Document ID: chunk:federal_register_of_legislation:C2025C00055:section:6q
Version: federal_register_of_legislation:C2025C00055
Segment Type: section
Provision Reference: s 6Q
Character Range: 106200–107999

6Q  Meaning of default information

Consumer credit defaults
 (1) Default information about an individual is information about a payment (including a payment that is wholly or partly a payment of interest) that the individual is overdue in making in relation to consumer credit that has been provided by a credit provider to the individual if:
 (a) the individual is at least 60 days overdue in making the payment; and
 (b) the provider has given a written notice to the individual informing the individual of the overdue payment and requesting that the individual pay the amount of the overdue payment; and
 (c) the provider is not prevented by a statute of limitations from recovering the amount of the overdue payment; and
 (d) the amount of the overdue payment is equal to or more than:
 (i) $150; or
 (ii) such higher amount as is prescribed by the regulations.

Guarantor defaults
 (2) Default information about an individual is information about a payment that the individual is overdue in making as a guarantor under a guarantee given against any default by a person (the borrower) in repaying all or any of the debt deferred under consumer credit provided by a credit provider to the borrower if:
 (a) the provider has given the individual written notice of the borrower's default that gave rise to the individual's obligation to make the overdue payment; and
 (b) the notice requests that the individual pay the amount of the overdue payment; and
 (c) at least 60 days have passed since the day on which the notice was given; and
 (d) in addition to giving the notice, the provider has taken other steps to recover the amount of the overdue payment from the individual; and
 (e) the provider is not prevented by a statute of limitations from recovering the amount of the overdue payment.