Section 20

Subject to subsection (4), every credit reporting agency shall maintain the minimum amount of paid-up capital as prescribed in subsection (1), and if such minimum amount is at any time increased, the credit reporting agency shall maintain the increased amount within such period as may be stated in the order that prescribed the increased amount, but such period shall not be less than three months.

Subject to subsection (4), no person shall be issued a certificate of registration under subsection 14(5) and no credit reporting agency shall carry on a credit reporting business if its paid-up capital unimpaired by losses or otherwise is less than the minimum amount prescribed in subsection (1).

Act 710

Where the minimum paid-up capital of a credit reporting agency is less than the minimum amount prescribed at any time under subsection (1), the credit reporting agency may, with the written consent of the Registrar and subject to such terms and conditions as the Registrar may impose, carry on the credit reporting business.

A credit reporting agency which contravenes this section 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.

Appointment of chief executive, etc.