Document ID: chunk:federal_register_of_legislation:C2024C00719:section:157
Version: federal_register_of_legislation:C2024C00719
Segment Type: section
Provision Reference: s 157
Character Range: 279052–281238

157  Verification statements—secured parties to give notice to grantors

Requirement to provide verification statement
 (1) A person (the statement holder) who is, under section 156, given a verification statement in relation to a registration event concerning a registration, must ensure that a notice of the statement, in the approved form, is given to the following persons as soon as reasonably practicable after the time of the registration event:
 (a) a person registered as a grantor in the registration immediately before the time of the registration event;
 (b) a person registered as a grantor in the registration immediately after the time of the registration event.
Note: This section does not apply in relation to a registration event if the Registrar publishes a verification statement in relation to the event under section 158.
 (2) Without limiting subsection (1), the approved form for notice of a verification statement:
 (a) may authorise specified data in the verification statement not to be included in the notice; but
 (b) must otherwise require the data in the verification statement to be included in the notice.

Exception—waiver by interested person of right to receive notice
 (3) However, this section does not apply in relation to a person mentioned in paragraph (1)(a) or (b) if:
 (a) the collateral to which the registration event relates is (immediately before or after the event) described in the registration as commercial property; and
 (b) the person has, in writing, waived the right under this section to receive a notice in relation to registration events to which paragraph (a) applies.

Contravention of requirement
 (4) If the statement holder contravenes a requirement under subsection (1) to ensure that a notice is given to an individual, the contravention constitutes an act or practice involving interference with the privacy of the individual for the purposes of section 13 of the Privacy Act 1988.
Note 1: These acts or practices may be the subject of complaints under section 36 of that Act.
Note 2: If a statement holder fails to discharge an obligation under this section, an action for damages may be available under section 271.