GeorgiaNational Bank of Georgia rule on providing information to and accessing a credit information bureau
Order of the President of the National Bank of Georgia No. 195/04 of Rule for Providing Information to a Credit Information Bureau on the Territory of Georgia, Recording and Accessing Information in the Database of the Credit Information Bureau, Arts. 4, 5, 8 and 10
In force since .
A data brokers rule binding private bodies.
- Instrument type
- a regulation made under an act
- Obligation class
- Consent, Disclosure, Retention
What it requires
- Request or verify a person's information from a credit information bureau only for the solvency analysis of that person, and, if you are an information recipient that is not a lending organization, only on the basis of the person's consent.
- As a bureau, issue credit and other information about a person only to an authorized person in the cases the legislation and the Rule provide, and store information on repaid obligations for at least 35 years.
- Give a person, on request and free of charge, the information held about them, and review the person's claims about the accuracy of the records or processing without a legal basis.
These lines are LexLint's reading of the law's text.
What this law does
Order No. 195/04 of the President of the National Bank of Georgia lets a lending organization or an information recipient and provider that is not a lending organization request a person's information from a bureau only to analyze that person's solvency. An information recipient or provider that is not a lending organization may receive information held in a bureau only on the basis of the data subject's consent, and only if it also gives the bureau information about the person.
A bureau must issue credit, non-credit and other information about a person to an authorized person only in cases provided for by Georgian legislation and the Rule. A bureau must store information on repaid loans and other financial obligations for a minimum of 35 years from the end of the relationship. A person whose data a bureau holds may request that data at any time and receive it free of charge.
A person may file a claim about the accuracy of the bureau's records or processing without a legal basis with the bureau, the National Bank or the Personal Data Protection Service, and may request that the data be changed, blocked or deleted. The National Bank may fine a bureau 1,000 GEL for each fact of violation for failing to record credit information on time, recording it incorrectly or violating the access rules. The Order entered into force on .
When LexLint raises it
When your app profile says your app provides financial services or processes personal data.
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