The Credit Information Companies (Regulation) Act,2005 (Bare Act)/ Universal Law Publishing

THE CERDIT INFORMATION COMPANIES (REGULATION) ACT, 2005
Introduction
CHAPTER I
PRELIMINARY
Sections
1. Short title, extent and coiTunencement
2. Definitions
CHAPTER II
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

CHAPTER III
MANAGEMENT OF CREDIT INFORMATION COMPANIES
9. Management of credit information company . . . 8 10. Power of Reserve Bank to determine policy . . . 9 11. Power of Reserve Bank to give directions . . . 10
12. Inspection of credit information company, credit institution and specified user . . . 11
CHAPTER IV , rK33P.> 5h''
AUDITORS
13. Powers and duties of auditors . . . 11
CHAPTER V
FUNCTIONS OF CREDIT INFORMATION COMPANIES
14. Functions of a credit information company . 12
15. Credit Institution to be member of a credit information company . . 13 16. Failure to become a member of a credit information company . . 14 17. Collection and furnishing of credit information . . . 14
18. Settlement of dispute . . 15
Sections

Rules
CHAPTER VI INFORMATION PRIVACY PRINCIPLES AND FURNISHING OF CREDIT INFORMATION Accuracy and security of credit information Privacy principles Alteration of credit information files and credit reports
Unauthorised access to credit information
CHAPTER VII
OFFENCES AND PENALTIES Offences and penalties Cognizance of offences Power of Reserve Bank to impose penalty Application of fines
CHAPTER VIII
MISCELLANEOUS Power of Reserve Bank to specify maximum amoimt of fees Disclosure of mformation before any court or tribunal or authority Obligations as to fidelity and secrecy Protection of action taken in good faith Bar of jurisdiction Power of Reserve Bank to exempt in certain cases Application of other laws not barred Amendment of certain enactments
Removal of difficulties
Power to make rules Power of Reserve Bank to make regulations THE SCHEDULE ^Amendments to certain Enactments
THE CREDIT INFORMATION COMPANIES RULES, 2006
CHAPTER I
PRELIMINARY
1. Short title and commencement
2. Definitions
CHAPTER II
APPEAL
3. Appellate Authority 4. Form and procedure of appeal 5. Sitting of appellate authority

Language of appellate authority Appeal to be in writing Contents of memorandum of appeal Documents to accompany memorandum of appeal Presentation and scrutiny of memorandum of appeal Notice of appeal to the respondent Filing of reply to the appeal and other documents Date of hearing to be communicated Hearing of appeal Order to be signed and dated
Communication of order
Orders and directions in certain cases
CHAPTER III
STEPS AND SECURITY SAFEGUARDS TO BE TAKEN BY
CREDIT INSTITUTIONS FOR ENSURING ACCURACY,
COMPLETENESS AND PROTECTION OF DATA Steps for security and safeguards to be taken by credit institutions Collection of data and maintaining credit information. Accuracy of data provided by a credit institution Disclosure of disputed data by a credit institution Updating of the credit information by credit institution Data security and system integrity safeguards
Page

CHAPTER VI
FIDELITY AND SECRECY Obligation for fidelity and secrecy
SCHEDULE FORM 1.—Appeal under section 7 of the act against rejection of application for grant of certificate of registration cancellation of certificate of registration
FORM II FORM 111.—Declaration of fidelity and secrecy

CHAPTER IV
STEPS AND SECURITY SAFEGUARDS TO BE TAKEN BY CREDIT
INFORMATION COMPANIES AND SPECIFIED USERS FOR ENSURING ACCURACY, COMPLETENESS AND PROTECTION OF DATA 24. Formulation and adoption of the procedure by credit information companies 25. Accuracy of data provided by a credit information company 26. Disclosure of disputed data by a credit information company . 27. Formulation and adoption of the procedure by specified user .
CHAPTER V
PROHIBITION FROM UNAUTHORISED ACCESS
OR USE OR DISCLOSURE
Prohibition from unauthorised access or use or disclosure

^T.i THE CREDIT INFORMATION COMPANIES
REGULATIONS, 2006
CHAPTER I
PRELIMINARY
Regulations
1. Short title and commencement . . . 44
2. Definitions . , . 44
f'..
^ CHAPTER 11
SPECIFIED USERS 3. • ' . . . 45
CHAPTER III
REGISTRATION OF COMPANIES AS CREDIT INFORMATION COMPANIES 4. Submission of application by companies for grant of certificate of registration . _ . 45 5. Grant of certificate of registration . . . 46
CHAPTER IV BUSINESS OF CREDIT INFORMATION COMPANIES 6. Form of business in which credit information companies may engage . 46
CHAPTER V COLLECTION, FURNISHING OF CREDIT INFORMATION AND PURPOSES THEREOF . ; { r ^ 7. Form of notice for collection and furnishing of credit information . 46 8. Extension of time for providing credit information . . - 47
9. Permissible uses of credit information
47
CHAPTER VI
r PRIVACY PRINCIPLES
10.
CHAPTER Vll
maximum amount of FEES
12.
FORMC.