Document ID: chunk:federal_register_of_legislation:C2011A00185:clause:1_44zzz:p2
Version: federal_register_of_legislation:C2011A00185
Segment Type: clause
Provision Reference: sch 1 cl 44ZZZ (pt 2/2)
Character Range: 36846–39263

to, providing services, or considering whether to provide services, to the borrower as mentioned in paragraph (b).

Disclosure between credit provider and provider of credit service
 (3B) Section 44ZZW does not apply to the disclosure of information by a person to another person if:
 (a) one of the persons is a credit provider, and the other person provides a credit service, within the meaning of the National Consumer Credit Protection Act 2009; and
 (b) the disclosure is made in the course of the relationship between the persons in their capacities as credit provider and provider of a credit service.

Disclosure relating to acquisition of shares or assets
 (4) Section 44ZZW does not apply to the disclosure of information by a person (the first person) in so far as the information is disclosed in connection with a contract, arrangement or understanding that provides, or a proposed contract, arrangement or understanding that would provide, for the acquisition of any shares in the capital of a body corporate, or any assets of a person, by or from the first person.
Note: For the meaning of acquisition of shares, and acquisition of assets, see subsection 4(4).

Disclosure if borrower insolvent etc.
 (5) Section 44ZZW does not apply to the disclosure of information between 2 or more persons (the relevant persons) if:
 (a) at least one of the relevant persons:
 (i) has provided a loan or credit to another person (the borrower); and
 (ii) has been notified of a borrower insolvency situation (see subsection (6)); and
 (b) the information relates to services, being loans or credit, supplied, or likely to be supplied, by one or more of the relevant persons; and
 (c) the disclosure is for the purpose of one or more of the relevant persons considering whether to take measures to return the borrower to solvency, or to avoid or reduce the risk of the borrower becoming insolvent.
 (6) For the purpose of subsection (5), a relevant person is notified of a borrower insolvency situation if:
 (a) the person is notified that there are reasonable grounds for suspecting that one or more of the following may be or become insolvent:
 (i) the borrower;
 (ii) a person who has given a guarantee or indemnity in respect of loans or credit provided to the borrower by one or more of the relevant persons; and
 (b) the notification is given by the borrower, or by a person referred to in subparagraph (a)(ii).