National Consumer Credit Protection Act 2009

CHAPTER 3 - RESPONSIBLE LENDING CONDUCT  

PART 3-4 - LICENSEES THAT ARE LESSORS UNDER CONSUMER LEASES  

Division 5 - Special rules for consumer leases for household goods  

SECTION 156C   WRITTEN DOCUMENTATION REQUIRED IN RELATION TO THE ASSESSMENT FOR A CONSUMER LEASE FOR HOUSEHOLD GOODS  

156C(1)    
If, in an assessment made for the purposes of paragraph 151(c) , the licensee assesses that a consumer lease for household goods is not unsuitable for a consumer, before:

(a)    entering into the consumer lease with the consumer; or

(b)    making an unconditional representation to the consumer that the licensee considers that the consumer is eligible to enter a consumer lease with the licensee;

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

(c)    the assessment; and

(d)    the inquiries and verification made for the purposes of paragraph 151(d) in relation to that assessment.

Civil penalty: 5,000 penalty units.

156C(2)    
ASIC may, by legislative instrument, determine the form in which the matters in paragraphs (1)(c) and (d) are to be documented in writing.

156C(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.