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 133CW  

133CW   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 trigger day referred to in subsection 133CU(1) ; 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 any day after the trigger day;

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 ceased to hold that belief.

Civil penalty: 5,000 penalty units.