Credit Reporting Agencies Act 2010

Credit Reporting Agencies Act 2010
Parliament of Malaysia
Long title An Act to provide for the registration and regulation of persons carrying on credit reporting businesses and for matters connected therewith and incidental thereto.
Citation	Act 710
Territorial extent	Malaysia
Passed by	Dewan Rakyat
Passed	20 April 2010
Passed by	Dewan Negara
Passed	4 May 2010
Royal assent	2 June 2010
Commenced	10 June 2010
Effective	15 January 2014, P.U. (B) 12/2014 [1] [2]
Legislative history
First chamber: Dewan Rakyat
Bill title	Credit Reporting Agencies Bill 2009
Bill citation	D.R. 36/2009
Introduced by	Dato' Seri Dr. Awang Adek Hussin, Deputy Minister of Finance (Malaysia)
First reading	18 November 2009
Second reading	20 April 2010
Third reading	20 April 2010
Second chamber: Dewan Negara
Bill title	Credit Reporting Agencies Bill 2009
Bill citation	D.R. 36/2009
Member(s) in charge	Dato' Seri Dr. Awang Adek Hussin, Deputy Minister of Finance (Malaysia)
Second reading	4 May 2010
Third reading	4 May 2010
Related legislation
Personal Data Protection Act 2010 [Act 709]
Keywords
Registrar Office of Credit Reporting Agencies, credit bureau, credit reporting
Status: In force

The Credit Reporting Agencies Act 2010 (Malay : Akta Agensi Pelaporan Kredit 2010) is a Malaysian law which provides for the registration and regulation of credit reporting agencies and for related, consequential and incidental matters.

The Bill was introduced into the Parliament of Malaysia by Dato' Seri Dr. Awang Adek Hussin, Deputy Minister of Finance (Malaysia) on 18 November 2009. ^[3] It was passed by the Dewan Rakyat (House of Representatives) on 20 April 2010 and the Dewan Negara (Senate) on 4 May 2010 without any amendment. ^[4] The Act received Royal Assent on 2 June 2010 pursuant to Clause 4A of Article 66 of the Federal Constitution.

The Registrar Office of Credit Reporting Agencies of the Ministry of Finance (Malaysia) is responsible for the administration and enforcement of this Act.

Structure

The Credit Reporting Agencies Act 2010 consists of 9 Parts containing 77 sections and 4 schedules. ^[5]

• Part I: Preliminary
• Part II: Appointment, Functions and Powers of Registrar
• Part III: Registration of Credit Reporting Agencies
• Part IV: Management of Credit Reporting Agencies
• Part V: Conduct of Business of Credit Reporting Agencies
• Part VI: Inspection, Complaint and Investigation
• Part VII: Enforcement
• Part VIII: Miscellaneous
• Part IX: Saving and Transitional Provisions
• First Schedule
• Second Schedule
• Third Schedule
• Fourth Schedule

Subsidiary legislation

Under section 72 of the Act, the Minister has made the following subsidiary legislation:

• Credit Reporting Agencies (Registration) Regulations 2014 [P.U. (A) 142/2014]
• Credit Reporting Agencies (Compounding of Offences) Regulations 2014 [P.U. (A) 275/2014]

Notes

• The Personal Data Protection Act 2010 ^[6] [Act 709] does not apply to the processing of credit information by a credit reporting agency under section 76 of the Act.
• The provisions of the Act do not apply to the Central Credit Reference Information System (CCRIS) established under section 47 of the Central Bank of Malaysia Act 2009 ^[7] [Act 701] and administered by Bank Negara Malaysia.

References

1. "Credit Reporting Agencies Act 2010: Appointment of Date of Coming into Operation" (PDF). Attorney General's Chambers of Malaysia. Retrieved 16 November 2024.
2. "The Malaysian Credit Reporting Agencies Act comes into force". In-House Community. Retrieved 26 November 2024.
3. "List of Order Papers" (PDF). Hansard, Third Meeting Of The Third Session Of Fifteenth Parliament (2024). Retrieved 26 November 2024.
4. "Credit reporting agencies limited to 5". The Edge Malaysia. Retrieved 26 November 2024.
5. "Credit Reporting Agencies Act 2010" (PDF). Attorney General's Chambers of Malaysia. Retrieved 26 November 2024.
6. "Personal Data Protection Act 2010" (PDF). Attorney General's Chambers of Malaysia. Retrieved 26 November 2024.
7. "Central Bank of Malaysia Act 2009" (PDF). Attorney General's Chambers of Malaysia. Retrieved 26 November 2024.

External links

• Credit Reporting Agency Act 2010 This article incorporates text from this source, which is in the public domain .