Document ID: chunk:federal_register_of_legislation:C2024C00826:section:133cp
Version: federal_register_of_legislation:C2024C00826
Segment Type: section
Provision Reference: s 133CP
Character Range: 324938–327182

133CP  Meaning of mandatory credit information
 (1) Mandatory credit information, for eligible credit accounts held by natural persons with a credit provider, is personal information (other than sensitive information) for those accounts that is:
 (a) identification information (within the meaning of the Privacy Act 1988) about the natural persons; or
 (b) consumer credit liability information (within the meaning of the Privacy Act 1988) about the natural persons; or
 (c) repayment history information (within the meaning of the Privacy Act 1988) about the natural persons; or
 (d) financial hardship information about the natural persons; or
 (e) default information (within the meaning of the Privacy Act 1988) about the natural persons; or
 (f) payment information (within the meaning of the Privacy Act 1988) about the natural persons; or
 (g) new arrangement information (within the meaning of the Privacy Act 1988) about the natural persons.
 (2) Despite paragraph (1)(c), mandatory credit information does not include repayment history information (within the meaning of the Privacy Act 1988) that comes into existence more than 3 months before the first 1 July on which:
 (a) if the credit provider is a member of a banking group—the head company of the group is an eligible licensee; or
 (b) otherwise—the credit provider is an eligible licensee.
 (3) Despite paragraph (1)(d), mandatory credit information does not include financial hardship information that comes into existence:
 (a) before 1 July 2022; or
 (b) more than 3 months before the first 1 July on which:
 (i) if the credit provider is a member of a banking group—the head company of the group is an eligible licensee; or
 (ii) otherwise—the credit provider is an eligible licensee.
Note: Paragraph (b) is included to deal with the case where the first 1 July is in 2023 or a later year.
 (4) Despite paragraph (1)(e), mandatory credit information does not include default information (within the meaning of the Privacy Act 1988) that comes into existence before the first 1 July on which:
 (a) if the credit provider is a member of a banking group—the head company of the group is an eligible licensee; or
 (b) otherwise—the credit provider is an eligible licensee.