Regulatory Alerts2011-01-01
Credit Reference Act 2011
The President and Parliament of Sierra Leone enacted this Act to establish a comprehensive licensing framework for credit reference bureaus under Central Bank oversight. It mandates financial institutions to submit monthly credit data, defines permissible bureau activities and strict confidentiality obligations, and requires lawful purpose or consent for report dissemination. The legislation guarantees consumers the right to access, inspect, and challenge inaccurate information at no cost while imposing significant penalties and appellate review for non-compliant entities.
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