(1) To ensure compliance with this Act and the Regulations, the Central Bank may on its own initiative conduct inspections of a credit bureau and its operations.
(2) Where the Central Bank intends to conduct an inspection, the Central Bank shall —
(a) appoint inspectors in that regard with the powers, functions and duties specified in this Part; and
(b) require the credit bureau to give such information or assistance as may be necessary to permit the inspectors to exercise their powers, functions or duties under this Part.
(3) An inspector appointed under subsection (2) may, in the conduct of an inspection —
(a) enter upon the premises of the credit bureau;
(b) inspect the whole or part of the premises or the operations of the credit bureau;
(c) conduct a review of the operations of the credit bureau;
(d) where applicable, identify and record any operation of the credit bureau that is being conducted —
(i) in accordance with the provisions of this Act and the Regulations;
(ii) in an unlawful manner or in breach of this Act or the Regulations; or
(iii) in a manner that places, or is likely to place, the credit bureau in a condition that endangers or is likely to endanger the credit worthiness, credit standing, credit capacity, character, general reputation or personal characteristics of the data subject; and
(e) do any or all such things as that inspector considers necessary for the conduct of the inspection.
(4) Where, upon an inspection of a credit bureau, the Central Bank reasonably believes that the credit bureau is —
(a) conducting its business in an unlawful manner or in breach of this Act or the Regulations; or
(b) in a condition, that endangers, or is likely to endanger, the credit worthiness, credit standing, credit capacity, character, general reputation or personal characteristics of the data subject,
the Central Bank shall direct the credit bureau to take measures to rectify the situation, immediately or within such time as the Central Bank specifies.
(5) The Central Bank may inquire into and examine —
(a) the business affairs of the credit bureau with respect to whom the inspection is being made;
(b) any record of the credit bureau and any payments to, by or on behalf of, in relation to or in connection with that credit bureau; and
(c) any property or assets of, or things owned, acquired or alienated in whole or in part by the credit bureau or person acting on behalf of, or as agent of, the credit bureau.
(6) Where the Central Bank requires —
(a) at any reasonable time, access to the books, records, accounts, vouchers, minutes of meetings and any other document of any credit bureau; or
(b) a credit bureau to submit to the Central Bank such further information or material as the Central Bank may reasonably require for the purposes of this Act or the Regulations; or
(c) a credit bureau to provide verification, by affidavit or otherwise, of any information or material submitted to the Central Bank under paragraph (b) or subsection (5),
the credit bureau shall comply with that request within the period specified by the Central Bank.
(7) Where the Central Bank requires any director, auditor or other officer of a credit bureau to provide such information or explanation as the Central Bank may require for the purposes of this Act or the Regulations, the Central Bank shall give that director, auditor or other officer of a credit bureau a reasonable time to comply with the request and the director, auditor or other officer of the credit bureau shall comply with that request within the period specified by the Central Bank.
(8) A person who fails or refuses to comply with a request of the Central Bank under subsection (2)(b), (6) or (7) commits an offence and is liable on summary conviction to a fine of $50 000 or to a term of imprisonment of 2 years or to both.