Document ID: chunk:federal_register_of_legislation:F2024L01251:clause:2_5:p2
Version: federal_register_of_legislation:F2024L01251
Segment Type: clause
Provision Reference: sch 2 cl 5 (pt 2/5)
Character Range: 5671–8700

has generated one or more active accounts within its systems; and
             2.                 in all other cases:
                 1.                  for consumer credit liability information disclosed up to and including 14 February 2021, the day that, under the terms and conditions of the consumer credit, the credit is made available to the individual; or
                 2.                for consumer credit liability information disclosed from 14 February 2020, the day that, the consumer credit is unconditionally approved by the credit provider, and the credit provider has generated the consumer credit account within its credit management system.
day on which the consumer credit is terminated or otherwise ceases to be in force means
             1.                 in the case of credit provided with a telecommunications or utility service, for consumer credit liability information disclosed 6 months after commencement, the day that service provision ceases and on which there is no right to have a service reconnected under an existing contract; and
             2.                 in all other cases, the earliest of:
                 1.                  the day that the debt owed under the credit is repaid and there is no ability to defer payment of further debt under the credit;
                 2.                the day that either the credit provider determines or the individual and the provider agree that all outstanding payment obligations arising under the credit have been waived or otherwise discharged and the provider cannot undertake further enforcement action in respect to any outstanding debt owed by the individual under the credit;
                 3.              the day that the provider charges off the full balance of the credit after deciding that the outstanding balance is a loss due to the likelihood that the amount may not be recoverable, although the provider maintains the legal ability to take enforcement action in respect to any outstanding debt owed by the individual under the credit; and
                 4.              the day that a Court awards a judgment for the amount owing under the credit.
destroy, in the context of an obligation on a credit reporting body or credit provider to destroy information, has a meaning affected by section 1A of Schedule 2 to this CR Code.
hardship request means a financial hardship or payment difficulties notification or request that is regulated under legislation or an industry code. This does not include a once-off, short term payment extension that is not so regulated.
maximum amount of credit available under the consumer credit means:
             1.                 where no credit limit applies to revolving credit, a charge card contract or the sale of goods or supply of services where credit is provided – no fixed limit;
             2.                 in the case of revolving credit with a credit limit – the credit limit that applies at the time the consumer credit liability information is disclosed to a