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4.Requirements for inquiring about the Exchanged Data
- An inquirer may inquire about and obtain a data subject’s negative credit data only for the purpose of credit extension business. It shall obtain the written or electronic consent in advance from the data subject agreeing to the collection, processing and use of its exchanged credit data by a manager and an inquirer, and shall expressly inform the data subject of the contents of the consent and the information required under the Personal Data Protection Act, Consumer Protection Act, and the laws and regulations relating to finance and securities.
- A template of the terms of the data subject’s consent mentioned in the preceding subparagraph, as amended from time to time, is jointly drafted by the managers, the Bankers Association of the Republic of China and Taiwan Securities Association, and submitted to the competent authority for approval.
- For purpose of subparagraph (1), credit extension business refers to extending loans, extending overdraft facilities, discounting bills and notes, extending guarantees, accepting drafts plus more by financial institutions (excluding credit card and non-recourse factoring of accounts receivable), and to margin trading, securities business money lending, and non-restricted purpose loans along with others by securities firms.
- An inquirer having inquired about and obtained the data shall, whether the transaction is approved or not, retain for five years from the date of inquiry the data subject’s consent mentioned in subparagraph (1) and data sufficient to prove it is in connection with the data subject’s credit extension business, and provide said consent and data at the request of the relevant manager.
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