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This is a Bill, not an Act. For current law, see the Acts databases.
2019
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
National Consumer Credit Protection
Amendment (Mandatory Credit
Reporting and Other Measures) Bill 2019
No. , 2019
(Treasury)
A Bill for an Act to amend the law relating to credit
reporting, and for other purposes
No. , 2019
National Consumer Credit Protection Amendment (Mandatory Credit
Reporting and Other Measures) Bill 2019
i
Contents
1
Short title ........................................................................................... 1
2
Commencement ................................................................................. 1
3
Schedules ........................................................................................... 2
Schedule 1--Main amendments
3
National Consumer Credit Protection Act 2009
3
Privacy Act 1988
26
Schedule 2--Financial hardship and other amendments
28
Part 1--Financial hardship amendments
28
Privacy Act 1988
28
Part 2--Related amendments
33
National Consumer Credit Protection Act 2009
33
National Consumer Credit Protection (Transitional and
Consequential Provisions) Act 2009
34
Part 3--Other amendments
36
Privacy Act 1988
36
No. , 2019
National Consumer Credit Protection Amendment (Mandatory Credit
Reporting and Other Measures) Bill 2019
1
A Bill for an Act to amend the law relating to credit
1
reporting, and for other purposes
2
The Parliament of Australia enacts:
3
1 Short title
4
This Act is the
National Consumer Credit Protection Amendment
5
(Mandatory Credit Reporting and Other Measures)
Act 2019.
6
2 Commencement
7
(1) Each provision of this Act specified in column 1 of the table
8
commences, or is taken to have commenced, in accordance with
9
column 2 of the table. Any other statement in column 2 has effect
10
according to its terms.
11
12
2
National Consumer Credit Protection Amendment (Mandatory Credit
Reporting and Other Measures) Bill 2019
No. , 2019
Commencement information
Column 1
Column 2
Column 3
Provisions
Commencement
Date/Details
1. Sections 1 to 3
and anything in
this Act not
elsewhere covered
by this table
The day this Act receives the Royal Assent.
2. Schedule 1
The day after this Act receives the Royal
Assent.
3. Schedule 2,
Part 1
The later of:
(a) the day after this Act receives the Royal
Assent; and
(b) 1 April 2021.
4. Schedule 2,
Part 2
Immediately after the commencement of the
provisions covered by table item 3.
5. Schedule 2,
Part 3
The day after this Act receives the Royal
Assent.
Note:
This table relates only to the provisions of this Act as originally
1
enacted. It will not be amended to deal with any later amendments of
2
this Act.
3
(2) Any information in column 3 of the table is not part of this Act.
4
Information may be inserted in this column, or information in it
5
may be edited, in any published version of this Act.
6
3 Schedules
7
Legislation that is specified in a Schedule to this Act is amended or
8
repealed as set out in the applicable items in the Schedule
9
concerned, and any other item in a Schedule to this Act has effect
10
according to its terms.
11
Main amendments
Schedule 1
No. , 2019
National Consumer Credit Protection Amendment (Mandatory Credit
Reporting and Other Measures) Bill 2019
3
Schedule 1--Main amendments
1
2
National Consumer Credit Protection Act 2009
3
1 Subsection 5(1)
4
Insert:
5
banking group
means a relevant group of bodies corporate (within
6
the meaning of the
Banking Act 1959
) that includes a body
7
corporate covered by paragraph 133CN(1)(a) (about large ADIs).
8
credit information
has the same meaning as in the
Privacy Act
9
1988
.
10
2 Subsection 5(1) (definition of
credit provider
)
11
Repeal the definition, substitute:
12
credit provider
:
13
(a) when used in Part 3-2CA--has the same meaning as in the
14
Privacy Act 1988
; and
15
(b) otherwise--has the same meaning as in section 204 of the
16
National Credit Code, and includes a person who is a credit
17
provider because of section 10 of this Act.
18
3 Subsection 5(1)
19
Insert:
20
credit reporting body
has the same meaning as in the
Privacy Act
21
1988
.
22
declaration of contravention
means a declaration made under
23
section 166.
24
eligible credit account
: see section 133CO.
25
eligible credit reporting body
: see subsection 133CN(2).
26
eligible licensee
: see subsection 133CN(1).
27
Schedule 1
Main amendments
4
National Consumer Credit Protection Amendment (Mandatory Credit
Reporting and Other Measures) Bill 2019
No. , 2019
evidential burden
, in relation to a matter, means the burden of
1
adducing or pointing to evidence that suggests a reasonable
2
possibility that the matter exists or does not exist.
3
head company
, of a banking group, means the member of the
4
group covered by paragraph 133CN(1)(a) (about large ADIs).
5
large ADI
has the same meaning as in the
Banking Act 1959
.
6
mandatory credit information
: see section 133CP.
7
Part 3-2CA body
: see section 133CZF.
8
personal information
has the same meaning as in the
Privacy Act
9
1988
.
10
sensitive information
has the same meaning as in the
Privacy Act
11
1988
.
12
supply requirements
: see section 133CQ.
13
4 After Part 3-2C
14
Insert:
15
Part 3-2CA--Licensees supplying credit
16
information to credit reporting bodies etc.
17
Division 1--Introduction
18
133CM Guide to this Part
19
This Part has rules that apply to licensees that are large ADIs or are
20
of a prescribed kind.
21
Each licensee must supply certain information to eligible credit
22
reporting bodies about all of the open credit accounts held with the
23
licensee or with other members of the licensee's corporate group.
24
Each licensee must then supply updated information to those credit
25
reporting bodies on an ongoing basis.
26
Main amendments
Schedule 1
No. , 2019
National Consumer Credit Protection Amendment (Mandatory Credit
Reporting and Other Measures) Bill 2019
5
Conditions may need to be met before the credit reporting bodies
1
who are supplied with this information can further disclose this
2
information to credit providers.
3
This Part applies in addition to the
Privacy Act 1988
.
4
133CN Meanings of
eligible licensee
and
eligible credit reporting body
5
(1) A licensee is an
eligible licensee
, on 1 April 2020 or a later day, if
6
on that day the licensee:
7
(a) is a large ADI, or is a body corporate of a kind prescribed by
8
the regulations; and
9
(b) is a credit provider.
10
(2) A credit reporting body is an
eligible credit reporting body
for a
11
licensee if:
12
(a) the following conditions are met:
13
(i) an agreement of the kind referred to in
14
paragraph 20Q(2)(a) of the
Privacy Act 1988
between
15
the body and the licensee was in force on 2 November
16
2017;
17
(ii) the licensee is an eligible licensee on 1 April 2020; or
18
(b) the conditions (if any) prescribed by the regulations are met.
19
133CO Meaning of
eligible credit account
20
(1) An
eligible credit account
is an account that:
21
(a) relates to the provision, or possible provision, of consumer
22
credit (within the meaning of the
Privacy Act 1988
); and
23
(b) is held by one or more natural persons with a credit provider;
24
and
25
(c) is not of a kind determined under subsection (2).
26
(2) ASIC may, by legislative instrument, determine one or more kinds
27
of account for the purposes of paragraph (1)(c).
28
Schedule 1
Main amendments
6
National Consumer Credit Protection Amendment (Mandatory Credit
Reporting and Other Measures) Bill 2019
No. , 2019
133CP Meaning of
mandatory credit information
1
(1)
Mandatory credit information
, for eligible credit accounts held by
2
natural persons with a credit provider, is personal information
3
(other than sensitive information) for those accounts that is:
4
(a) identification information (within the meaning of the
Privacy
5
Act 1988
) about the natural persons; or
6
(b) consumer credit liability information (within the meaning of
7
the
Privacy Act 1988
) about the natural persons; or
8
(c) repayment history information (within the meaning of the
9
Privacy Act 1988
) about the natural persons; or
10
(e) default information (within the meaning of the
Privacy Act
11
1988
) about the natural persons; or
12
(f) payment information (within the meaning of the
Privacy Act
13
1988
) about the natural persons; or
14
(g) new arrangement information (within the meaning of the
15
Privacy Act 1988
) about the natural persons.
16
(2) Despite paragraph (1)(c),
mandatory credit information
does not
17
include repayment history information (within the meaning of the
18
Privacy Act 1988
) that comes into existence more than 3 months
19
before the first 1 April on which:
20
(a) if the credit provider is a member of a banking group--the
21
head company of the group is an eligible licensee; or
22
(b) otherwise--the credit provider is an eligible licensee.
23
(4) Despite paragraph (1)(e),
mandatory credit information
does not
24
include default information (within the meaning of the
Privacy Act
25
1988
) that comes into existence before the first 1 April on which:
26
(a) if the credit provider is a member of a banking group--the
27
head company of the group is an eligible licensee; or
28
(b) otherwise--the credit provider is an eligible licensee.
29
133CQ Meaning of
supply requirements
30
(1) Information is supplied in accordance with the
supply
31
requirements
if the supply is in accordance with:
32
(a) the registered CR code (within the meaning of the
Privacy
33
Act 1988
); and
34
Main amendments
Schedule 1
No. , 2019
National Consumer Credit Protection Amendment (Mandatory Credit
Reporting and Other Measures) Bill 2019
7
(b) any determination under subsection (2); and
1
(c) any technical standards approved under subsection (4).
2
(2) For one or more kinds of information to be supplied under this
3
Part, ASIC may, by legislative instrument, determine particulars of
4
the information that must be included in the supply.
5
(3) Despite subsection 14(2) of the
Legislation Act 2003
, a
6
determination under subsection (2) may make provision in relation
7
to a matter by applying, adopting or incorporating, with or without
8
modification, any matter contained in any other instrument or
9
writing as in force or existing from time to time.
10
(4) ASIC may, in writing, approve technical standards for supplying
11
one or more kinds of information under this Part.
12
(5) If there is an inconsistency between:
13
(a) the registered CR code (within the meaning of the
Privacy
14
Act 1988
); and
15
(b) a determination under subsection (2) or a technical standard
16
approved under subsection (4);
17
the registered CR code prevails to the extent of the inconsistency.
18
Division 2--Supplying credit information to credit
19
reporting bodies etc.
20
Subdivision A--Initial bulk supplies of credit information
21
133CR Requirement to supply
22
First bulk supply for at least 50% of total eligible credit accounts
23
(1) An eligible licensee must supply mandatory credit information for
24
the accounts referred to in subsection (2) to each eligible credit
25
reporting body (
CRB
) for the licensee:
26
(a) before the end of the later of the following periods:
27
(i) the 90-day period starting on the first 1 April on which
28
the licensee is an eligible licensee;
29
(ii) if subsection (5) applies--the 14-day period starting on
30
the cessation day referred to in that subsection; and
31
Schedule 1
Main amendments
8
National Consumer Credit Protection Amendment (Mandatory Credit
Reporting and Other Measures) Bill 2019
No. , 2019
(b) in accordance with the supply requirements; and
1
(c) to the extent that the licensee is not prevented by the
Privacy
2
Act 1988
from doing so.
3
Civil penalty:
5,000 penalty units.
4
(2) For the purposes of subsection (1), the accounts are at least 50% of
5
all of the eligible credit accounts held:
6
(a) on the first 1 April on which the licensee is an eligible
7
licensee; and
8
(b) with the licensee, or with a member of a banking group of
9
which the licensee is the head company.
10
The licensee may choose which eligible credit accounts make up
11
this 50%.
12
Bulk supply for remaining eligible credit accounts
13
(3) An eligible licensee must supply mandatory credit information for
14
the accounts referred to in subsection (4) to each eligible credit
15
reporting body (
CRB
) for the licensee:
16
(a) before the end of the latest of the following periods:
17
(i) the 90-day period starting on the second 1 April on
18
which the licensee is an eligible licensee;
19
(ii) if subsection (5) applies--the 14-day period starting on
20
the cessation day referred to in that subsection;
21
(iii) if, because paragraph 133CS(1)(b) is no longer satisfied,
22
subsection 133CS(1) ceases to provide the licensee with
23
an exception to this subsection for the CRB--the 14-day
24
period starting on the day that exception ceases to
25
apply; and
26
(b) in accordance with the supply requirements; and
27
(c) to the extent that the licensee is not prevented by the
Privacy
28
Act 1988
from doing so.
29
Civil penalty:
5,000 penalty units.
30
(4) For the purposes of subsection (3), the accounts are all of the
31
eligible credit accounts held:
32
(a) on the second 1 April on which the licensee is an eligible
33
licensee; and
34
Main amendments
Schedule 1
No. , 2019
National Consumer Credit Protection Amendment (Mandatory Credit
Reporting and Other Measures) Bill 2019
9
(b) with the licensee, or with a member of a banking group of
1
which the licensee is the head company;
2
for which mandatory credit information was not supplied under
3
subsection (1) to the CRB.
4
Possible extension of time if credit reporting body later complies
5
with information security requirements before end of 90-day period
6
(5) For the purposes of subsection (1) or (3), this subsection applies if:
7
(a) the licensee reasonably believes that the CRB is not
8
complying with section 20Q of the
Privacy Act 1988
on the
9
1 April referred to in that subsection; and
10
(b) the licensee complies with paragraphs 133CS(2)(a) and (b) in
11
relation to that belief; and
12
(c) the licensee ceases to hold that belief on a day (the
cessation
13
day
) before the end of the 90-day period starting on that
14
1 April.
15
Requirements apply whether the information is kept in or outside
16
this jurisdiction
17
(6) Subsection (1) or (3) applies whether the mandatory credit
18
information is kept in or outside this jurisdiction.
19
133CS Exception if credit reporting body not complying with
20
information security requirements
21
(1) Subsection 133CR(1) or (3) does not apply, and is taken never to
22
have applied, to a licensee for a credit reporting body if:
23
(a) the licensee reasonably believes that the body is not
24
complying with section 20Q of the
Privacy Act 1988
:
25
(i) on the 1 April referred to in that subsection; and
26
(ii) on the last day of the 90-day period starting on that
27
1 April; and
28
(b) in the case of subsection 133CR(3)--the licensee continues
29
to hold that belief after that 90-day period; and
30
(c) the licensee satisfies subsection (2) of this section.
31
Note 1:
Paragraph (b) means that, if the licensee ceases to hold that belief after
32
the 90-day period starting on the 1 April in subsection 133CR(3), this
33
Schedule 1
Main amendments
10
National Consumer Credit Protection Amendment (Mandatory Credit
Reporting and Other Measures) Bill 2019
No. , 2019
exception will cease to apply and the supply requirement in
1
subsection 133CR(3) will apply.
2
Note 2:
A person who wishes to rely on this subsection bears an evidential
3
burden in relation to the matters in this subsection (see subsection (3)
4
of this section and subsection 13.3(3) of the
Criminal Code
).
5
(2) The licensee satisfies this subsection if:
6
(a) the licensee prepares a written notice:
7
(i) stating that the licensee reasonably believes that the
8
credit reporting body is not complying with section 20Q
9
of the
Privacy Act 1988
on that 1 April; and
10
(ii) setting out the licensee's reasons for that belief; and
11
(iii) stating that the body may try to convince the licensee
12
otherwise, but that in the case of subsection 133CR(1)
13
the body will need to do so before the end of the 90-day
14
period starting on that 1 April; and
15
(b) the licensee gives that notice to the body, and a copy to the
16
Information Commissioner and ASIC, within 7 days after
17
that 1 April; and
18
(c) the licensee prepares a written notice (the
final notice
):
19
(i) stating that the licensee reasonably believes that the
20
body is not complying with section 20Q of the
Privacy
21
Act 1988
on the last day of that 90-day period; and
22
(ii) setting out the licensee's reasons for that belief; and
23
(d) the licensee gives the final notice to the body, and a copy to
24
the Information Commissioner and ASIC, within 7 days after
25
the last day of that 90-day period.
26
(3) A licensee who wishes to rely on subsection (1) in proceedings for
27
a declaration of contravention or a pecuniary penalty order bears an
28
evidential burden in relation to the matters in that subsection.
29
133CT Licensee must give notice if credit reporting body later
30
complies with information security requirements
31
If:
32
(a) an eligible licensee reasonably believes that an eligible credit
33
reporting body for the licensee is not complying with
34
section 20Q of the
Privacy Act 1988
on the first or second
35
1 April on which the licensee is an eligible licensee; and
36
Main amendments
Schedule 1
No. , 2019
National Consumer Credit Protection Amendment (Mandatory Credit
Reporting and Other Measures) Bill 2019
11
(b) the licensee complies with paragraphs 133CS(2)(a) and (b) in
1
relation to that belief; and
2
(c) the licensee ceases to hold that belief:
3
(i) in the case of subsection 133CR(1)--on a day during
4
the 90-day period starting on that first 1 April; or
5
(ii) in the case of subsection 133CR(3)--on any day after
6
that second 1 April;
7
the licensee must:
8
(d) prepare a written notice:
9
(i) stating that the licensee has ceased to hold that belief;
10
and
11
(ii) setting out the licensee's reasons for ceasing to hold that
12
belief; and
13
(e) give that notice to the body, and a copy to the Information
14
Commissioner and ASIC, within 7 days after the day the
15
licensee ceases to hold that belief.
16
Civil penalty:
5,000 penalty units.
17
Subdivision B--Ongoing supplies of credit information
18
133CU Requirement to supply
19
(1) If:
20
(a) a licensee has supplied a credit reporting body (the
CRB
)
21
with mandatory credit information under this Division; and
22
(b) on a later day (the
trigger day
):
23
(i) the conditions (if any) prescribed by the regulations are
24
not met for the licensee and the CRB; and
25
(ii) the licensee, or a member of a banking group of which
26
the licensee is the head company, would reasonably be
27
expected to have become aware that an event in an item
28
of the following table has happened; and
29
(iii) the licensee is still an eligible licensee; and
30
(iv) an agreement of the kind referred to in
31
paragraph 20Q(2)(a) of the
Privacy Act 1988
is in force
32
between the CRB and a body referred to in
33
subparagraph (ii) of this paragraph;
34
Schedule 1
Main amendments
12
National Consumer Credit Protection Amendment (Mandatory Credit
Reporting and Other Measures) Bill 2019
No. , 2019
the licensee must supply to the CRB the information referred to in
1
that table item:
2
(c) before the end of the latest of the following periods:
3
(i) the 45-day period starting on the trigger day;
4
(ii) if subsection (2) applies--the 14-day period starting on
5
the cessation day referred to in that subsection;
6
(iii) if, because paragraph 133CV(1)(b) is no longer
7
satisfied, subsection 133CV(1) ceases to provide the
8
licensee with an exception to this subsection for the
9
CRB--the 14-day period starting on the day that
10
exception ceases to apply;
11
(iv) if the trigger day happens because of table item 3 and is
12
before the licensee supplies the CRB with mandatory
13
credit information under subsection 133CR(3)--the
14
90-day period starting on the trigger day; and
15
(d) in accordance with the supply requirements; and
16
(e) to the extent that the licensee is not prevented by the
Privacy
17
Act 1988
from doing so.
18
19
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:
(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
details of the corrected
information
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
Main amendments
Schedule 1
No. , 2019
National Consumer Credit Protection Amendment (Mandatory Credit
Reporting and Other Measures) Bill 2019
13
Ongoing supplies of mandatory credit information
Item
If this event happens:
This information must be
supplied:
(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 April on which the licensee is an eligible
licensee
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:
(a) of a kind prescribed by the regulations;
and
(b) that relates to eligible credit accounts
or to the natural persons who hold
those accounts
information that:
(a) is, or relates to, mandatory
credit information; and
(b) is of a kind prescribed by the
regulations for that kind of
event
Civil penalty:
5,000 penalty units.
1
(2) For the purposes of subparagraph (1)(c)(ii), this subsection applies
2
if:
3
(a) the licensee reasonably believes that the CRB is not
4
complying with section 20Q of the
Privacy Act 1988
on the
5
trigger day; and
6
(b) the licensee complies with paragraphs 133CV(2)(a) and (b)
7
in relation to that belief; and
8
(c) the licensee ceases to hold that belief on a day (the
cessation
9
day
) before the end of the 45-day period starting on the
10
trigger day.
11
(3) Supplies under subsection (1) of information relating to multiple
12
events, or multiple trigger days, may be made together.
13
(4) Subsection (1) applies whether the information referred to in the
14
table is kept in or outside this jurisdiction.
15
Schedule 1
Main amendments
14
National Consumer Credit Protection Amendment (Mandatory Credit
Reporting and Other Measures) Bill 2019
No. , 2019
(5) Regulations made for the purposes of subparagraph (1)(b)(i) may
1
make provision in relation to a matter by applying, adopting or
2
incorporating, with or without modification, any matter contained
3
in any other instrument or writing as in force or existing from time
4
to time.
5
(6) Subsection (5) has effect despite subsection 14(2) of the
6
Legislation Act 2003
.
7
133CV Exception if credit reporting body not complying with
8
information security requirements
9
(1) Subsection 133CU(1) does not apply, and is taken never to have
10
applied, to a licensee for a credit reporting body if:
11
(a) the licensee reasonably believes that the body is not
12
complying with section 20Q of the
Privacy Act 1988
:
13
(i) on the trigger day referred to in that subsection; and
14
(ii) on the last day of the 45-day period starting on the
15
trigger day; and
16
(b) the licensee continues to hold that belief after that 45-day
17
period; and
18
(c) the licensee satisfies subsection (2) of this section.
19
Note 1:
Paragraph (b) means that, if the licensee ceases to hold that belief after
20
that 45-day period, this exception will cease to apply and the supply
21
requirement in subsection 133CU(1) will apply.
22
Note 2:
A person who wishes to rely on this subsection bears an evidential
23
burden in relation to the matters in this subsection (see subsection (3)
24
of this section and subsection 13.3(3) of the
Criminal Code
).
25
(2) The licensee satisfies this subsection if:
26
(a) the licensee prepares a written notice:
27
(i) stating that the licensee reasonably believes that the
28
body is not complying with section 20Q of the
Privacy
29
Act 1988
on the trigger day; and
30
(ii) setting out the licensee's reasons for that belief; and
31
(iii) stating that the body may try to convince the licensee
32
otherwise; and
33
(b) the licensee gives that notice to the body, and a copy to the
34
Information Commissioner and ASIC, within 7 days after the
35
trigger day; and
36
Main amendments
Schedule 1
No. , 2019
National Consumer Credit Protection Amendment (Mandatory Credit
Reporting and Other Measures) Bill 2019
15
(c) the licensee prepares a written notice (the
final notice
):
1
(i) stating that the licensee reasonably believes that the
2
body is not complying with section 20Q of the
Privacy
3
Act 1988
on the last day of that 45-day period; and
4
(ii) setting out the licensee's reasons for that belief; and
5
(d) the licensee gives the final notice to the body, and a copy to
6
the Information Commissioner and ASIC, within 7 days after
7
the last day of that 45-day period.
8
(3) A licensee who wishes to rely on subsection (1) in proceedings for
9
a declaration of contravention or a pecuniary penalty order bears an
10
evidential burden in relation to the matters in that subsection.
11
(4) Subsection 21U(2) of the
Privacy Act 1988
does not require a
12
licensee to give a credit reporting body notice of a correction of
13
certain information if:
14
(a) subsection (1) of this section is providing the licensee with an
15
exception from a requirement under subsection 133CU(1) of
16
this Act; and
17
(b) that requirement is to supply the corrected information to the
18
body;
19
unless the reason under subsection 21U(1) of the
Privacy Act 1988
20
for the correction is that the information is inaccurate, and it was
21
inaccurate when earlier supplied to the body under this Division.
22
133CW Licensee must give notice if credit reporting body later
23
complies with information security requirements
24
If:
25
(a) an eligible licensee reasonably believes that an eligible credit
26
reporting body for the licensee is not complying with
27
section 20Q of the
Privacy Act 1988
on the trigger day
28
referred to in subsection 133CU(1); and
29
(b) the licensee complies with paragraphs 133CV(2)(a) and (b)
30
in relation to that belief; and
31
(c) the licensee ceases to hold that belief on any day after the
32
trigger day;
33
the licensee must:
34
(d) prepare a written notice:
35
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National Consumer Credit Protection Amendment (Mandatory Credit
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(i) stating that the licensee has ceased to hold that belief;
1
and
2
(ii) setting out the licensee's reasons for ceasing to hold that
3
belief; and
4
(e) give that notice to the body, and a copy to the Information
5
Commissioner and ASIC, within 7 days after the day the
6
licensee ceased to hold that belief.
7
Civil penalty:
5,000 penalty units.
8
Subdivision C--Offences
9
133CX Offence relating to initial bulk supplies
10
(1) A person commits an offence if:
11
(a) the person is subject to a requirement under
12
subsection 133CR(1) or (3); and
13
(b) the person engages in conduct; and
14
(c) the conduct contravenes the requirement.
15
Criminal penalty:
100 penalty units.
16
(2) Section 14.1 of the
Criminal Code
does not apply to an offence
17
against subsection (1).
18
Note:
For an exception to an offence against subsection (1), see
19
subsection 133CS(1). A defendant bears an evidential burden in
20
relation to the matters in subsection 133CS(1) (see subsection 13.3(3)
21
of the
Criminal Code
).
22
133CY Offence relating to ongoing supplies
23
(1) A person commits an offence if:
24
(a) the person is subject to a requirement under
25
subsection 133CU(1); and
26
(b) the person engages in conduct; and
27
(c) the conduct contravenes the requirement.
28
Criminal penalty:
100 penalty units.
29
(2) Section 14.1 of the
Criminal Code
does not apply to an offence
30
against subsection (1).
31
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17
Note:
For an exception to an offence against subsection (1), see
1
subsection 133CV(1). A defendant bears an evidential burden in
2
relation to the matters in subsection 133CV(1) (see subsection 13.3(3)
3
of the
Criminal Code
).
4
133CZ Offence relating to giving notice if credit reporting body
5
later complies with information security requirements
6
A person commits an offence if:
7
(a) the person is subject to a requirement under section 133CT or
8
133CW; and
9
(b) the person engages in conduct; and
10
(c) the conduct contravenes the requirement.
11
Criminal penalty:
100 penalty units.
12
Division 3--Conditions on credit reporting bodies
13
on-disclosing credit information
14
133CZA On-disclosing information supplied under Division 2 etc.
15
(1) This section applies to a credit reporting body in relation to the
16
following information (the
protected information
):
17
(a) any information that the credit reporting body is supplied
18
under Division 2;
19
(b) any CRB derived information (within the meaning of the
20
Privacy Act 1988
) that is derived from information that the
21
credit reporting body is supplied under Division 2.
22
When protected information must not be disclosed
23
(2) If the conditions prescribed by the regulations are met for the credit
24
reporting body and a credit provider, the credit reporting body
25
must not disclose to the credit provider so much of the protected
26
information as:
27
(a) is prescribed by the regulations; or
28
(b) is of a kind or kinds prescribed by the regulations.
29
Civil penalty:
5,000 penalty units.
30
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When protected information must be disclosed
1
(3) If the conditions prescribed by the regulations are met for the credit
2
reporting body and a credit provider, the credit reporting body
3
must disclose to the credit provider so much of the protected
4
information as:
5
(a) the regulations require to be disclosed; or
6
(b) is of a kind or kinds prescribed by the regulations;
7
and which the
Privacy Act 1988
does not prevent the credit
8
reporting body from disclosing.
9
Civil penalty:
5,000 penalty units.
10
(4) If the credit reporting body is required under subsection (3) to
11
disclose information, the credit reporting body must make the
12
disclosure by the time, and in accordance with the requirements,
13
prescribed by the regulations.
14
Civil penalty:
5,000 penalty units.
15
Incorporation of other instruments
16
(5) Regulations made for the purposes of subsection (2), (3) or (4) may
17
make provision in relation to a matter by applying, adopting or
18
incorporating, with or without modification, any matter contained
19
in any other instrument or writing as in force or existing from time
20
to time.
21
(6) Subsection (5) has effect despite subsection 14(2) of the
22
Legislation Act 2003
.
23
Matters regulations may deal with
24
(7) Without limiting subsection (2), (3) or (4), a matter prescribed for
25
the purposes of that subsection may depend on a person or body
26
being satisfied of one or more specified matters.
27
133CZB Offence
28
A person commits an offence if:
29
(a) the person is subject to a requirement under
30
subsection 133CZA(2), (3) or (4); and
31
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(b) the person engages in conduct; and
1
(c) the conduct contravenes the requirement.
2
Criminal penalty:
100 penalty units.
3
Division 4--Reporting to the Minister
4
133CZC Reports about initial bulk supplies of credit information
5
(1) A licensee who is required under subsection 133CR(1) or (3) to
6
supply mandatory credit information must arrange:
7
(a) for the preparation of a written statement containing
8
information of the kinds prescribed by the regulations
9
relating to:
10
(i) the mandatory credit information; or
11
(ii) the eligible credit accounts to which the mandatory
12
credit information relates; and
13
(b) for a person appointed under section 133CZD to audit that
14
statement and prepare a written report of the audit; and
15
(c) for that statement and audit report to be given to the Minister
16
within 6 months after the 1 April referred to in that
17
subsection.
18
Civil penalty:
5,000 penalty units.
19
(2) A credit reporting body to whom mandatory credit information is
20
required under subsection 133CR(1) or (3) to be supplied must
21
arrange:
22
(a) for the preparation of a written statement containing
23
information of the kinds prescribed by the regulations
24
relating to:
25
(i) the mandatory credit information; or
26
(ii) the eligible credit accounts to which the mandatory
27
credit information relates; and
28
(b) for a person appointed under section 133CZD to audit that
29
statement and prepare a written report of the audit; and
30
(c) for that statement and audit report to be given to the Minister
31
within 6 months after the 1 April referred to in that
32
subsection.
33
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National Consumer Credit Protection Amendment (Mandatory Credit
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No. , 2019
Civil penalty:
5,000 penalty units.
1
(3) For the purposes of subsection (1) or (2), disregard section 133CS
2
when working out whether a person is required under
3
subsection 133CR(1) or (3) to supply mandatory credit information
4
to another person.
5
133CZD Auditors
6
(1) ASIC may, in writing, appoint as auditors for the purposes of this
7
Division:
8
(a) one or more suitably qualified persons; or
9
(b) the members of one or more classes of suitably qualified
10
persons.
11
(2) The reasonable fees and expenses of an auditor for preparing an
12
audit report under this Division are payable by the person required
13
to arrange for the preparation of the statement to which the audit
14
report relates.
15
(3) The auditor may recover those fees by action against that person.
16
133CZE Offence
17
A person commits an offence if:
18
(a) the person is subject to a requirement under
19
subsection 133CZC(1) or (2); and
20
(b) the person engages in conduct; and
21
(c) the conduct contravenes the requirement.
22
Criminal penalty:
100 penalty units.
23
Division 5--Assisting ASIC
24
133CZF Meaning of
Part 3-2CA body
25
A
Part 3-2CA body
is a person that is or has been:
26
(a) an eligible licensee; or
27
(b) an eligible credit reporting body for a licensee.
28
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133CZG Obligation to provide a statement or obtain an audit report
1
if directed by ASIC
2
Notice to Part 3-2CA body to provide a statement
3
(1) ASIC may give a Part 3-2CA body a written notice directing the
4
body to lodge with ASIC a written statement containing specified
5
information about whether the body, or another Part 3-2CA body,
6
is complying with this Part (other than Division 4).
7
(2) Notices under subsection (1):
8
(a) may be given at any time; and
9
(b) may be given to one or more particular Part 3-2CA bodies, or
10
to each Part 3-2CA body in one or more classes of
11
Part 3-2CA bodies, or to all Part 3-2CA bodies; and
12
(c) may require all the same information, or may contain
13
differences as to the information they require; and
14
(d) may require a statement containing information to be given
15
on a periodic basis, or each time a particular event or
16
circumstance occurs, without ASIC having to give a further
17
written notice.
18
Notice to Part 3-2CA body to obtain an audit report
19
(3) ASIC may also give a Part 3-2CA body a written notice directing
20
the body to obtain an audit report prepared:
21
(a) by a suitably qualified person specified in the notice; and
22
(b) on a statement, or on each statement in a class of statements,
23
under subsection (1); and
24
(c) before the statement is given to ASIC.
25
(4) A notice under subsection (3) is not a legislative instrument.
26
Notice must specify day by which Part 3-2CA body must comply
27
(5) A notice given under this section must specify the day by which
28
the Part 3-2CA body must comply with the notice (which must be a
29
reasonable period after the notice is given). ASIC may extend the
30
day by giving a written notice to the Part 3-2CA body.
31
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Requirement to comply with notice
1
(6) The Part 3-2CA body must comply with a notice given under this
2
section within the time specified in the notice.
3
Civil penalty:
5,000 penalty units.
4
Offence
5
(7) A person commits an offence if:
6
(a) the person is subject to a requirement under subsection (6);
7
and
8
(b) the person engages in conduct; and
9
(c) the conduct contravenes the requirement.
10
Criminal penalty:
6 months imprisonment.
11
133CZH Obligation to give ASIC information required by the
12
regulations
13
Regulations may require Part 3-2CA body to give information
14
(1) The regulations may require:
15
(a) a Part 3-2CA body; or
16
(b) each Part 3-2CA body in a class of Part 3-2CA bodies;
17
to give ASIC specified information about whether the body, or
18
another Part 3-2CA body, is complying with this Part (other than
19
Division 4).
20
Requirement to comply with regulations
21
(2) If regulations under subsection (1) require a Part 3-2CA body to
22
give ASIC information, the body must give ASIC that information.
23
Civil penalty:
5,000 penalty units.
24
Offence
25
(3) A person commits an offence if:
26
(a) the person is subject to a requirement to give ASIC
27
information under subsection (2); and
28
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23
(b) the person engages in conduct; and
1
(c) the conduct contravenes the requirement.
2
Criminal penalty:
6 months imprisonment.
3
133CZI Obligation to provide ASIC with assistance if reasonably
4
requested
5
Requirement to provide assistance
6
(1) If ASIC, or a person authorised by ASIC, reasonably requests
7
assistance from a Part 3-2CA body (the
assisting body
) about
8
whether:
9
(a) the assisting body; or
10
(b) another Part 3-2CA body;
11
is complying with this Part (other than Division 4), the assisting
12
body must give ASIC or the authorised person the requested
13
assistance.
14
Civil penalty:
5,000 penalty units.
15
(2) If the request is in writing, it is not a legislative instrument.
16
Offence
17
(3) A person commits an offence if:
18
(a) the person is subject to a requirement to give ASIC or an
19
authorised person assistance under subsection (1); and
20
(b) the person engages in conduct; and
21
(c) the conduct contravenes the requirement.
22
Criminal penalty:
6 months imprisonment.
23
133CZJ Extended application of Division 4 of Part 2-5
24
(1) Division 4 of Part 2-5 also applies in relation to an audit report
25
required under subsection 133CZG(3) as if the substitutions in the
26
following table, and the modification in subsection (2) of this
27
section, were made.
28
29
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National Consumer Credit Protection Amendment (Mandatory Credit
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No. , 2019
Substitutions to be made
Item
For a reference in Division 4 of
Part 2-5 to:
substitute a reference to:
1
licensee
Part 3-2CA body
2
subsection 49(3)
subsection 133CZG(3)
3
financial records or other credit books
records
(2) For the purposes of subsection (1), assume that paragraphs
1
104(2)(a) and (b) were replaced with the following:
2
"(a) constitutes or may constitute a contravention of Part 3-2CA
3
(other than Division 4); or".
4
Division 6--Miscellaneous
5
133CZK This Part does not limit the
Privacy Act 1988
6
Subject to subsection 133CV(4), this Part does not limit the
7
operation of the
Privacy Act 1988
.
8
133CZL Review of the operation of this Part
9
(1) The Minister must cause an independent review to be conducted of
10
the operation of this Part.
11
(2) The persons who conduct the review must complete it, and give the
12
Minister a written report of the review, before 1 October 2023.
13
(3) The Minister must cause copies of the report to be tabled in each
14
House of the Parliament within 15 sitting days of that House after
15
the report is given to the Minister.
16
133CZM Main constitutional basis
17
The main constitutional basis for this Part is set out in Part 1-3.
18
133CZN Other constitutional bases
19
(1) Independently of section 133CZM, this Part also has effect as
20
provided by subsections (2), (3), (4) and (5).
21
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25
Other constitutional bases--eligible licensees
1
(2) This Part also has the effect it would have if a reference in it to an
2
eligible licensee were expressly confined to an eligible licensee
3
that is a corporation to which paragraph 51(xx) of the Constitution
4
applies.
5
(3) This Part also has the effect it would have if a reference in it to an
6
eligible licensee were expressly confined to an eligible licensee
7
acting:
8
(a) in the course of; or
9
(b) in relation to;
10
the carrying on of the business of banking, other than State banking
11
(within the meaning of paragraph 51(xiii) of the Constitution) not
12
extending beyond the limits of the State concerned.
13
Other constitutional bases--credit reporting bodies
14
(4) Division 3, subsection 133CZC(2) and Division 5 also have the
15
effect they would have if a reference in them to a credit reporting
16
body were expressly confined to a credit reporting body that is a
17
corporation to which paragraph 51(xx) of the Constitution applies.
18
(5) Division 3, subsection 133CZC(2) and Division 5 also have the
19
effect they would have if a reference in them to a credit reporting
20
body were expressly confined to a credit reporting body acting:
21
(a) in the course of; or
22
(b) in relation to;
23
the carrying on of the business of banking, other than State banking
24
(within the meaning of paragraph 51(xiii) of the Constitution) not
25
extending beyond the limits of the State concerned.
26
5 At the end of paragraph 265(2)(c)
27
Add:
28
(iii) is of a provision of Part 3-2CA (about mandatory
29
comprehensive credit reporting); or
30
6 Section 266 (at the end of the heading)
31
Add "
or credit reporting
".
32
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No. , 2019
7 Section 266
1
Before "ASIC may give", insert "(1)".
2
8 At the end of section 266
3
Add:
4
(2) ASIC may give to:
5
(a) a Part 3-2CA body that is, or has been, subject to a
6
requirement under Part 3-2CA (other than Division 4), either
7
alone or together with any other person or persons; or
8
(b) a representative, banker, lawyer or auditor of a person
9
referred to in paragraph (a);
10
a written notice requiring the production to a specified ASIC
11
member or ASIC staff member, at a specified place and time, of
12
specified books relating to:
13
(c) information, or a statement, to which that requirement
14
relates; or
15
(d) the character or financial situation of, or a business carried on
16
by, a person who is, or has been, subject to that requirement.
17
Note 1:
Part 3-2CA is about mandatory comprehensive credit reporting.
18
Note 2:
Failure to comply with a requirement made under this subsection is an
19
offence (see section 290).
20
9 Paragraph 267(1)(b)
21
After "paragraph 266(1)(d) or (e)", insert "or (2)(c) or (d)".
22
10 Paragraph 307(1)(b)
23
After "paragraph 266(1)(d) or (e)", insert "or (2)(c) or (d)".
24
Privacy Act 1988
25
11 At the end of section 20Q
26
Add:
27
(3) Without limiting subsection (1), if a credit reporting body holds
28
credit reporting information, the body must store the information:
29
(a) either:
30
(i) in Australia or an external Territory; or
31
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27
(ii) in accordance with any security requirements prescribed
1
by the regulations for storing the information outside of
2
Australia and the external Territories; and
3
(b) in accordance with any security requirements prescribed by
4
the regulations.
5
Note:
Requirements prescribed for paragraph (b) apply wherever the
6
information is stored.
7
Schedule 2
Financial hardship and other amendments
Part 1
Financial hardship amendments
28
National Consumer Credit Protection Amendment (Mandatory Credit
Reporting and Other Measures) Bill 2019
No. , 2019
Schedule 2--Financial hardship and other
1
amendments
2
Part 1--Financial hardship amendments
3
Privacy Act 1988
4
1 Subsection 6(1)
5
Insert:
6
financial hardship arrangement
has the meaning given by
7
subsection 6QA(1).
8
financial hardship information
has the meaning given by
9
subsection 6QA(4).
10
National Credit Code
has the same meaning as in the
National
11
Consumer Credit Protection Act 2009
.
12
2 Subsection 6(1) (definition of
residential property
)
13
Omit "(within the meaning of the
National Consumer Credit Protection
14
Act 2009
)".
15
3 After paragraph 6N(c)
16
Insert:
17
(ca) financial hardship information about the individual; or
18
4 After section 6Q
19
Insert:
20
6QA Meanings of
financial hardship arrangement
and
financial
21
hardship information
22
Financial hardship arrangement
23
(1) If:
24
(a) a credit provider provides consumer credit to an individual;
25
and
26
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Part 1
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National Consumer Credit Protection Amendment (Mandatory Credit
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29
(b) the National Credit Code applies to the provision of the
1
credit; and
2
(c) the individual is or will be unable to meet the individual's
3
obligations in relation to the consumer credit; and
4
(d) as a result of the inability, an arrangement covered by
5
subsection (3) affecting the monthly payment obligations of
6
the individual is made between the credit provider and the
7
individual which is either:
8
(i) a permanent variation to the terms of the consumer
9
credit; or
10
(ii) a temporary relief from or deferral of the individual's
11
obligations in relation to the consumer credit;
12
then the arrangement is a
financial hardship arrangement
.
13
Note:
Financial hardship arrangements affect repayment history information:
14
see subsection 6V(1A).
15
(2) For the purposes of this section, it does not matter whether the
16
arrangement was initiated by the credit provider or the individual.
17
(3) This subsection covers any kind of agreement, arrangement or
18
understanding, whether formal or informal, whether express or
19
implied and whether or not enforceable, or intended to be
20
enforceable, by legal proceedings.
21
Examples: An arrangement might involve a credit provider agreeing to:
22
(a) defer or reduce required monthly payments for a temporary
23
period; or
24
(b) accept interest-only payments for a temporary period; or
25
(c) extend the term of a loan to reduce monthly payments.
26
Financial hardship information
27
(4) If subsection 6V(1A) (about financial hardship arrangements)
28
applies in determining repayment history information about an
29
individual, then the following information is
financial hardship
30
information
about the individual:
31
(a) for an arrangement referred to in subparagraph (1)(d)(i)
32
(about permanent variations)--information, relating only to
33
the first monthly payment affected by the arrangement, that
34
indicates that the monthly payment is the first monthly
35
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National Consumer Credit Protection Amendment (Mandatory Credit
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No. , 2019
payment affected by a financial hardship arrangement of that
1
kind;
2
(b) for an arrangement referred to in subparagraph (1)(d)(ii)
3
(about temporary relief or deferral of obligations)--
4
information, relating to each monthly payment affected by
5
the arrangement, that indicates that the monthly payment was
6
affected by a financial hardship arrangement of that kind.
7
Note:
Paragraph (b) may apply even if, under the arrangement, the
8
individual is not required to make a payment for a month: see
9
subsection 6V(1B).
10
(5) Paragraph (4)(b) does not apply in relation to a monthly payment
11
under a financial hardship arrangement if:
12
(a) the individual met the obligation to make the monthly
13
payment, as affected by the arrangement; and
14
(b) the amount paid was equal to, or greater than, the amount the
15
individual would have been obliged to pay apart from the
16
arrangement.
17
5 After subsection 6V(1)
18
Insert:
19
(1A) If an obligation of the individual to make a monthly payment is, or
20
is taken by subsection (1B) to be, affected by a financial hardship
21
arrangement, then repayment history information is to be
22
determined by reference to that obligation as so affected.
23
Note:
In this case, there may be financial hardship information: see
24
subsections 6QA(4) and (5).
25
(1B) If, under a financial hardship arrangement, an individual is not
26
required to make a monthly payment for a month, then, for the
27
purposes of subsections (1) and (1A) and section 6QA:
28
(a) a monthly payment is taken to have been due and payable on
29
the day on which it would have been due and payable apart
30
from the arrangement; and
31
(b) the individual is taken to have met the obligation to make the
32
monthly payment; and
33
(c) the obligation to make the monthly payment is taken to be
34
affected by the arrangement.
35
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6 Paragraph 20C(4)(e)
1
After "repayment history information", insert "or financial hardship
2
information".
3
7 Subsection 20E(4)
4
After "repayment history information", insert "or financial hardship
5
information".
6
8 At the end of section 20E
7
Add:
8
No disclosure of financial hardship information as part of credit
9
score
10
(7) Subsection (3) does not apply to the disclosure of CRB derived
11
information which contains or takes the form of a credit score
12
where the credit information from which the credit score is derived
13
includes financial hardship information.
14
9 Paragraph 20G(2)(c)
15
Omit "or repayment history information,", substitute "repayment
16
history information, or financial hardship information".
17
10 Section 20W (after table item 2)
18
Insert:
19
2A
financial hardship information
the period of 1 year that starts on the day
on which the monthly payment to which
the information relates is due and
payable.
11 Paragraph 21D(3)(c)
20
After "repayment history information", insert "or financial hardship
21
information".
22
12 After section 21E
23
Insert:
24
Schedule 2
Financial hardship and other amendments
Part 1
Financial hardship amendments
32
National Consumer Credit Protection Amendment (Mandatory Credit
Reporting and Other Measures) Bill 2019
No. , 2019
21EA Financial hardship information must be disclosed
1
If:
2
(a) a credit provider discloses to a credit reporting body
3
repayment history information about an individual in relation
4
to a monthly payment under section 21D; and
5
(b) financial hardship information about that individual exists in
6
relation to that monthly payment;
7
the credit provider must, at the same time, disclose the financial
8
hardship information to the credit reporting body.
9
Civil penalty:
500 penalty units.
10
13 Subsection 21G(4)
11
After "repayment history information", insert "or financial hardship
12
information".
13
14 Application
14
The amendments made by this Part apply in relation to arrangements
15
made on or after the commencement of this Part, regardless of whether
16
the consumer credit was applied for before, on or after that
17
commencement.
18
Financial hardship and other amendments
Schedule 2
Related amendments
Part 2
No. , 2019
National Consumer Credit Protection Amendment (Mandatory Credit
Reporting and Other Measures) Bill 2019
33
Part 2--Related amendments
1
National Consumer Credit Protection Act 2009
2
15 Subsection 5(1)
3
Insert:
4
financial hardship information
has the same meaning as in the
5
Privacy Act 1988
.
6
16 After paragraph 133CP(1)(c)
7
Insert:
8
(d) financial hardship information about the natural persons; or
9
17 After subsection 133CP(2)
10
Insert:
11
(3) Despite paragraph (1)(d),
mandatory credit information
does not
12
include financial hardship information that comes into existence:
13
(a) before 1 April 2021; or
14
(b) more than 3 months before the first 1 April on which:
15
(i) if the credit provider is a member of a banking group--
16
the head company of the group is an eligible licensee; or
17
(ii) otherwise--the credit provider is an eligible licensee.
18
Note:
Paragraph (b) is included to deal with the case where the first 1 April
19
is in 2022 or a later year.
20
18 Subsection 133CU(1) (after table item 3)
21
Insert:
22
4
financial hardship information comes into
existence for an eligible credit account on
or after the later of:
(a) 1 April 2021; 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
the financial hardship
information
Schedule 2
Financial hardship and other amendments
Part 2
Related amendments
34
National Consumer Credit Protection Amendment (Mandatory Credit
Reporting and Other Measures) Bill 2019
No. , 2019
19 Before subsection 67(1) of the
National Credit Code
1
Insert:
2
Changes merely because financial hardship information exists
3
(1A) A provision of a continuing credit contract has no effect to the
4
extent that a credit provider purports to rely on the provision to:
5
(a) refuse to provide any further credit to the debtor; or
6
(b) reduce the debtor's credit limit;
7
merely because financial hardship information (within the meaning
8
of the
Privacy Act 1988
) about the debtor exists.
9
Credit contracts continue for any credit previously provided
10
20 Before subsection 67(2) of the
National Credit Code
11
Insert:
12
Giving notice of decision not to provide further credit or of
13
decision to reduce credit limit
14
21 Before subsection 67(4) of the
National Credit Code
15
Insert:
16
Credit limits may only be increased at request or with consent
17
National Consumer Credit Protection (Transitional and
18
Consequential Provisions) Act 2009
19
22 In the appropriate position
20
Insert:
21
Financial hardship and other amendments
Schedule 2
Related amendments
Part 2
No. , 2019
National Consumer Credit Protection Amendment (Mandatory Credit
Reporting and Other Measures) Bill 2019
35
Schedule 9--Application provisions for the
1
National Consumer Credit Protection
2
Amendment (Mandatory Credit
3
Reporting and Other Measures) Act
4
2019
5
6
23 Application
7
The amendments of the
National Credit Code
made by Part 2 of
8
Schedule 2 to the
National Consumer Credit Protection Amendment
9
(Mandatory Credit Reporting and Other Measures) Act 2019
apply in
10
relation to credit contracts entered into before, on or after the
11
commencement of that Part.
12
Schedule 2
Financial hardship and other amendments
Part 3
Other amendments
36
National Consumer Credit Protection Amendment (Mandatory Credit
Reporting and Other Measures) Bill 2019
No. , 2019
Part 3--Other amendments
1
Privacy Act 1988
2
24 Subsection 6(1)
3
Insert:
4
non-participating credit provider
means a credit provider to which
5
all of the following apply:
6
(a) the credit provider has not disclosed credit reporting
7
information or credit eligibility information about an
8
individual to a credit reporting body or another credit
9
provider;
10
(b) the credit provider is not likely to disclose credit reporting
11
information or credit eligibility information about an
12
individual to a credit reporting body or another credit
13
provider;
14
(c) the credit provider has not collected credit reporting
15
information or credit eligibility information about an
16
individual from a credit reporting body or another credit
17
provider.
18
25 Subparagraph 20E(3)(c)(ii)
19
After "member of", insert "or subject to".
20
26 At the end of section 21B
21
Add:
22
Exemption for certain non-participating credit providers
23
(8) This section does not apply to a non-participating credit provider.
24
27 Subparagraph 21D(2)(a)(i)
25
After "member of", insert "or subject to".
26
28 Subparagraph 21G(3)(e)(ii)
27
After "member of", insert "or subject to".
28
Financial hardship and other amendments
Schedule 2
Other amendments
Part 3
No. , 2019
National Consumer Credit Protection Amendment (Mandatory Credit
Reporting and Other Measures) Bill 2019
37
29 Subparagraph 21T(7)(b)(i)
1
After "member", insert "or to which it is subject".
2
30 At the end of section 21U
3
Add:
4
Exemption for certain non-participating credit providers
5
(5) This section does not apply to a non-participating credit provider.
6
31 At the end of section 21V
7
Add:
8
Exemption for certain non-participating credit providers
9
(7) This section does not apply to a non-participating credit provider.
10
32 Subparagraph 21W(3)(c)(i)
11
After "member", insert "or to which it is subject".
12
33 Subparagraph 23B(4)(b)(i)
13
After "member", insert "or to which it is subject".
14
34 At the end of Part IIIA
15
Add:
16
Division 8--Review
17
25B Review of operation of this Part
18
(1) The Minister must cause an independent review to be conducted of
19
the operation of this Part.
20
(2) The persons who conduct the review must complete it, and give the
21
Minister a written report of the review, before 1 October 2023.
22
(3) The Minister must cause a copy of the report to be tabled in each
23
House of the Parliament within 15 sitting days of that House after
24
the report is given to the Minister.
25
Schedule 2
Financial hardship and other amendments
Part 3
Other amendments
38
National Consumer Credit Protection Amendment (Mandatory Credit
Reporting and Other Measures) Bill 2019
No. , 2019
35 Application
1
The amendments made by this Part, apart from item 34, apply in
2
relation to consumer credit applied for, or provided, after the
3
commencement of this Part.
4