Document ID: chunk:federal_register_of_legislation:F2025L00303:clause:1_28had:p1
Version: federal_register_of_legislation:F2025L00303
Segment Type: clause
Provision Reference: sch 1 cl 28HAD (pt 1/2)
Character Range: 4241–7061

28HAD  Inquiries about financial situation of consumer
 (1) For the purposes of subsection 130(2) of the Act, this regulation prescribes inquiries that a licensee must make for the purposes of paragraph 130(1)(b) of the Act before making an assessment of whether a low cost credit contract will be unsuitable for a consumer if the contract is entered, or the credit limit of the contract is increased, in the period covered by the assessment.

Credit information
 (2) If the consumer is an individual, the licensee must seek to obtain from a credit reporting body the following information about the consumer:
 (a) the information mentioned in subsection (3);
 (b) the information mentioned in subsection (4), but only if when the contract is entered or after the credit limit is increased (whichever applies) the sum of:
 (i) the value of the low cost credit contract; and
 (ii) the value of each other low cost credit contract the consumer has already entered into with the licensee and that is still in force;
  will be $2,000 or greater.
 (3) The information is any information of the following kinds held by the body:
 (a) identification information (within the meaning of the Privacy Act 1988) about the individual;
 (b) details of any information requests (within the meaning of the Privacy Act 1988) that have been made in relation to the individual;
 (c) default information (within the meaning of subsection 6Q(1) or (2) of the Privacy Act 1988) about the individual;
 (d) payment information (within the meaning of the Privacy Act 1988) about the individual;
 (e) personal insolvency information (within the meaning of the Privacy Act 1988) about the individual;
 (f) information about the individual that is information covered by paragraph 6N(k) of the Privacy Act 1988 (which covers certain kinds of publicly available information);
 (g) new arrangement information (within the meaning of the Privacy Act 1988) about the individual;
 (h) court proceedings information (within the meaning of the Privacy Act 1988) about the individual.
Note: Under subsection 5(1) of the Act, credit reporting body has the same meaning as in the Privacy Act 1988.
  (4) The information is information about consumer credit (within the meaning of the Privacy Act 1988) provided to the individual that is consumer credit liability information (within the meaning of that Act) about the individual.
 (5) To avoid doubt, nothing in this regulation requires or authorises a credit reporting body to disclose information referred to in subsections (3) or (4) to a licensee.

Other information
 (6) The licensee must also seek to obtain information that the licensee reasonably believes to be substantially correct about the following:
 (a) the income of the consumer;
 (b) the expenditure of the consumer;
 (c) any low cost credit