Regulatory Alerts2021-08-18
Fair Reporting of Credit (Budget Amendment) Act 2021
The Parliament of the Republic of Fiji enacted the Fair Reporting of Credit (Budget Amendment) Act 2021 to amend the Fair Reporting of Credit Act 2016. The legislation expands the definition of credit information to include utility customer data, mandates utility providers to register with the Bank, and establishes specific record retention periods for credit reporting agencies. It also replaces criminal penalties with administrative fines and enforcement actions determined by the Bank while granting liability exclusions to the Bank and its officials.
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