National Consumer Credit Protection Act 2009

If:

a licensee has supplied a credit reporting body (the CRB) with mandatory credit information under this Division; and

on a later day (the trigger day):

the conditions (if any) prescribed by the regulations are not met for the licensee and the CRB; and

the licensee, or a member of a banking group of which the licensee is the head company, would reasonably be expected to have become aware that an event in an item of the following table has happened; and

the licensee is still an eligible licensee; and

an agreement of the kind referred to in paragraph 20Q(2)(a) of the Privacy Act 1988 is in force between the CRB and a body referred to in subparagraph (ii) of this paragraph;

before the end of the latest of the following periods:

the 45‑day period starting on the trigger day;

if subsection (2) applies—the 14‑day period starting on the cessation day referred to in that subsection;

if, because paragraph 133CV(1)(b) is no longer satisfied, subsection 133CV(1) ceases to provide the licensee with an exception to this subsection for the CRB—the 14‑day period starting on the day that exception ceases to apply;

if the trigger day happens because of table item 3 and is before the licensee supplies the CRB with mandatory credit information under subsection 133CR(3)—the 90‑day period starting on the trigger day; and

in accordance with the supply requirements; and

to the extent that the licensee is not prevented by the Privacy Act 1988 from doing so.

For the purposes of subparagraph (1)(c)(ii), this subsection applies if:

the licensee reasonably believes that the CRB is not complying with section 20Q of the Privacy Act 1988 on the trigger day; and

the licensee complies with paragraphs 133CV(2)(a) and (b) in relation to that belief; and

the licensee ceases to hold that belief on a day (the cessation day) before the end of the 45‑day period starting on the trigger day.

Supplies under subsection (1) of information relating to multiple events, or multiple trigger days, may be made together.

Subsection (1) applies whether the information referred to in the table is kept in or outside this jurisdiction.

Regulations made for the purposes of subparagraph (1)(b)(i) may make provision in relation to a matter by applying, adopting or incorporating, with or without modification, any matter contained in any other instrument or writing as in force or existing from time to time.

Subsection (5) has effect despite subsection 14(2) of the Legislation Act 2003.