Section 21

The credit reporting agency shall notify the Registrar of the appointment of its chief executive within fourteen days from the date of the appointment.

Where a person, who is a director or chief executive of a credit reporting agency, at any time does not satisfy the criteria as set out in the Third Schedule, he shall immediately cease to hold the office and act in such capacity, and the credit reporting agency concerned shall immediately terminate his appointment in such capacity.

A credit reporting agency which contravenes subsection (1)

or (2) commits an offence and shall, on conviction, be liable to a fine not exceeding two hundred thousand ringgit.

A person who contravenes subsection (3) commits an offence and shall, on conviction, be liable to a fine not exceeding two hundred thousand ringgit.

In the case of a continuing offence, the offender shall, in addition to the penalty under subsection (4) or (5), 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.

Credit Reporting Agencies 25