The Credit Information Companies (Regulation) Act, 2005. — Bare Act, All Sections & Free PDF
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Overview
An Act to provide for regulation of credit information companies and to facilitate efficient distribution of credit and for matters connected therewith or incidental thereto.
Sections (Showing 1 to 10 of 37)
Section 1 to Section 10 (10 Sections)
Short title, extent and commencement.
(1) This Act may be called the Credit Information Companies (Regulation) Act, 2005. (2) It extends to the whole of India. (3) It shall come into force on such date 1 as the Central...
Definitions.
In this Act, unless the context otherwise requires,-- (a) "board" means the Board of directors of a credit information company; (b) "borrower" means any person who has been granted...
Prohibition to commence or carry on business of credit information.
Save as otherwise provided in this Act, no company shall commence or carry on the business of credit information without obtaining a certificate of registration from the Reserve Ba...
Application for registration.
(1) Every company which intends to commence the business of credit information shall make an application for registration to the Reserve Bank in such form and manner as may be spec...
Grant of certificate of registration.
(1) The Reserve Bank may, for the purpose of considering the application of a company for grant of a certificate of registration to commence or carry on the business of credit info...
Power of Reserve Bank to cancel certificate of registration.
(1) The Reserve Bank may cancel a certificate of registration granted to a credit information company under sub-section (2) of section 5 if such company,-- (i) ceases to carry on t...
Appeal against order of Reserve Bank.
(1) A credit information company aggrieved by the order of rejection of an application for grant of certificate of registration under section 5 or cancellation of certificate of re...
Requirement as to minimum capital.
(1) The authorised capital of every credit information company shall be a minimum of thirty crores: Provided that the Reserve Bank may, by notification, increase the minimum amount...
Management of credit information company.
(1) Notwithstanding anything contained in any law for the time being in force, or in any contract to the contrary, every credit information company in existence on the commencement...
Power of Reserve Bank to determine policy.
Where the Reserve Bank is satisfied that it is necessary or expedient in the public interest or in the interest of specified users or in the interest of credit information companie...
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Disclaimer: This bare act is reproduced for general informational and reference purposes only and does not constitute legal advice. Always verify provisions against the latest official gazette and consult a qualified advocate before relying on any section.