Regulatory Alerts2012-09-17
Law of Mongolia on Credit Information
The Parliament of Mongolia enacted this law to regulate the establishment, operation, and usage of credit information databases by licensed providers. It mandates that financial institutions and state organizations supply borrower data with explicit consent, while strictly prohibiting the inclusion of sensitive personal details or trade secrets. The legislation defines the rights and duties of service providers, information suppliers, and users, ensuring data accuracy, confidentiality, and secure handling for a ten-year retention period.
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