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The Credit Information Companies (Regulation) Act `2005

An Act to provide for regulation of credit information companies and to facilitate efficient distribution of credit and for matters connected therewith or incidental thereto.
2005
List of Chapters & Sections

  1. PRELIMINARY

  2. 1
     Short title, extent and commencement
  3. 2
     Definitions

  • REGISTRATION OF CREDIT INFORMATION COMPANIES

  • 3
     Prohibition to commence or carry on business of credit information
  • 4
     Application for registration
  • 5
     Grant of certificate of registration
  • 6
     Power of Reserve Bank to cancel certificate of registration
  • 7
     Appeal against order of Reserve Bank
  • 8
     Requirement as to minimum capital

  • MANAGEMENT OF CREDIT INFORMATION COMPANIES

  • 9
     Management of credit information company
  • 10
     Power of Reserve Bank to determine policy
  • 11
     Power of Reserve Bank to give directions
  • 12
     Inspection of credit information company, credit institution and specified user

  • AUDITORS

  • 13
     Powers and duties of auditors

  • FUNCTIONS OF CREDIT INFORMATION COMPANIES

  • 14
     Functions of a credit information company
  • 15
     Credit institution to be member of a credit information company
  • 16
     Failure to become a member of a credit information company
  • 17
     Collection and furnishing of credit information
  • 18
     Settlement of dispute

  • INFORMATION PRIVACY PRINCIPLES AND FURNISHING OF CREDIT INFORMATION

  • 19
     Accuracy and security of credit information
  • 20
     Privacy principles
  • 21
     Alteration of credit information files and credit reports
  • 22
     Unauthorised access to credit information

  • OFFENCES AND PENALTIES

  • 23
     Offences and penalties
  • 24
     Cognizance of offences
  • 25
     Power of Reserve Bank to impose penalty
  • 26
     Application of fines

  • MISCELLANEOUS

  • 27
     Power of Reserve Bank to specify maximum amount of fees
  • 28
     Disclosure of information before any court or tribunal or authority
  • 29
     Obligations as to fidelity and secrecy
  • 30
     Protection of action taken in good faith
  • 31
     Bar of jurisdiction
  • 32
     Power of Reserve Bank to exempt in certain cases
  • 33
     Application of other laws not barred
  • 34
     Amendment of certain enactments
  • 35
     Removal of difficulties
  • 36
     Power to make rules
  • 37
     Power of Reserve Bank to make regulations THE SCHEDULE