(1) A credit information provider shall, upon providing credit to a data subject or entering into a credit or loan agreement with a data subject, furnish to a credit bureau, information with respect to the data subject —
(a) from the date of the provision of the credit to the data subject; and
(b) within the time specified in the subscriber agreement with the credit bureau.
(2) credit information provider is any credit provider that is —
(a) a bank or financial institution licensed under the Banking Act;
(b) a money services business licensed under the Money Services Business Act;
(c) a credit union or similar co-operative institution registered under the Co-operative Societies Act;
(d) an insurance company licensed under the Insurance Act; or
(e) a micro-finance institution licensed under the Money Services Business Act.
(3) The Central Bank may, by written notice published in the Gazette, designate any of the following entities as a credit information provider for the purposes of this Act if the Central Bank considers that it is in the public interest for the entity to be so designated —
(a) a telecommunications provider licensed under the Telecommunications Act, or any enactment replacing that Act;
(b) the Saint Lucia Electricity Services Company Limited and any other person licensed under the Electricity Supply Act, or the National Utilities Regulatory Commission Act, or any other enactment;
(c) the Saint Lucia Water and Sewerage Company Inc. recognised under the Water and Sewerage Act, or any other enactment;
(d) the Saint Lucia Development Bank established under the Saint Lucia Development Bank Act; or
(e) a person carrying on the business of selling goods under hire purchase or credit sales under the Consumer Credit Act.
(4) An entity designated under subsection (3) may, with the consent of a data subject, furnish to a credit bureau the data subject information respecting the data subject within the time specified by the credit bureau.
(5) Before the Central Bank designates an entity under subsection (3) as a credit information provider for the purposes of this Act, the Central Bank shall consult the relevant Minister and the regulator of the entity.
(6) Where an entity designated as a credit information provider opts to furnish to a credit bureau credit information with respect to a data subject, the credit information provider shall enter into a subscriber agreement with the credit bureau.
(7) A credit information provider shall —
(a) furnish to a credit bureau data subject information required to be furnished in the standard data format specified by the credit bureau after consultation with the Central Bank;
(b) upon receipt of any new credit information about the data subject furnish the new information to the credit bureau within the time specified in the subscriber agreement with the credit bureau;
(c) be responsible for providing to a credit bureau timely, sufficient and accurate credit information respecting data subjects;
(d) be obligated to submit and update all data subject information to the credit bureau in accordance with this Act and the Regulations; and
(e) comply with the security standards and measures prescribed in respect of the data credit information it keeps and maintains in respect of data subjects including taking all the necessary actions to safeguard the data subject information that it keeps and maintains in accordance with this Act and the Regulations.
(8) Notwithstanding subsection (7)(c), a credit information provider shall, on a monthly basis, provide information to a credit bureau on the status of performance of the obligations of the data subject under the credit or loan agreement.
(9) The information respecting a data subject that a credit information provider shall furnish to a credit bureau includes but is not limited to —
(a) the personal information of the data subject;
(b) in the case of a loan from a credit provider —
(i) the type, nature and amount of the loan or other facility granted to the data subject from the credit provider;
(ii) all outstanding loans including contingent liabilities extended to the data subject by the credit provider;
(iii) the date on which the loan account was opened and the dates for payment of the principal and the interest as agreed;
(iv) information on the composition and the types of collateral or security provided by any data subject which secured the debt obligation;
(v) the loan balance and the maximum balance on the loan;
(vi) the account status and the liability of the data subject on the account including the date of the last activity respecting the loan obligations; and
(vii) the nature of any guarantee or other non-fund based facility to any data subject by the provider;
(c) in the case of an entity that sells goods or offers services on a credit basis or with delayed payment terms —
(i) the amount of the goods and services provided on a credit basis together with contingent and possible obligations;
(ii) the dates on which the goods or services were provided;
(iii) the agreed schedule of payment for the goods or services; and
(iv) information on the composition and the types of collateral that secured the payment obligations;
(d) any comments made in respect of the loan obligations of the data subject;
(e) the amount past due;
(f) the minimum payment due;
(g) the amount of the last payment;
(h) credit information about any data subject's income, creditworthiness or history of financial transactions including antecedents and adverse court judgments obtained by the credit information provider in relation to transactions involving the credit provider;
(i) other credit information required to be disclosed under this Act; or
(j) any other credit information as the Central Bank —
(i) considers appropriate to include as credit information for the purposes of this Act and the Regulations; and
(ii) specifies by notice published in the Gazette and one newspaper of general circulation in Saint Lucia.
(10) Notwithstanding the provisions of this section, the Minister may, on the recommendation of the Central Bank by Regulations, provide for additional obligations of credit information providers.