NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 133CT Licensee must give notice if credit reporting body later complies with information security requirements
NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 133CT
Licensee must give notice if credit reporting body later complies with information security requirements(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 first or second 1 July on which the licensee is an eligible licensee; and
(b) the licensee complies with paragraphs 133CS(2)(a) and (b) in relation to that belief; and
(c) the licensee ceases to hold that belief:
(i) in the case of subsection 133CR(1)--on a day during the 90 - day period starting on that first 1 July; or
(ii) in the case of subsection 133CR(3)--on any day after that second 1 July;
the licensee must:
(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 ceases to hold that belief.
Civil penalty: 5,000 penalty units.