(1) No person other than an entity which is incorporated, registered or continued under the Companies Act, and licensed under this Act shall —
(a) operate, or carry on the business of, a credit bureau in the Currency Union; or
(b) use a name or description implying that the person is a credit bureau.
(2) A person who contravenes subsection (1) commits an offence and is liable, on summary conviction, to a fine of not less than $10 000 but not exceeding $100 000, and in the case of a continuing offence, to an additional fine of $5 000 for each day during which the offence continues after conviction.