Credit Reference Bureau Act
- Assented to on 22 April 2010
- Commenced on 1 October 2010
- [This is the version of this document as it was at 31 December 2014.]
- [Note: This version of the Act was revised and consolidated in the Fifth Revised Edition of the Laws of Malawi (L.R.O. 1/2018), by the Solicitor General and Secretary for Justice under the authority of the Revision of the Laws Act.]
Part I – Preliminary
1. Short titleThis Act may be cited as the Credit Reference Bureau Act.
3. ApplicationThis Act shall apply, in addition to the Financial Services Act, to all persons conducting credit reference bureau business except to the extent that such persons are exempted by the Registrar pursuant to his authority under the Financial Services Act.[Cap. 44:05]
Part II – Licensing
4. Prohibition against operating credit reference bureau business without licence
5. Application for licence
6. Criteria for licensingIn considering an application for a licence to operate a credit reference bureau, the Registrar shall, in addition to the requirements stipulated under the Financial Services Act, take into account the following factors—
7. Refusal to grant licence
8. Revocation of licence
9. Expiry of licenceA licence shall automatically expire if a credit reference bureau has not commenced business within six months of the date of issue of the licence.
10. Renewal of licence
11. Register of credit reference bureauxThe Registrar shall keep a register of credit reference bureaux and shall publish, in the Gazette, or in at least two newspapers of national circulation, the entry in, and cancellation from, the register, of any credit reference bureau.
12. Operational requirementsThe Registrar shall prescribe the operational requirements for establishment of a credit reference bureau.
Part III – Operations of a credit reference bureau
13. Collection of information
14. Dissemination of credit information
15. Data security and system integrityA credit reference bureau shall—
16. Accuracy of data provided
17. Actions requiring prior approvalA credit reference bureau shall obtain prior written approval of the Registrar for the following matters—
18. Prohibition of access for direct marketing
19. Submission of information to RegistrarEvery credit reference bureau shall—
20. Inspection by the Registrar
21. Retention of dataA credit reference bureau shall maintain a historical database covering a seven year period for the purpose of providing detailed credit information.
22. FeesA credit reference bureau may, on approval by the Registrar, charge fees for its services, which fees shall be agreed upon between the user and the credit reference bureau, and shall be denominated in Malawi Kwacha.
23. Rights of account holders
24. Illegal or inaccurate information
25. Claim against information providers
26. Claims and enquiries department
27. Information requirementThe Registrar may request, at any time, any information he may require in order to evaluate complaints, accusations or inconsistencies detected in a credit reference bureau.
28. Warning and revocation of licence for non-complianceWhere a credit reference bureau fails to comply with the requirements of this Act, the Registrar may—
29. Immunity of credit reference bureau, etc.No action shall lie against a credit reference bureau or officer or employee of credit reference bureau or any person acting under the direction of the credit reference bureau for anything done in good faith in the administration or discharge of any powers, duties or functions under this Act.
Part IV – Winding-up
30. Approval of winding-up
Part V – Miscellaneous provisions
31. Offences relating to information, etc.A credit reference bureau which—
32. General offences and penalties
34. Directives, guidelines and instructions
History of this document
01 October 2010
22 April 2010