Cap. 645 Art. 25Powers of the competent authority.

Without prejudice to any other power conferred upon it by this Act or any other law, the competent authority shall have the following powers:

(a) to grant or refuse an authorisation in accordance with articles 7 and 8;

(b) to withdraw or suspend an authorisation in accordance with article 9;

(c) to prohibit any of the credit servicing activities;

(d) to conduct on-site and off-site inspections;

(e) to impose administrative penalties and other measures in accordance with article 26;

(f) to review outsourcing agreements concluded between credit servicers and credit service providers in accordance with article 13;

(g) to require credit servicers to remove any members of their management or administrative body when they fail to comply with the requirements set out in article 8(b);

(h) to require credit servicers to modify or update their internal governance arrangements and internal control mechanisms in order to effectively ensure respect for borrowers’ rights in accordance with the laws governing the credit agreement;

(i) to require credit servicers to modify or update their policies, plans and procedures adopted to ensure the fair and diligent treatment of borrowers, and the recording and handling of complaints from borrowers;

(j) to request further information pertaining to the transfer of a creditor’s rights under the non-performing credit agreement, or of the non-performing credit agreement itself; and

(k) to require a credit servicer, credit service provider or credit purchaser or its designated representative that does not meet any of the requirements set out in this Act or in any regulations made thereunder, or Credit Servicing Rules or Conduct of Business Rules issued thereunder to take, at an early stage, all necessary actions or steps in order to comply with those requirements.