(1) On the recommendation of the Central Bank, the Minister may, by Regulations, make provision with respect to the disclosure and protection of data subject information under this Act.
(2) Where a credit bureau obtains credit information regarding credit extended to or in respect of a data subject, the credit bureau shall not disclose such information for a period longer than 7 years after the date of termination or settlement of such credit.
(3) Notwithstanding subsection (2) a credit bureau may, for historical, statistical or research purposes, retain data subject information for a period in excess of 7 years.
(4) The Central Bank may issue guidelines with respect to the term of retention of negative information and the calculation of the period of retention.
(5) A credit bureau that contravenes subsection (2) commits an offence and is liable on summary conviction to a fine not less than $10 000 but not exceeding $100 000.