Document ID: chunk:federal_register_of_legislation:C2021A00005:clause:1_133ct
Version: federal_register_of_legislation:C2021A00005
Segment Type: clause
Provision Reference: sch 1 cl 133CT
Character Range: 15684–16813

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

Subdivision B—Ongoing supplies of credit information