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NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 133CZC

Reports about initial bulk supplies of credit information

  (1)   A licensee who is required under subsection   133CR(1) or (3) to supply mandatory credit information must arrange:

  (a)   for the preparation of a written statement containing information of the kinds prescribed by the regulations relating to:

  (i)   the mandatory credit information; or

  (ii)   the eligible credit accounts to which the mandatory credit information relates; and

  (b)   for a person appointed under section   133CZD to audit that statement and prepare a written report of the audit; and

  (c)   for that statement and audit report to be given to the Minister within 6 months after the 1   July referred to in that subsection.

Civil penalty:   5,000 penalty units.

  (2)   A credit reporting body to whom mandatory credit information is required under subsection   133CR(1) or (3) to be supplied must arrange:

  (a)   for the preparation of a written statement containing information of the kinds prescribed by the regulations relating to:

  (i)   the mandatory credit information; or

  (ii)   the eligible credit accounts to which the mandatory credit information relates; and

  (b)   for a person appointed under section   133CZD to audit that statement and prepare a written report of the audit; and

  (c)   for that statement and audit report to be given to the Minister within 6 months after the 1   July referred to in that subsection.

Civil penalty:   5,000 penalty units.

  (3)   For the purposes of subsection   (1) or (2), disregard section   133CS when working out whether a person is required under subsection   133CR(1) or (3) to supply mandatory credit information to another person.


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