The Saeima¹ has adopted and
the President has proclaimed the following Law:

Law On Credit Bureaus

Chapter I
General Provisions

Section 1. Terms Used in this Law

The following terms are used in this Law:

1) credit bureau - a stock company that is carrying out any of the activities to be licensed of a credit bureau laid down in this Law;

2) user of credit information - a person specified in this Law who has entered into a written agreement with a credit bureau regarding supply of credit information to the credit bureau or receipt thereof therefrom (hereinafter - credit information agreement);

3) potential customer of a user of credit information (hereinafter - potential customer) - a natural person who has expressed an intention to become a customer of a user of credit information in an application to the user;

4) customer of a user of credit information (hereinafter - customer) - a natural person:

a) who has entered into a customer contract with the user of credit information,

b) in relation to whom the user of credit information has taken over the rights of claim arising from the customer contract,

c) who has consented that the user of credit information may evaluate or take into account his or her creditworthiness in supplying a credit risk related service to any third party or in taking a decision to supply such service;

5) credit information - information obtained from the sources of credit information specified in this Law and characterising creditworthiness of the customer or potential customer;

6) customer contract is:

a) a contract according to which the user of credit information is supplying or will supply credit risk related service,

b) a contract according to which the user of credit information is given a guarantee regarding liabilities of another person,

c) the contract referred to in Sub-clause (a) or (b) of this Clause, the rights of claim arising from which have been taken over by the user of credit information;

7) debt - a payment obligation of the customer in relation to the user of credit information, which has not been settled within the time period specified in the customer contract or laws and regulations;

8) processing of credit information - any activities performed with credit information, including collecting, obtaining, registration, entering, storage, arranging, transforming, use, transfer, transmitting, disclosing, blocking or deletion of credit information;

9) creditworthiness - the probability that a customer or potential customer will carry out his or her obligations in accordance with the customer contract;

10) credit risk - the probability that the user of credit information will incur losses, if a customer or potential customer will be unable or will refuse to carry out the payment obligations specified in the customer contract in relation to the user of credit information;

11) credit risk management - an aggregate of measures, which are taken by the user of credit information during the term of operation of a customer contract in order to control its credit risk.

Section 2. Purpose of this Law

The purpose of this Law is to contribute to promotion of responsible crediting and responsible and honest borrowing, enabling the formation of personal credit history, as well as to ensure legal protection of natural persons so that, upon evaluating creditworthiness, true and complete information is accessible and used.

Section 3. Scope of Application of this Law

(1) The Law regulates the operation of credit bureaus and the procedures for processing credit information within the scope of activities of credit bureaus to be licensed and specified in this Law.

(2) Processing and protection of data of a customer or potential customer is determined by the Personal Data Protection Law, insofar as it is not laid down otherwise in this Law.

(3) This Law shall not be applied:

1) to the databases of credit history specified in the Law On Extrajudicial Recovery of Debt;

2) to processing of the data present in a State information system, which is performed by the holder of such State information system, or data processing performed by the Saeima, a derived public person, direct administration authority, indirect administration authority, court or a person belonging to the judicial system, except that laid down in Section 13 of this Law;

3) in relation to the credit register, as well as to receipt of information from the credit register and the use thereof. The procedures by which a user of credit information shall receive the information included in the credit register with the intermediation of a credit bureau, is determined by the Credit Register Law;

4) if in accordance with other laws and regulations a user of credit information with the intermediation of a credit bureau may receive information from a State information system for the purposes of processing, which are not referred to in Section 4 of this Law. The procedures by which a user of credit information with the intermediation of a credit bureau shall receive information from a State information system shall be determined in a respective regulatory enactment.

Section 4. Purposes of Processing Credit Information

(1) A credit bureau within the scope of activities, to be licensed and laid down in this Law, of a credit bureau shall process credit information so that a user of credit information could obtain and use it for the purposes of processing credit information specified in Paragraph two of this Law.

(2) A user of credit information shall obtain credit information from a credit bureau within the scope of activities, to be licensed and laid down in this Law, of the credit bureau and use it for evaluation of creditworthiness of a customer or potential customer or for management of its credit risk.

Section 5. User of Credit Information

A user of credit information may be:

1) a merchant;

2) a performer of professional activity within the meaning of the Law On Personal Income Tax;

3) an individual undertaking, an agricultural farm or fish farm, crafts undertaking or family undertaking;

4) a co-operative company;

5) a local government or its institution in case when it enters into a credit risk related contract or supplies public service, or ensures management of a residential house.

Section 6. Sources of Credit Information

A credit bureau shall obtain credit information only from the following sources of credit information:

1) from the information supplied by a user of credit information;

2) from the information which has been obtained by the credit bureau in accordance with the procedures laid down in this Law from a State information system;

3) from the information regarding a customer (hereinafter - foreign credit information), which has been received by the credit bureau from:

a) a person registered in a European Union Member State or Member State of the European Economic Area, whose type of activity is personal data processing and transfer thereof to third parties, which use such data for the evaluation of creditworthiness or management of their credit risk,

b) a State information system of a European Union Member State or Member State of the European Economic Area, or a database considered as equivalent to a State information system.

Chapter II
Requirements for the Operation of a Credit Bureau

Section 7. Requirements for the Operation of a Credit Bureau

(1) A credit bureau must have a licence in order to supply any of the following services:

1) processing of credit information obtained regarding a natural person in order to transfer it to third parties for the use for any of the purposes specified in Section 4, Paragraph two of this Law;

2) obtaining of restricted access information from a State information system regarding a natural person upon request of such person who has legal grounds to receive information from a State information system, and transfer of the obtained information to the abovementioned person for any of the purposes specified in Section 4, Paragraph two of this Law.

(2) The requirements of Paragraph one of this Section shall not apply to:

1) data processing of its customer or potential customer;

2) data processing of such customer or potential customer of a merchant, with whom the person is in one group of companies.

(3) The credit bureau shall insure civil legal liability for the performance of activities to be licensed.

(4) The credit bureau shall inform the issuer of the licence regarding other commercial activity, which is performed by the bureau in addition to any of the activities to be licensed.

Section 8. Licence

(1) A licence for the operation of a credit bureau (hereinafter - licence) shall be issued by the Data State Inspectorate for five years.

(2) The Cabinet shall determine the requirements for the receipt of the licence, including the requirements for civil liability insurance of a credit bureau, and the procedures for issuing the licence, as well as the procedures for and cases of suspending, re-registration and cancellation of the licence.

(3) The credit bureau shall pay a State fee for the issuance and re-registration of the licence. The credit bureau shall pay an annual State fee for the supervision of the operation of the credit bureau. The amount and payment procedures of the State fee shall be determined by the Cabinet.

(4) If a credit bureau terminates operation or loses the licence, the accumulated credit information shall be deleted, except the case when it shall be transferred to the State archives in the amount specified in the Law or also - within the time period stipulated by the Data State Inspectorate - to another licensed credit bureau.

Section 9. Involvement of Other Persons in Ensuring the Carrying out of Licensed Activities of a Credit Bureau

(1) If a written consent of the Data State Inspectorate has been received, a credit bureau may entrust, on the basis of a written contract, the performance of activities to another person, which are necessary for ensuring the carrying out of the licensed activities of the credit bureau specified in Section 7 of this Law.

(2) After receipt of the written consent referred to in Paragraph one of this Section the credit bureau or the other person referred to in Paragraph one of this Section is responsible in relation to third parties for the operation of such person who has been entrusted the performance of the particular activities. The Data State Inspectorate has the right to revoke the previously given written consent, if the credit bureau or the other person referred to in Paragraph one of this Section does not fulfil the requirements of this Law. Contesting or appeal of a decision of the Data State Inspectorate to revoke the previously given written consent does not suspend the operation thereof.

Section 10. Access to Information Regarding Credit Bureaus

(1) The Data State Inspectorate shall publish and update the following information regarding a credit bureau on its website:

1) a decision to grant the licence;

2) the name of the credit bureau;

3) the registration number of the credit bureau;

4) the contact details of the credit bureau (legal address and postal address, telephone, electronic mail address);

5) shareholders of the credit bureau whose participation in the credit bureau is five per cent or more from the equity capital with voting rights of the credit bureau;

6) the date of granting the licence;

7) the date of suspending or cancelling the licence.

(2) If any of the information referred to in Paragraph one, Clause 2, 3, 4 or 5 of this Section changes, the credit bureau shall, within three working days after changes enter into effect, submit a submission to the Data State Inspectorate regarding changes. The Data State Inspectorate shall, within five working days after receipt of the submission, update the relevant information on its website.

Chapter III
Processing of Credit Information and Time Periods for Storage

Section 11. Inclusion of Information Regarding Debts in the Database of the Credit Bureau

(1) A user of credit information has the right to include information in the database of the credit bureau regarding a debt, if one of the following conditions exists:

1) the debt is confirmed with an adjudication of a court or an arbitration award, which has entered into effect;

2) at least 60 days have passed from the first day of late payment, and at least 30 days - from the day when the warning referred to in Paragraph two of this Section regarding the relevant debt has been sent, however, the debt has not been covered and the customer has not expressed written objections regarding existence or amount of the debt;

3) at least 60 days have passed from the first day of late payment, and at least 30 days - from the day when the warning referred to in Paragraph two of this Section regarding the relevant debt has been sent, however, the debt has not been covered and the customer has expressed written objections regarding existence or amount of the debt, but the user of credit information has sent a motivated reply to the customer, issuing copies of documents confirming the existence and amount of the debt, and has informed him or her that information regarding the debt will be included in the database of the credit bureau;

4) the customer has consented that the user of credit information includes information regarding the debt of the customer in the database of the credit bureau. Such consent of the customer shall conform to the requirements of the Personal Data Protection Law regarding consent of the data subject, and the consequences of such consent are explained to the customer.

(2) In the case referred to in Paragraph one, Clause 2 or 3 of this Section the user of credit information shall send a warning to the customer regarding the debt prior to inclusion of the information regarding the debt in the database of the credit bureau. The warning shall include information regarding whether information regarding the debt will be transferred to the credit bureau, and regarding the purposes for which the information regarding the debt included in the database of the credit bureau will be processed.

(3) In the case referred to in Paragraph one, Clause 3 of this Section, if the user of credit information has not yet included information regarding the debt of the customer in the database of the credit bureau and after sending of a motived reply regarding existence or amount of the debt to the customer has received repeated written objections of the customer, then, upon including information regarding the debt of the customer in the database of the credit bureau, the user of credit information shall indicate at least whether written objections of the customer regarding existence or amount of the debt have been received.

(4) In the case referred to in Paragraph one, Clause 4 of this Section information regarding the debt of the customer shall be included in the database of the credit bureau for a time period not exceeding 60 days from the first day of late payment. When 60 days have passed, information regarding the debt in the database of the credit bureau shall be processed in any of the cases referred to in Paragraph one, Clauses 1, 2 and 3 of this Section.

(5) A user of credit information shall supply the current information regarding the debt included in the database of the credit bureau to the credit bureau not less than once in a quarter.

Section 12. Information to be Included in the Database of a Credit Bureau

(1) The following information related to the debt of a customer shall be included in the database of a credit bureau:

1) the given name, surname and personal identity number of the customer or other information identifying the customer;

2) information regarding the debt amount, including information regarding the initial amount of the debt, the actual amount of the debt and the first day of late payment;

3) the date when information regarding the debt was included in the database of the credit bureau, and the date when information regarding the debt was last updated;

4) information regarding the fact that the debt no longer exists; the date since which the debt no longer exists, as well as the way the debt was settled;

5) information regarding the user of credit information who included information regarding the debt in the database of the credit bureau;

6) information regarding sector of such user of credit information, which included information regarding the debt in the database of the credit bureau, in accordance with Regulation (EC) No 1893/2006 of the European Parliament and of the Council of 20 December 2006 establishing the statistical classification of economic activities NACE Revision 2 and amending Council Regulation (EEC) No 3037/90 as well as certain EC Regulations on specific statistical domains (Text with EEA relevance), insofar as the description of the sector corresponds to the purpose of processing the respective data;

7) information regarding whether a customer has expressed written objections against the existence or amount of the debt, including whether there is a dispute regarding the rights, which is examined by a court, in relation to the existence or amount of the debt.

(2) The user of credit information is entitled to include other information not referred to in Paragraph one of this Section in the database of the credit bureau, if such inclusion has any of the grounds for processing personal data referred to in the Personal Data Protection Law.

(3) The credit bureau, upon supplying information to the user of credit information regarding credit information included by another user of credit information, shall not indicate information that allows to identify the user of credit information, which included the respective information in the database of the credit bureau.

(4) The credit bureau shall delete the information referred to in Paragraph one, Clause 7 of this Section, if it has received an adjudication of a court or arbitration award, which has entered into effect and by which the debt amount is established, or a written certification of the customer regarding withdrawal of his or her objections.

(5) The credit bureau is entitled to determine the minimum debt amount for each sector, from which information regarding the debt may be included in the database of the credit bureau.

Section 13. Information from a State Information System

(1) Upon legal request of such user of credit information, which in accordance with the laws and regulations has the right to receive restricted access information from a State information system, a credit bureau shall request and receive information from the respective State information system regarding the customer or potential customer. The credit bureau shall not use the received information for purposes other than transfer of such information to the user of credit information in unchanged form and shall not store it after transfer to the user of credit information.

(2) The procedures by which a credit bureau shall receive restricted access information from a State information system, as well as the duties, rights and liability arising from processing of such information, are determined in the Personal Data Protection Law, the regulatory enactment governing the operation of the respective State information system and other laws and regulations.

(3) The credit bureau and the holder of State information system shall enter into a contract regarding processing of generally accessible information. The credit bureau shall purchase a licence for re-use of information or shall obtain generally accessible information in another way determined by the regulatory enactment regarding the particular State information system. The credit bureau shall process generally accessible information for the processing purposes of credit information specified in this Law, except the case referred to in Section 7, Paragraph four of this Law when the credit bureau is performing another commercial activity.

(4) If the administrator of a State information system uses a State information system integrator, then the credit bureau is entitled to obtain information from the respective State information system, using the State information system integrator in accordance with the laws and regulations regarding State information system integrator.

Section 14. Foreign Credit Information

(1) A credit bureau shall request foreign credit information from a foreign source of credit information upon request of a user of credit information.

(2) The credit bureau shall transfer, without delay, the foreign credit information received, without changing its content, to the user of credit information, which requested it. The credit bureau shall not use the received information for purposes other than transfer of such information to the user of credit information in unchanged form and shall not store it after transfer to the user of credit information.

(3) The credit bureau is entitled to supply credit information to a person registered in a European Union Member State or a Member State of the European Economic Area, whose type of activity is personal data processing and transfer thereof to third parties, which use such data for the evaluation of creditworthiness or management of their credit risk, if all of the following conditions exist:

1) the data subject has given a respective consent and it conforms to the requirements of the Personal Data Protection Law or another condition referred to in the Personal Data Protection Law exists, which allows processing of personal data;

2) third parties in relation to such person registered abroad are to be considered as users of credit information and they comply with the requirements laid down for users of credit information in Section 4, Paragraph two of this Law in relation to the purpose of processing credit information;

3) the person registered in a European Union Member State or a Member State of the European Economic Area transfers, without delay, the credit information supplied by the credit bureau to the third party, which requested it, and the information received is not used for other purposes than transfer of such information to the third party in unchanged form and they are not stored after transfer.

Section 15. Information which is Prohibited to be Used in Processing of Credit Information

It is prohibited to use sensitive personal data in processing of credit information.

Section 16. Time Periods of Storage

(1) A credit bureau shall store information related to debts:

1) for five years from the day when the debt was settled or from the day when debt liability has expired on other legal grounds, or after the day when the debt has been ceded or otherwise transferred to a person who is not another user of credit information, but not longer than 10 years after the first day of late payment;

2) 10 years after the first day of late payment, if the debt is not paid.

(2) The credit bureau shall store information regarding a request of a user of credit information for one year after the day of receiving such request. Another time period, for which the credit bureau shall store a request of a user of credit information to supply information from the respective State information system, may be determined in a regulatory enactment governing the operation of a State information system containing restricted access information.

(3) The credit bureau is entitled to store the information included in the database of the credit bureau regarding payment obligations carried out, except the information referred to in Paragraph one of this Section and the information which may be obtained from public or publicly available registers, until the time when the customer is requesting that the user of credit information deletes it and such request has been notified to the credit bureau. The customer does not have the right to request the deletion of such information, if the user of credit information has legal grounds and purpose for inclusion of such information in the database of the credit bureau.

(4) The credit bureau is entitled to store the information, which may be obtained from public or publicly available registers, for as long as necessary for the processing purposes of credit information, but not exceeding the time period while such information is accessible in the respective register.

Section 17. Processing of Credit Information after Termination of a Credit Information Agreement

(1) If a credit bureau or a user of credit information unilaterally withdraws from a credit information agreement or if a credit bureau and a user of credit information agree on termination of the credit information agreement (hereinafter - former user of credit information), the credit bureau shall immediately delete credit information from the database of the credit bureau, which was obtained from the former user of credit information, except information regarding the debt, which the credit bureau is entitled to store in accordance with Section 16, Paragraph one, Clause 1 of this Law, and other information regarding payment obligations, if the relevant debt obligation or payment obligation has expired, while the credit information agreement was in force.

(2) The credit bureau shall correct, update or delete the information referred to in Paragraph one of this Section regarding the debt in the following cases:

1) the former user of credit information and its customer or the person who has been indicated as the customer in the database of the credit bureau by mistake, signs a mutual certification to the fact that information regarding the debt has been corrected or deleted, at the credit bureau in person according to the procedures stipulated by the credit bureau;

2) the credit bureau receives a certification from the former user of credit information and its customer or the person who has been indicated as the customer in the database of the credit bureau by mistake, that information regarding the debt has been corrected or deleted, moreover, the authenticity of the signatures has been certified by a notary;

3) the credit bureau receives an adjudication of a court or an arbitration award, establishing that the information included in the database of the credit bureau have different content on its merits;

4) the credit bureau establishes that the information included in its database regarding the debt does not conform to the information regarding the debt supplied by the former user of credit information;

5) in other cases stipulated by the credit bureau according to the procedures stipulated by such bureau.

(3) The credit bureau shall correct, update or delete the information referred to in Paragraph one of this Section regarding other payment obligations, which do not contain information regarding the debt, in accordance with the requirements of the Personal Data Protection Law in the cases and according to the procedures stipulated by the credit bureau.

Section 18. Legal Grounds for a User of Credit Information to Request and Receive Credit Information from a Credit Bureau

A user of credit information is entitled to request and receive credit information from a credit bureau, if any of the following conditions exists:

1) the customer or potential customer has consented that the user of credit information receives credit information. Such consent of the customer or potential customer shall conform to the requirements of the Personal Data Protection Law on the consent of the data subject;

2) the right of the user of credit information to obtain credit information arises from the customer contract;

3) another condition referred to in the Personal Data Protection Law permits processing of personal data.

Section 19. Right of a Natural Person to Receive Information

(1) A natural person has the right to receive credit information, twice a year, from a credit bureau in accordance with the Personal Data Protection Law, as well as information regarding a user of credit information, which has used the credit bureau in order to request and receive information from a State information system, according to the following procedures:

1) to receive information in online mode or in person at the credit bureau - free of charge;

2) to receive information by post - by covering the expenses of the credit bureau for postal services according to the tariffs of the postal service provider in accordance with the procedures stipulated by the credit bureau.

(2) If a natural person requests the information referred to in Paragraph one of this Section more than twice a year, he or she has the right to receive such information according to the procedures stipulated by the credit bureau and for the fee stipulated by the credit bureau.

Chapter IV
Responsibility for Processing of Credit Information and Supervision of Processing of Credit Information

Section 20. Responsibility of a Credit Bureau

(1) A credit bureau shall be responsible for the conformity of the information included in its database with the information supplied by a user of credit information.

(2) The credit bureau shall not be responsible for the completeness and veracity of such information, which has been received by the credit bureau upon request of the user of credit information from a State information system or from a foreign source of credit information and, without changing its content, has transferred it to the user of credit information.

Section 21. Responsibility of a User of Credit Information

A user of credit information shall be responsible that it:

1) has included complete and true information in the database of the credit bureau, which conforms to the obligations specified in the customer contract;

2) according to the procedures stipulated by a credit bureau and in accordance with the requirements of this Law supplies current information to the credit bureau regarding the information included in its database;

3) has requested credit information only in such case when there are legal grounds for such action and the purpose for processing personal data specified in this Law has existed.

Section 22. Correction of Inaccuracies

(1) If a customer is of opinion that inaccurate information is included in the database of the credit bureau, it shall submit a written objection to the credit bureau or user of credit information.

(2) The customer may append copies of documents justifying objections to the written objection. If the written objection is submitted by a person authorised by the customer, the authorisation shall be certified notarially.

(3) If the customer submits a written objection in relation to the information included in the database of the credit bureau by mistake to the user of credit information:

1) the user of credit information shall examine it in accordance with procedures laid down in the Personal Data Protection Law and, without delay, notify the credit bureau that an objection of the customer has been received in relation to the particular information;

2) until a justified reply of the user of credit information is received, the credit bureau shall make note in its database that an objection of the customer has been received in relation to the information included in the database;

3) the user of credit information shall, within a month after receipt of an objection of the customer, examine it and provide a justified reply to the customer, sending a copy of the reply also to the credit bureau.

(4) If the customer submits a written objection in relation to the information included in the database of the credit bureau by mistake to the credit bureau:

1) the credit bureau shall verify whether the information included in its database conforms to the information supplied by the user of credit information;

2) the credit bureau shall send, without delay, a copy of the objection to the user of credit information, if the information included in its database conforms to the information supplied by the user of credit information;

3) until a justified reply of the user of credit information is received, the credit bureau shall make note in its database that an objection of the customer has been received in relation to the information included in the database;

4) the user of credit information shall, within a month from the day of receipt of the request of the credit bureau, examine the objection of the customer and provide a justified reply to the credit bureau and the customer.

(5) If after evaluating the written objection of the customer referred to in Paragraph four of this Section, the credit bureau establishes that the information included in its database does not conform to the information supplied by the user of credit information, or if the user of credit information informs the credit bureau that inaccurate information has been included in its database, then the credit bureau shall correct or delete such information and shall inform, without delay, such users of credit information regarding correcting or deletion of such information, to whom the credit bureau has supplied such information during the last 12 months.

(6) If the user of credit information, having evaluated the written objection of the customer referred to in Paragraph three or four of this Section in relation to the information included in the database of the credit bureau regarding the debt, informs the customer and the credit bureau that the objection is not justified, but the customer after receipt of the reply of the user of credit information informs the credit bureau that it does not agree with the reply of the user of credit information and still is of the opinion that inaccurate information regarding the debt has been included in the database of the credit bureau, the credit bureau shall make a note in its database that written objections of the customer against the existence or amount of the debt have been received.

(7) If the user of credit information, having evaluated the written objection of the customer referred to in Paragraph three or four of this Section in relation to other payment obligation that does not contain information regarding the debt, informs the credit bureau that the objection is unjustified, but the customer after receipt of the reply of the user of credit information does not agree with its reply and still is of the opinion that inaccurate information regarding the payment obligation has been included in the database of the credit bureau, the customer has the right, according to the rights provided for the customer in Section 16, Paragraph three of this Law, to request that the user of credit information deletes the respective information from the database of the credit bureau. The customer does not have the right to request the deletion of such information, if the user of credit information has legal grounds and purpose for inclusion of such information in the database of the credit bureau.

Section 23. Competence of the Data State Inspectorate

(1) The operation of a credit bureau shall be supervised by the Data State Inspectorate.

(2) Upon supervising the operation of a credit bureau, the Data State Inspectorate has the following rights:

1) to take a decision to suspend or cancel the operation of the licence;

2) to perform checks and audits at the credit bureau or with the persons specified in Section 9 of this Law, in relation to which the Data State Inspectorate has given a written consent for checking the operation of the credit bureau in accordance with the requirements of this Law and other laws and regulations;

3) to receive free of charge information and documents from the credit bureau or the persons specified in Section 9 of this Law, in relation to which the Data State Inspectorate has given a written consent for checking the operation of the credit bureau or for examination of the complaint received from a customer regarding the operation of the credit bureau;

4) to request that the information included in the database of the credit bureau by mistake or illegally is corrected or deleted;

5) upon deciding on the issues referred to in this Law, to request additional information that is necessary for taking of a decision;

6) to request checking of the information systems, equipment and procedures of the credit bureau and to determine an independent expert-examination for the studying of the issues to be checked;

7) to exercise other rights, which are provided for in the Personal Data Protection Law to the Data State Inspectorate in the field of personal data protection.

(3) Upon supervising the operation of a credit bureau, the Data State Inspectorate has the following duties:

1) to supervise the conformity of the operation of the credit bureau with the requirements of this Law and other laws and regulations;

2) to take decisions on the operation of the credit bureau and to examine complaints regarding the operation of the credit bureau;

3) to impose administrative punishments for violations in accordance with the procedures laid down in laws and regulations;

4) to decide on transfer of the accumulated credit information in accordance with Section 8, Paragraph four of this Law.

(4) An administrative deed issued by or an actual action of an official of the Data State Inspectorate may be contested to the director of the Data State Inspectorate. An administrative deed issued by or an actual action of the director, as well as a decision on the contested administrative deed or actual action may be appealed to a court in accordance with the procedures laid down in the Administrative Procedure Law.

Transitional Provisions

1. By 31 December 2014 the Cabinet shall issue the regulations referred to in Section 8, Paragraphs two and three of this Law.

2. A commercial company or a person who performs economic activity and provides any of the services referred to in Section 7, Paragraph one of this Law, but does not conform to the requirements of this Law regarding stock company as the supplier of such services or has not received a licence, shall ensure conformity with the respective requirements within a year after the day of coming into force of this Law. Until the licence is received, it is prohibited to supply the service referred to in Section 7, Paragraph one, Clause 2 of this Law. If conformity with the respective requirements of the law is not ensured within a year, the commercial company or the person who performs economic activity is prohibited to supply the service referred to in Section 7, Paragraph one, Clause 1 of this Law.

3. The conditions of Section 11 of this Law regarding the right of a user of a credit bureau to include information regarding the debt in the database of the credit bureau shall also apply to the debt, which exists on the day of coming into force of the law.

This Law shall come into force on 1 January 2015.

This Law has been adopted by the Saeima on 18 September 2014.

President A. Bērziņš

Adopted 8 October 2014

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¹ The Parliament of the Republic of Latvia

Translation © 2015 Valsts valodas centrs (State Language Centre)