Malaysia legislation
Section 19
Section 19
(a)
has ceased to be a credit reporting agency; or
(b)
has its certificate of registration revoked by the Registrar pursuant to section 16,
Act 710
shall, within the period as determined by the Registrar, hand over all the credit information in its databases or within its possession, in whatever form available, and the databases, including back-up files, to the Registrar.
(2)
Upon receipt of the credit information and databases from the credit reporting agency under subsection (1), referred to as the
“first credit reporting agency”, the Registrar may decide either—
(a)
to destroy the credit information and databases; or
(b)
with the approval of the Minister, to hand over the credit information and databases to another credit reporting agency, referred to as the “subsequent credit reporting agency”, upon payment of compensation by the subsequent credit reporting agency to the first credit reporting agency of an amount to be agreed between the first credit reporting agency and the subsequent credit reporting agency.
(3)
In granting his approval to the handing over of the credit information and databases of the first credit reporting agency in pursuance of paragraph (2)(b), the Minister shall be satisfied that the subsequent credit reporting agency to which the credit information and databases is proposed to be handed over to has at least similar or equivalent financial abilities, expertise and facilities to that of the first credit reporting agency to assume the processing of the credit information.
(4)
The subsequent credit reporting agency shall, upon receipt of the credit information and databases under paragraph (2)(b)—
(a)
inform the customer by written notice of the fact that his credit information has been handed over to the subsequent credit reporting agency; and
(b)
have the same duties and obligations in relation to that customer as if it was the first credit reporting agency and shall comply with all the provisions of this Act.
Credit Reporting Agencies 23
(5)
Where the first credit reporting agency hands over any credit information and databases to a subsequent credit reporting agency in pursuance of paragraph (2)(b), any consent obtained by the first credit reporting agency from a customer under paragraph 24(1)(a) shall lapse, and the subsequent credit reporting agency shall obtain the consent of the customer under paragraph 24(1)(a) if it intends to disclose the credit information of the customer under that section.
(6)
A credit reporting agency which contravenes subsection (1)
commits an offence and shall, upon conviction, be liable to a fine not exceeding two hundred thousand ringgit or to imprisonment for a term not exceeding two years or to both.