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14.   Material change in circumstances affecting credit bureau, etc.

Revised Laws of Saint Lucia (2023)

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14.   Material change in circumstances affecting credit bureau, etc.

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    (1)   An applicant or a credit bureau shall first obtain the written approval of the Central Bank before the credit bureau or applicant implements or initiates any of the following material change in its circumstances —

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      (a)     merger or consolidation with another credit bureau;

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      (b)     a change of the name of the applicant or the credit bureau;

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      (c)     an amendment of the Memorandum or Articles of Association or any other constituent document under which the credit bureau is incorporated, registered or continued;

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      (d)     engaging in any business other than that of a credit bureau;

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      (e)     a change of majority shareholding or ownership;

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      (f)     a relocation;

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      (g)     any change in system of the credit bureau that would —

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        (i)     cause credit information providers to incur significant additional cost; or

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        (ii)     put the security of data processed by the credit bureau at risk; and

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      (h)     a change in the directors, chief executive officer or manager.

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    (2)   An applicant or, as the case may be, the credit bureau shall, in writing and within 7 days of the occurrence of the change, notify the Central Bank of any of the following —

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      (a)     a change in the directors, chief executive officer or managers of the applicant or credit bureau due to any reason including death, retirement, resignation or termination; or

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      (b)     a change in circumstances affecting an applicant or a credit bureau due to the occurrence of an event over which an applicant or credit bureau has no control.

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    (3)   Where an applicant or a credit bureau as the case may be fails to comply with subsection (1) or (2) the Central Bank may —

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      (i)     in accordance with section 8, refuse to grant a licence to the applicant or, to renew the licence of the credit bureau as the case may be;

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      (ii)     in accordance with section 9, amend the terms and conditions of the licence of the credit bureau; or

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      (iii)     suspend or revoke the licence of the credit bureau in accordance with section 15.

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    (4)   Where the Central Bank receives information that, by reason of death, retirement, resignation or termination, there has been a change in the directors, chief executive officer or managers of an applicant or a credit bureau, the Central Bank may —

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      (a)     in accordance with section 8, refuse to grant a licence to the applicant or, to renew the licence of the credit bureau as the case may be;

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      (b)     in accordance with section 9, amend the terms and conditions of the licence of the credit bureau; or

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      (c)     suspend or revoke the licence of the credit bureau in accordance with section 15.

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    (5)   Where, by reason of the act of a director, the chief executive officer or a manager of a credit bureau, the credit bureau engages in any business other than that of a credit bureau or the security of data held and maintained by the credit bureau is put at risk, the Central Bank may require the removal of the director, chief executive officer or manager, as the case may be.

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