CREDIT REPORTING ACT, 2017

DOWNLOAD OF A COPY OF THIS LAW IS AVAILABLE [N2,000 (PDF)] CLICK HERE FOR ONLINE PAYMENT AND DOWNLOAD. PDF COMPENDIUMS OF ALL THE LAWS OF NIGERIA, LAGOS AND OTHER STATES ARE ALSO AVAILABLE. EMAIL: lawnigeria@gmail.com or info@lawnigeria or Text/WhatsApp +23407067102097

CREDIT REPORTING ACT, 2017

LAWS OF THE FEDERATION OF NIGERIA

–

EXPLANATORY MEMORANDUM

This Act provides for the framework for credit reporting, licensing and regulation of credit bureaux.

–

ARRANGEMENT OF SECTIONS

1.       Objectives of the Act

2.       No operation without a licence and conditions for the grant of a license

3.       Functions of Credit Bureaux

4.       Collaboration with CRMS and Other Public Registries.

5.       Retention period of credit Information.

6.       Obligations of credit Bureaux.

7.       Permissible Purposes for accessing Credit Information.

8.       Powers of the Central Bank of Nigeria.

9.       Confidentiality rights of Data Subjects.

10.     Obligation of Data Subjects of update information.

11.     Rights of Credit Information Providers.

12.     Responsibilities of Credit Information Users.

13.     Dispute Resolution Process.

14.     Revocation of a licence.

15.     Suspension of a licence.

16.     Notice of revocation or suspension of a licence.

17.     Actions in lieu of revocation or suspension of a licence.

18.     Power to make regulations on consequences of revocation of a licence.

19.     Jurisdiction.

20.     Offences under the Act.

21.     Fines and Penalties

22.     Liability of directors and other officers.

23.     Penalties not otherwise provided for.

24.     Restrictions on amalgamation, transfers, etc.

25.     Guidelines to conform with the Act.

26.     Handover of database to the Bank.

27.     Interpretation.

28.     Citation

–

CREDIT REPORTING ACT, 2017

An act to provide for the framework for credit reporting; and other related matters.

–

[Commencement]                              (30 MAY, 2017)

–

ENACTED by the National Assembly of the Federal Republic of Nigeria:

ALPHABETICAL INDEX TO THE LAWS OF NIGERIA (UPDATED TO 2018)