National Consumer Credit Protection Act 2009

CHAPTER 3 - RESPONSIBLE LENDING CONDUCT  

PART 3-2CA - LICENSEES SUPPLYING CREDIT INFORMATION TO CREDIT REPORTING BODIES ETC.  

Division 2 - Supplying credit information to credit reporting bodies etc.  

Subdivision A - Initial bulk supplies of credit information  

SECTION 133CT  

133CT   LICENSEE MUST GIVE NOTICE IF CREDIT REPORTING BODY LATER COMPLIES WITH INFORMATION SECURITY REQUIREMENTS  

If:

(a)    an eligible licensee reasonably believes that an eligible credit reporting body for the licensee is not complying with section 20Q of the Privacy Act 1988 on the first or second 1 July on which the licensee is an eligible licensee; and

(b)    the licensee complies with paragraphs 133CS(2)(a) and (b) in relation to that belief; and

(c)    the licensee ceases to hold that belief:

(i) in the case of subsection 133CR(1) - on a day during the 90-day period starting on that first 1 July; or

(ii) in the case of subsection 133CR(3) - on any day after that second 1 July;

the licensee must:

(d)    prepare a written notice:

(i) stating that the licensee has ceased to hold that belief; and

(ii) setting out the licensee ' s reasons for ceasing to hold that belief; and

(e)    give that notice to the body, and a copy to the Information Commissioner and ASIC, within 7 days after the day the licensee ceases to hold that belief.

Civil penalty: 5,000 penalty units.