Licensee must give notice if credit reporting body later complies with information security requirements
133CT Licensee must give notice if credit reporting body later complies with information security requirements
If:
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
the licensee complies with paragraphs 133CS(2)(a) and (b) in relation to that belief; and
the licensee ceases to hold that belief:
in the case of subsection 133CR(1)—on a day during the 90‑day period starting on that first 1 July; or
in the case of subsection 133CR(3)—on any day after that second 1 July;
the licensee must:
prepare a written notice:
stating that the licensee has ceased to hold that belief; and
setting out the licensee’s reasons for ceasing to hold that belief; and
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.
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