(1) The Central Bank may suspend or revoke a licence granted to a credit bureau —
(a) if the credit bureau —
(i) provides the Central Bank with false or inaccurate information;
(ii) does not commence operations within 12 months from the date of the grant of the licence, or a longer period as may be agreed between the Central Bank and the credit bureau;
(iii) is in breach of any duty or obligation imposed upon it by this Act or the Regulations;
(iv) has committed an offence of misrepresentation or fraud or other dishonest act in relation to business; or
(v) demonstrates incompetence or untrustworthiness in the operation of its business;
(b) if the credit bureau fails to comply with —
(i) any term or condition imposed on it in respect of the licence granted to it;
(ii) any provision of this Act or any other law to which it is subject; or
(iii) any direction issued under this Act or the Regulations within the time specified;
(c) if the Central Bank reasonably believes that —
(i) the carrying on of business by the credit bureau is no longer in the interest of the public; or
(ii) the rights and interests of the subscribers or the data subjects of the credit bureau are threatened; or
(d) on any ground on which the Central Bank might have refused to grant the licence under section 8.
(2) Before the Central Bank suspends or revokes a licence granted to a credit bureau, the Central Bank shall —
(a) provide to the credit bureau a notice in the prescribed form of its intention to suspend or revoke the licence and the reason for the intended suspension or revocation; and
(b) give the credit bureau a reasonable opportunity to make representation regarding the intended suspension or revocation of the licence.
(3) Where a credit bureau makes any representation under this section in respect of the intended suspension or revocation of its licence, the Central Bank shall —
(a) upon consideration of the representation, make a decision; and
(b) in accordance with subsection (4), notify the credit bureau of its decision.
(4) Where the Central Bank suspends or revokes a licence under this section —
(a) the Central Bank shall give to the credit bureau a notice in writing of its decision —
(i) stating the reasons for the decision; and
(ii) informing the credit bureau of its right of review under Part 7 and the right of appeal under Part 8; and
(b) the credit bureau shall, as of the date of receipt of the notice referred to in paragraph (a), cease to carry on the business of a credit bureau.
(5) The Central Bank may —
(a) at any time after the period of suspension ends; and
(b) upon receipt of the prescribed reinstatement fee,
reinstate a licence that was suspended if the Central Bank considers it appropriate to do so.