Lesotho
Credit Reporting Act, 2011
Act 1 of 2012
- Published in Government Gazette 6 on 24 January 2012
- Commenced on 24 January 2012
- [This is the version of this document from 24 January 2012.]
Chapter 1
Preliminary
1. Citation and commencement
This Act may be cited as the Credit Reporting Act 2011 and shall come into operation on the date of its publication in the Gazette.2. Interpretation
3. Purpose of Act
The purpose of this Act is to—4. Application of Act
This Act applies to the processing of credit information in relation to a consumer, by—5. Limited application of Act to credit information about a juristic person
Sections 19, 20 and 21 shall not apply to the processing of credit information about a consumer that is a juristic person.6. Exclusions
This Act does not apply to the processing of credit information that has been de-identified to the extent that it cannot be re-identified.Chapter 2
Credit information supervisory authorities
7. General enforcement of compliance
8. Monitoring trends in the credit market
The Governor is responsible for monitoring and advising on the following—9. Credit bureau reports to the Governors
The Governor may, for the purposes of section 8, require any registered credit bureau to provide—10. Powers and functions of the Commission under this Act
The powers and functions of the Commission as set out in the law relating to data protection shall only be applicable to section 37.Chapter 3
Registration of credit bureaux
11. Prohibition against non-registration
A person shall not, for payment, engage in the business of—12. Registration requirements, criteria and procedures for application for registration
13. Application for registration
14. Disqualification of natural persons
15. Application, registration and renewal fees
16. Certificate, validity, and public notice of registration
17. Cancellation of registration
18. Voluntary cancellation of registration
Chapter 4
Credit information protection provisions
19. Sources of credit information
20. Notification to consumer
Except where the supplier of the credit information is the consumer to whom the information relates, or the credit information is to be supplied is in a public record or has been made public by the consumer, a person supplying credit information to a credit bureau shall ensure that the consumer is aware of—21. Relevant data
22. Quality of data supplied
23. Data security
24. Quality of captured data
25. Preservation of integrity of data
26. Confidentiality of credit information
27. Consumer access
28. Retention and display periods
Chapter 5
Credit bureau user obligations
29. Credit information to be accessed and used for lawful purposes
A person who accesses and uses credit information shall protect the confidentiality of the information and shall ensure that—30. Assessment of risk and affordability by credit providers
Chapter 6
Transborder flows of credit information
31. Transfer of credit information outside Lesotho
Chapter 7
Complaints and settlement of disputes
32. Alternative dispute resolution
33. Initiating a complaint to or by the Governor
Any person may submit a complaint to the Governor or the Governor may on its own initiative commence an investigation alleging any of the following conduct:34. Investigation by the Governor
Upon initiating an investigation or accepting a complaint in terms of section 33, the Governor may—35. Issue of compliance notice by the Governor
36. Objection to compliance notices
37. Initiating complaints to and by the Commission
38. Hindering administration of Act
It is an offence to hinder, oppose, obstruct or unduly influence any person who is exercising a power or performing a duty delegated, conferred or imposed on that person under this Act.39. Offences relating to non compliance with a notice
A person who contravenes or fails to comply with a compliance notice issued by the Governor or the Commission commits an offence.40. Penalties
Any person convicted of an offence in terms of this Act shall be liable to a fine not exceeding M250,000.Chapter 8
Miscellaneous
41. Regulations
Note
1. Act No. 12 of 20002. Act No. 9 of 1996History of this document
24 January 2012 this version
Published in Government Gazette 6
Commenced
Cited documents 0
Subsidiary legislation
Title
|
Date
|
|
---|---|---|
Credit Reporting Regulations, 2013 | Legal Notice 68 of 2013 | 19 July 2013 |