(1) A credit information provider shall take such steps as are prescribed by regulations under subsection (2) to verify the identity of credit information subjects who -

(a) make credit applications to, or credit agreements with, the credit information provider, or

(b) propose to give, or give, a guarantee or indemnity in connection with a credit agreement with the credit information provider.

(2) The Bank shall, following consultation with the Data Protection Commission and with the consent of the Minister, make regulations prescribing such steps as it appears to the Bank are reasonable to require a credit information provider to take to verify the identity of credit information subjects referred to in subsection (1).

(3) Regulations under subsection (2) may make different provision in relation to -

(a) different classes of credit information providers, or

(b) different classes of credit information subjects.