National Consumer Credit Protection Act 2009

CHAPTER 3 - RESPONSIBLE LENDING CONDUCT  

PART 3-3 - LICENSEES THAT PROVIDE CREDIT ASSISTANCE IN RELATION TO CONSUMER LEASES  

Division 7 - Special rules for consumer leases for household goods  

SECTION 147B   WRITTEN DOCUMENTATION REQUIRED IN RELATION TO THE PRELIMINARY ASSESSMENT FOR A CONSUMER LEASE FOR HOUSEHOLD GOODS  

147B(1)    
If, in a preliminary assessment made for the purposes of paragraph 138(1)(c) or (2)(a) , the licensee assesses that a consumer lease for household goods is not unsuitable for a consumer, before providing credit assistance to the consumer by:

(a)    suggesting that the consumer apply for a particular consumer lease with a particular lessor; or

(b)    assisting the consumer to apply for a particular consumer lease with a particular lessor; or

(c)    suggesting that the consumer remain in a particular consumer lease with a particular lessor;

the licensee must document in writing and in accordance with any requirements determined by ASIC under subsection (2) :

(d)    the preliminary assessment; and

(e)    the inquiries and verification made for the purposes of paragraph 138(1)(d) or (2)(b) in relation to that preliminary assessment.

Civil penalty: 5,000 penalty units.

147B(2)    
ASIC may, by legislative instrument, determine the form in which the matters in paragraphs (1)(d) and (e) are to be documented in writing.

147B(3)    
Before making a determination under subsection (2) , ASIC must:

(a)    consult the Information Commissioner in relation to matters that relate to the privacy functions (within the meaning of the Australian Information Commissioner Act 2010 ); and

(b)    have regard to any submissions made by the Information Commissioner because of that consultation.