KazakhstanLaw on Credit Bureaus and Formation of Credit Histories, duties of a credit bureau
Law of the Republic of Kazakhstan on Credit Bureaus and Formation of Credit Histories No. 573 () Arts. 6(3), 8, 8-1, 11 and 17(1)(3)
In force.
A data brokers rule binding private bodies.
- Obligation class
- Licensing, Security, Prohibition
What it requires
- A credit bureau may operate only with the permission of the authorized body, and a credit bureau with state participation is the exception (Article 8-1(4) and (5); Article 6(3)).
- Provide technical premises and certified hardware and software for the credit history database, and a secondary server located outside the city where the credit bureau is located, for backup copies of the information (Article 8).
- Prevent disclosure of information contained in credit histories, including information constituting bank secrecy, except in the cases the Law states (Article 17(1)(3)).
- Notify the authorized body of the measures taken under its written instruction within the time the instruction sets, a credit bureau being open to the sanctions of an administrative fine and suspension of permission validity (Article 11(1-3) and (2)).
These lines are LexLint's reading of the law's text.
What this law does
Article 8-1(4) of the Law on Credit Bureaus allows the activities of a credit bureau only with the permission of the authorized body. Article 8 obliges a credit bureau to provide a secondary server, located outside the city where the credit bureau is located, for storage of backup copies of the information of the subject of credit history.
Article 17(1)(3) obliges the credit bureau to prevent disclosure of information contained in credit histories, including information constituting bank secrecy. Article 11(2) lets the authorized body sanction a credit bureau by an administrative fine or by suspension of permission validity.
When LexLint raises it
When your app profile says your app processes personal data or provides financial services.
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