(1) Subject to sections 7, 11, 12 and 14, the Central Bank may at any time —
(a) impose upon the licence such terms and conditions as the Central Bank sees fit; or
(b) amend the terms and conditions referred to in paragraph (a).
(2) The Minister may, upon recommendation of the Central Bank, prescribe the minimum start-up capital requirements for a credit bureau.
(3) A credit bureau shall —
(a) adhere to the prescribed start-up capital requirements specified in subsection (2); and
(b) notify the Central Bank of the fees respecting the provision of its credit reporting services including the value added products and any change in the fees.
(4) Where a credit information provider or a beneficial owner of a credit information provider as the case may be is permitted to acquire shares in a credit bureau, the credit bureau shall restrict the aggregate share ownership in the credit bureau by the credit information provider or the beneficial owner of the credit information provider as the case may be to a maximum of 49%; but any such single shareholder shall hold no more than 5% of the shares of the credit bureau.
(5) Before the Central Bank amends the terms and conditions imposed in respect of a licence, the Central Bank shall —
(a) not less than 14 working days before the commencement date of the proposed amendment, provide a written notice to the credit bureau of its intention to amend the terms and conditions of the licence and the reason for the proposed amendment; and
(b) give the credit bureau not less than 7 days within which to make representations respecting the proposed amendment of the terms and conditions.
(6) A credit bureau shall comply with the terms and conditions of the licence granted to it by the Central Bank.
(7) A credit bureau which fails to comply with subsection (6) commits an offence and is liable, on summary conviction, to a fine $10 000.