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 B - Ongoing supplies of credit information  

SECTION 133CU   REQUIREMENT TO SUPPLY  

133CU(1)    

If:

(a)    a licensee has supplied a credit reporting body (the CRB ) with mandatory credit information under this Division; and

(b)    on a later day (the trigger day ):

(i) the conditions (if any) prescribed by the regulations are not met for the licensee and the CRB; and

(ii) the licensee, or a member of a banking group of which the licensee is the head company, would reasonably be expected to have become aware that an event in an item of the following table has happened; and

(iii) the licensee is still an eligible licensee; and

(iv) an agreement of the kind referred to in paragraph 20Q(2)(a) of the Privacy Act 1988 is in force between the CRB and a body referred to in subparagraph (ii) of this paragraph;

the licensee must supply to the CRB the information referred to in that table item:

(c)    before the end of the latest of the following periods:

(i) the 45-day period starting on the trigger day;

(ii) if subsection (2) applies - the 14-day period starting on the cessation day referred to in that subsection;

(iii) if, because paragraph 133CV(1)(b) is no longer satisfied, subsection 133CV(1) ceases to provide the licensee with an exception to this subsection for the CRB - the 14-day period starting on the day that exception ceases to apply;

(iv) if the trigger day happens because of table item 3 and is before the licensee supplies the CRB with mandatory credit information under subsection 133CR(3) - the 90-day period starting on the trigger day; and

(d)    in accordance with the supply requirements; and

(e)    to the extent that the licensee is not prevented by the Privacy Act 1988 from doing so.

Ongoing supplies of mandatory credit information
Item	If this event happens:	This information must be supplied:
1	the need to correct any mandatory credit information the licensee has supplied under this Division to ensure that, having regard to a purpose for which the information is held by:	details of the corrected information
	(a)	the licensee; or
	(b)	a member of a banking group of which the licensee is the head company;
	the information is accurate, up-to-date, complete, relevant and not misleading
2	the payment of an overdue payment about which default information (within the meaning of the Privacy Act 1988 ) has been supplied under this Division	payment information (within the meaning of the Privacy Act 1988 ) relating to the payment
3	the opening of an eligible credit account with:	mandatory credit information for that account
	(a)	the licensee; or
	(b)	a member of a banking group of which the licensee is the head company;
	provided this happens after the second 1 July on which the licensee is an eligible licensee
4	financial hardship information comes into existence for an eligible credit account on or after the later of:	the financial hardship information
	(a)	1 July 2022; and
	(b)	the day after the first day mandatory credit information for the account is supplied by the licensee to the CRB under this Division
5	default information (within the meaning of the Privacy Act 1988 ) comes into existence for an eligible credit account for which mandatory credit information has previously been supplied by the licensee to the CRB under this Division	the default information
6	an event:	information that:
	(a)	of a kind prescribed by the regulations; and	(a)	is, or relates to, mandatory credit information; and
	(b)	that relates to eligible credit accounts or to the natural persons who hold those accounts	(b)	is of a kind prescribed by the regulations for that kind of event

Civil penalty: 5,000 penalty units.

133CU(2)    
For the purposes of subparagraph (1)(c)(ii) , this subsection applies if:

(a)    the licensee reasonably believes that the CRB is not complying with section 20Q of the Privacy Act 1988 on the trigger day; and

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

(c)    the licensee ceases to hold that belief on a day (the cessation day ) before the end of the 45-day period starting on the trigger day.

133CU(3)    
Supplies under subsection (1) of information relating to multiple events, or multiple trigger days, may be made together.

133CU(4)    
Subsection (1) applies whether the information referred to in the table is kept in or outside this jurisdiction.

133CU(5)    
Regulations made for the purposes of subparagraph (1)(b)(i) may make provision in relation to a matter by applying, adopting or incorporating, with or without modification, any matter contained in any other instrument or writing as in force or existing from time to time.

133CU(6)    
Subsection (5) has effect despite subsection 14(2) of the Legislation Act 2003 .