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NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 133CP Meaning of mandatory credit information

NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 133CP

Meaning of mandatory credit information

  (1)   Mandatory credit information , for eligible credit accounts held by natural persons with a credit provider, is personal information (other than sensitive information) for those accounts that is:

  (a)   identification information (within the meaning of the Privacy Act 1988 ) about the natural persons; or

  (b)   consumer credit liability information (within the meaning of the Privacy Act 1988 ) about the natural persons; or

  (c)   repayment history information (within the meaning of the Privacy Act 1988 ) about the natural persons; or

  (d)   financial hardship information about the natural persons; or

  (e)   default information (within the meaning of the Privacy Act 1988 ) about the natural persons; or

  (f)   payment information (within the meaning of the Privacy Act 1988 ) about the natural persons; or

  (g)   new arrangement information (within the meaning of the Privacy Act 1988 ) about the natural persons.

  (2)   Despite paragraph   (1)(c), mandatory credit information does not include repayment history information (within the meaning of the Privacy Act 1988 ) that comes into existence more than 3 months before the first 1   July on which:

  (a)   if the credit provider is a member of a banking group--the head company of the group is an eligible licensee; or

  (b)   otherwise--the credit provider is an eligible licensee.

  (3)   Despite paragraph   (1)(d), mandatory credit information does not include financial hardship information that comes into existence:

  (a)   before 1   July 2022; or

  (b)   more than 3 months before the first 1   July on which:

  (i)   if the credit provider is a member of a banking group--the head company of the group is an eligible licensee; or

  (ii)   otherwise--the credit provider is an eligible licensee.

Note:   Paragraph   (b) is included to deal with the case where the first 1   July is in 2023 or a later year.

  (4)   Despite paragraph   (1)(e), mandatory credit information does not include default information (within the meaning of the Privacy Act 1988 ) that comes into existence before the first 1   July on which:

  (a)   if the credit provider is a member of a banking group--the head company of the group is an eligible licensee; or

  (b)   otherwise--the credit provider is an eligible licensee.

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