Commonwealth legislation

Credit Provider Determination No. 2006-3 (Assignees)

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

2/10 complexity

When a corporation acquires the rights to collect a loan (by sale, assignment, subrogation or other transfer), it is treated as the “credit provider” under the Privacy Act 1988. That buyer must follow the same privacy rules as the original lender for credit history and repayment information, ensuring consumer privacy protections travel with the loan unless the firm is already a credit provider.

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Current sections

Direct links to the current provisions in Credit Provider Determination No. 2006-3 (Assignees).

Credit Provider Determination No. 2006-3 (Assignees)

Privacy Act 1988

Under s.11B(1)(b)(v)(B) of the Privacy Act 1988, I, Karen Curtis, Privacy Commissioner, determine that:

1. A corporation which acquires the rights of a credit provider with respect to the repayment of a loan (whether by assignment, subrogation or other means) shall, in relation to that loan, be regarded as the credit provider for the purposes of the Privacy Act.

2. A corporation deemed to be a credit provider by virtue of paragraph 1, above, shall, for the purposes of the Privacy Act, be regarded as the credit provider to whom the loan application was submitted, or who provided the loan.

3. This Determination relates to those corporations which are not already credit providers by virtue of paragraphs (a) or (b)(iii) to (iv) of s. 11B(1) of the Privacy Act.

4. This Determination continues the effect of Determination 2003 No.2 which expires on 31 August 2006.

5. This Determination is effective from 1 September 2006 to 31 August 2011 (inclusive).

The background to, and reasons for, making this determination are set out in the explanatory statement lodged for registration, together with this determination, on the Federal Register of Legislative Instruments.

Karen Curtis

Privacy Commissioner

21 August 2006

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Credit Provider Determination No. 2006-3 (Assignees)

Credit Provider Determination No. 2006-3 (Assignees)

Privacy Act 1988

Under s.11B(1)(b)(v)(B) of the Privacy Act 1988, I, Karen Curtis, Privacy Commissioner, determine that:

3. This Determination relates to those corporations which are not already credit providers by virtue of paragraphs (a) or (b)(iii) to (iv) of s. 11B(1) of the Privacy Act.

4. This Determination continues the effect of Determination 2003 No.2 which expires on 31 August 2006.

5. This Determination is effective from 1 September 2006 to 31 August 2011 (inclusive).

Karen Curtis

Privacy Commissioner

21 August 2006