National Consumer Credit Protection Amendment (Mandatory Credit Reporting and Other Measures) Act 2021 (5 of 2021)

Schedule 2   Financial hardship and other amendments

Part 1   Financial hardship amendments

Privacy Act 1988

5   After subsection 6V(1)

Insert:

(1A) If an obligation of the individual to make a monthly payment is, or is taken by subsection (1B) to be, affected by a financial hardship arrangement, then repayment history information is to be determined by reference to that obligation as so affected.

Note: In this case, there may be financial hardship information: see subsections 6QA(4) and (5).

(1B) If, under a financial hardship arrangement, an individual is not required to make a monthly payment for a month, then, for the purposes of subsections (1) and (1A) and section 6QA:

(a) a monthly payment is taken to have been due and payable on the day on which it would have been due and payable apart from the arrangement; and

(b) the individual is taken to have met the obligation to make the monthly payment; and

(c) the obligation to make the monthly payment is taken to be affected by the arrangement.