Document ID: chunk:federal_register_of_legislation:F2024L01251:clause:2_9:p2
Version: federal_register_of_legislation:F2024L01251
Segment Type: clause
Provision Reference: sch 2 cl 9 (pt 2/3)
Character Range: 58586–61095

88 of the National Credit Code (Schedule 1 to the National Consumer Credit Protection Act 2009). Where a credit provider combines a notice under the Act with a notice under section 88 of the National Credit Code, all of the requirements set out in the National Credit Code apply to that combined notice.

Default information – timing of disclosure
 (4) A credit provider must only disclose default information to a credit reporting body:
 (a) at least 14 days after the date on which the section 21D(3) notice was given by the credit provider to the individual; and
 (b) no later than 3 months after that date.

Default information – amount that is disclosed as overdue
 (5) Where a credit provider discloses default information to a credit reporting body, the amount that is disclosed as the amount that is overdue must:
 (a) not exceed the amount specified in the section 21D(3) notice:
 (i) plus an additional amount to reflect interest, fees and other amounts that are owing as a result of the overdue payment, other than the acceleration of the entire liability for the consumer credit, which have accrued by the time of the disclosure; and
 (ii) less any part payments received in cleared funds prior to the date of disclosure by the provider to the body; and
 (b) have been overdue for at least 60 days, except the component of the amount referred to in subparagraph (i) above; and
  (c) subject to subsection (6), not include an amount of an overdue payment that was previously disclosed as default information in relation to that consumer credit.
 (6) Where a credit provider discloses default information to a credit reporting body:
 (a) the amount specified as overdue may be subsequently updated to reflect the accrual of interest, fees and other amounts that are owing as a result of the overdue payment, other than the acceleration of the entire liability for the consumer credit;
 (b) where the amount of an overdue payment is the result of the acceleration of the entire liability for the consumer credit and includes an amount previously disclosed as default information, the credit provider must request the credit reporting body destroy the previously disclosed default information;
 (c) where a credit reporting body is requested under (b) to destroy default information, the body must destroy the default information
 (d) where an amount is updated under paragraph (a), the original date of disclosure of default information remains the date from which the relevant retention period runs.