Section 61 — CREDIT REPORTING AGENCIES ACT 2010

(2)

For the purposes of subsection (1), the Minister may specify any place outside Malaysia if—

(a)

there is in that place in force any law which is substantially similar to that as provided under this Act, or that serves the same purposes as this Act; or

(b)

that place ensures an adequate level of protection in relation to the processing of credit information which is at least equivalent to the level of protection afforded by this Act.

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(3)

Notwithstanding subsection (1), a credit reporting agency may transfer any credit information to a place outside Malaysia if—

(a)

the customer has given his consent to the transfer;

(b)

the transfer is necessary for the performance of a contract between the customer and the credit reporting agency;

(c)

the transfer is necessary for the conclusion or performance of a contract between the credit reporting agency and a subscriber or other person which—

(i)

is entered into at the request of the customer; or

(ii)

is in the interests of the customer;

(d)

the transfer is for the purpose of any legal proceedings or for the purpose of obtaining legal advice or establishing, exercising or defending legal rights;

(e)

the credit reporting agency has reasonable grounds for believing that in all circumstances of the case—

(i)

the transfer is for the avoidance or mitigation of unfavourable credit action against the customer;

(ii)

it is not practicable to obtain the consent in writing of the customer to that transfer; and

(iii)

if it was practicable to obtain such consent, the customer would have given his consent;

(f)

the credit reporting agency has taken all reasonable precautions and exercised all due diligence to ensure that the credit information will not in that place be processed in any manner which, if that place is Malaysia, would be a contravention of this Act; or

(g)

the transfer is necessary in order to protect the interests of the customer or the database of credit information owned by the credit reporting agency.

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(4)

Where the Registrar has reasonable grounds for believing that in a place as specified under subsection (1) there is no longer in force any law which is substantially similar to that as provided under this Act, or that serves the same purposes as this Act—

(a)

the Registrar shall make such recommendations to the

Minister who shall, either by cancelling or amending the notification made under subsection (1), cause that place to cease to be a place to which credit information may be transferred under this section; and

(b)

the credit reporting agency shall cease to transfer any credit information of a customer to such place with effect from the time as specified by the Minister in the notification.

(5)

A credit reporting agency which contravenes subsection (1)

commits an offence and shall, on 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.

Unlawful collecting, etc., of credit information