National Consumer Credit Protection Act 2009

CHAPTER 3 - RESPONSIBLE LENDING CONDUCT  

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

Division 4 - Reporting to the Minister  

SECTION 133CZC   REPORTS ABOUT INITIAL BULK SUPPLIES OF CREDIT INFORMATION  

133CZC(1)    
A licensee who is required under subsection 133CR(1) or (3) to supply mandatory credit information must arrange:

(a)    for the preparation of a written statement containing information of the kinds prescribed by the regulations relating to:

(i) the mandatory credit information; or

(ii) the eligible credit accounts to which the mandatory credit information relates; and

(b)    for a person appointed under section 133CZD to audit that statement and prepare a written report of the audit; and

(c)    for that statement and audit report to be given to the Minister within 6 months after the 1 July referred to in that subsection.

Civil penalty: 5,000 penalty units.

133CZC(2)    
A credit reporting body to whom mandatory credit information is required under subsection 133CR(1) or (3) to be supplied must arrange:

(a)    for the preparation of a written statement containing information of the kinds prescribed by the regulations relating to:

(i) the mandatory credit information; or

(ii) the eligible credit accounts to which the mandatory credit information relates; and

(b)    for a person appointed under section 133CZD to audit that statement and prepare a written report of the audit; and

(c)    for that statement and audit report to be given to the Minister within 6 months after the 1 July referred to in that subsection.

Civil penalty: 5,000 penalty units.

133CZC(3)    
For the purposes of subsection (1) or (2), disregard section 133CS when working out whether a person is required under subsection 133CR(1) or (3) to supply mandatory credit information to another person.