Written documentation required in relation to the assessment for a consumer lease for household goods
156C Written documentation required in relation to the assessment for a consumer lease for household goods
If, in an assessment made for the purposes of paragraph 151(c), the licensee assesses that a consumer lease for household goods is not unsuitable for a consumer, before:
entering into the consumer lease with the consumer; or
making an unconditional representation to the consumer that the licensee considers that the consumer is eligible to enter a consumer lease with the licensee;
the licensee must document in writing and in accordance with any requirements determined by ASIC under subsection (2):
the assessment; and
the inquiries and verification made for the purposes of paragraph 151(d) in relation to that assessment.
Civil penalty: 5,000 penalty units.
ASIC may, by legislative instrument, determine the form in which the matters in paragraphs (1)(c) and (d) are to be documented in writing.
Before making a determination under subsection (2), ASIC must:
consult the Information Commissioner in relation to matters that relate to the privacy functions (within the meaning of the Australian Information Commissioner Act 2010); and
have regard to any submissions made by the Information Commissioner because of that consultation.
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