National Consumer Credit Protection Amendment (Mandatory Credit Reporting and Other Measures) Act 2021 (5 of 2021)

Schedule 1   Main amendments

National Consumer Credit Protection Act 2009

8   At the end of section 266

Add:

(2) ASIC may give to:

(a) a Part 3-2CA body that is, or has been, subject to a requirement under Part 3-2CA (other than Division 4), either alone or together with any other person or persons; or

(b) a representative, banker, lawyer or auditor of a person referred to in paragraph (a);

a written notice requiring the production to a specified ASIC member or ASIC staff member, at a specified place and time, of specified books relating to:

(c) information, or a statement, to which that requirement relates; or

(d) the character or financial situation of, or a business carried on by, a person who is, or has been, subject to that requirement.

Note 1: Part 3-2CA is about mandatory comprehensive credit reporting.

Note 2: Failure to comply with a requirement made under this subsection is an offence (see section 290).