(1) The Bank shall revoke a licence if the Bank is satisfied that the credit bureau

(a) has repeatedly failed to comply with the terms and conditions of the licence,

(b) has contravened the provisions of this Act,

(c) has contravened the Rules made under this Act,

(d) has ceased to satisfy the requirements for licensing and the renewal of a licence, and

(e) has ceased to satisfy the requirements on minimum capital for the establishment of a credit bureau.

(2) The Bank may revoke or suspend a credit bureau licence for a specified period if the licensee

(a) has breached duties imposed under this Act,

(b) has breached a code of conduct for credit bureaus issued by or with the permission of the Bank,

(c) has breached the provisions of a law which deals with

(i) data protection,

(ii) computer misuse, or

(iii) electronic transactions, and

(d) has failed to commence business within six months immediately after the date of issue of the licence.

(3) Where the Bank suspends or revokes the licence of a credit bureau, the Bank shall give notice in writing of the decision to the credit bureau and shall specify in the notice, the defect, omission or breach which has occasioned the suspension and request the credit bureau to remedy the defect, omission or breach within fifteen working days after the date of the notice.

(4) Where the Bank suspends or revokes the licence of a credit bureau, the Bank shall give notice of the decision to the credit bureau affected by the decision within three working days after the decision to suspend or revoke the licence.

(5) If the defect, omission or breach is remedied within the time specified, the Bank shall by notice in writing to that person restore the licence, otherwise the licence shall be considered to have been revoked on the expiration of the time specified.

(6) The suspension or revocation of a licence is effective from the day that the credit bureau is informed of the decision of the Bank.

(7) Where the Bank suspends or revokes a credit bureau licence

(a) the Bank shall notify the general public within seven days after the suspension or revocation of the licence in the Gazette and a newspaper of wide national circulation; and

(b) the credit bureau affected by the decision of the Bank to suspend or revoke the licence shall within seven days after receipt of notice of the decision, issue a written notice to each subscriber of its services informing them

(i) of the action of the Bank, and

(ii) request the subscribers to discontinue further reporting to the credit bureau.

(8) A person who is dissatisfied with the decision of the Bank to revoke or suspend a credit bureau licence may apply to the High Court for a review decision.