Licensee must give notice if credit reporting body later complies with information security requirements
133CW 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 trigger day referred to in subsection 133CU(1); 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 any day after the trigger day;
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 ceased to hold that belief.
Civil penalty: 5,000 penalty units.
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