsection (4), be liable to a fine not exceeding ten thousand ringgit for each day or part of a day during which the offence continues after conviction.
Surrender of certificate of registration