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Act Details View all Act

The Credit Information Companies (Regulation) Act, 2005.
30
23-06-2005
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.
Ministry of Finance
Department of Financial Services

Chapters, and Sections


Chapter 1 - Preliminary
1 - Short title, extent and commencement
2 - Definitions
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Chapter 2 - 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
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Chapter 3 - 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
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Chapter 4 - Auditors
13 - Powers and duties of auditors
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Chapter 5 - 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
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Chapter 6 - 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
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Chapter 7 - Offences And Penalties
23 - Offences and penalties
24 - Cognizance of offences
25 - Power of Reserve Bank to impose penalty
26 - Application of fines
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Chapter 8 - 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
33 A - Powers of Reserve Bank not to apply to International Financial Services Centre
34 - Amendment of certain enactments
35 - Removal of difficulties
36 - Power to make rules
37 - Power of Reserve Bank to make regulations
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