Document ID: chunk:federal_register_of_legislation:F2025L00272:clause:1_30:p3
Version: federal_register_of_legislation:F2025L00272
Segment Type: clause
Provision Reference: sch 1 cl 30 (pt 3/3)
Character Range: 42106–44769

with the first lender for the administration, offering, provision or underwriting of resident loans or resident finance leases.
commencement day means the day on which the Competition and Consumer (Consumer Data Right) Amendment (2025 Measures No. 1) Rules 2025 commences.
finance lease has the meaning given by AASB 16 - Leases - February 2016 [F2016L00233].
loan, in relation to a relevant non-bank lender, means a financial asset that is:
 (a) created when a relevant non-bank lender lends funds directly to a debtor; and
 (b) evidenced by non-negotiable documents.
resident, applied to a loan or a finance lease, means that the loan or finance lease is made to a resident institutional unit or units.
resident institutional unit has the meaning given by the relevant standard made by the Australian Prudential Regulation Authority under the Financial Sector (Collection of Data) Act 2001 dealing with definitions for the collection of Economic and Financial Statistics information.
Note: The relevant standard was, in 2025, set out in the Financial Sector (Collection of Data) (reporting standard) determination No. 5 of 2024. In general terms, "resident institutional unit" refers to an economic entity that is capable of owning assets, incurring liabilities and engaging in economic activities and in transactions with other entities, and whose centre of predominant economic interest is Australia. It includes individuals and groups of individuals that form a household, as well as legal entities such as businesses.

6.3  Obligation to notify Commission about customer numbers
 (1) A relevant non-bank lender that satisfies paragraph 6.2(3)(a) must, if requested by the Commission, notify the Commission of the following, in writing, as soon as practicable after receiving the request:
 (a) the total value of the resident loans and resident finance leases mentioned in subparagraphs 6.2(3)(a)(i) and (ii);
 (b) whether the lender also satisfies paragraph 6.2(3)(b).

       Civil penalty: $250,000.
 (2) A relevant non-bank lender must notify the Commission in writing as soon as practicable if, on a day mentioned in subclause 6.2(3), it satisfies paragraph 6.2(3)(a) but does not satisfy paragraph 6.2(3)(b).

       Civil penalty: $250,000.

6.4  Application to initial providers
 (1) These rules apply, as set out in the following table, in relation to a relevant non‑bank lender that is an initial provider.

   Application to initial providers
   Column 1                                                                            Column 2

   Type of request                                                                     Application of rules