Div 1provides that a licensee may elect that this Part apply to the licensee in relation to some or all low cost credit contracts. This Part only applies to a licensee who has made an election, and only applies to such a licensee in relation to low cost credit contracts covered by the election.

Division 1 provides that a licensee may elect that this Part apply to the licensee in relation to some or all low cost credit contracts. This Part only applies to a licensee who has made an election, and only applies to such a licensee in relation to low cost credit contracts covered by the election. Division 2 modifies how some of the general rules in Part 3‑2 apply to a licensee who has made an election. These modifications affect the rules that deal with the obligations of the licensee:  (a) to assess whether a low cost credit contract will be unsuitable for a consumer before doing particular things in relation to the contract; and  (b) not to enter, or increase the credit limit of, a low cost credit contract that is unsuitable for a consumer. Division 3 requires a licensee who has made an election to have a policy (called an unsuitability assessment policy) that sets out how the licensee will comply with the licensee’s obligation under Part 3‑2 to assess whether a low cost credit contract will be unsuitable for a consumer. 133BXA  Scope of this Part This Part applies if licensee makes election  (1) A licensee may, in writing, elect that this Part apply to the licensee in relation to:  (a) all low cost credit contracts; or  (b) each low cost credit contract in a specified class of low cost credit contracts.  (2) This Part:  (a) applies to a licensee if the licensee has made an election under subsection (1) and the election is in force; and  (b) applies to such a licensee in relation to a credit contract if the credit contract is a low cost credit contract covered by the election.  (3) An election made under subsection (1) remains in force until the licensee revokes the election. Licensee must keep copy of election and revocation  (4) A licensee who makes an election under subsection (1) must keep a written copy of the election for the period:  (a) starting at the time when licensee makes the election; and  (b) ending 6 years after the day on which the election ceases to be in force.  (5) If a licensee revokes an election made under subsection (1), then the licensee must keep a written copy of the revocation for the period of 6 years after the day on which the licensee revokes the election. Part 3‑2 not otherwise affected  (6) Nothing in this Part affects how Part 3‑2 applies to a licensee in relation to a credit contract if the licensee has not made an election under subsection (1) of this section that covers the contract. Division 2—Unsuitable low cost credit contracts 133BXB  When inquiries etc. must be made   For the purposes of applying section 128 to a licensee in relation to a low cost credit contract:  (a) paragraphs 128(aa) and (ba) are to be disregarded; and  (b) the period for making the assessment mentioned in paragraph 128(c), and the inquiries and verification mentioned in paragraph 128(d), is taken to be the period of 90 days (or other period prescribed by the regulations for the purposes of this paragraph) ending immediately before the licensee starts to do the thing mentioned in paragraph 128(a) or (b) (whichever applies). 133BXC  When inquiries etc. are reasonable  (1) This section applies to a licensee who:  (a) enters a low cost credit contract with a consumer who will be the debtor under the contract; or  (b) increases the credit limit of a low cost credit contract with a consumer who is the debtor under the contract. Note: The licensee must also have elected under subsection 133BXA(1) that this Part apply to the licensee in relation to the low cost credit contract: see subsection 133BXA(2). Relevant matters  (2) In determining whether the licensee has:  (a) made reasonable inquiries about the consumer’s requirements and objectives in relation to the low cost credit contract, as required under paragraph 130(1)(a); and  (b) made reasonable inquiries about the consumer’s financial situation, as required under paragraph 130(1)(b); and  (c) taken reasonable steps to verify the consumer’s financial situation, as required under paragraph 130(1)(c); regard must be had to the matters covered by subsection (3) of this section, and regard may be had to any other relevant matters. Note: Regulations made for the purposes of subsection 130(2) may prescribe particular inquiries or steps that must be made or taken, or that do not need to be made or taken, for the purposes of paragraph 130(1)(a), (b) or (c).  (3) The matters covered by this subsection are the following:  (a) the nature of the low cost credit contract (including the terms of the contract and the type and amount of credit provided under the contract);  (b) if there is a target market determination (within the meaning of the Corporations Act 2001) for the low cost credit contract—the nature of the target market for the low cost credit contract, as described in that determination;  (c) whether the consumer is financially vulnerable;  (d) whether the licensee has any procedures in place to reduce the risk of the licensee providing credit to a consumer on terms that are not affordable for the consumer;  (e) whether the licensee has any procedures in place to mitigate the harm that may be caused to a consumer if the licensee provides credit to the consumer on terms that are not affordable for the consumer;  (f) any matters prescribed by the regulations. Note: The particular things that a licensee must do in order to satisfy the licensee’s obligations under paragraphs 130(1)(a) to (c) in relation to low cost credit contracts may vary from case to case, and may be less onerous in some cases than in others, depending on matters such as those covered by this subsection. 133BXD  Assessments etc. in relation to larger contracts  (1) This section applies to a licensee who enters a low cost credit contract (the initial contract) with a consumer who will be the debtor under the contract. Entering the initial contract  (2) The licensee may satisfy paragraphs 128(c) and (d) in relation to entering the initial contract by (respectively):  (a) making an assessment that would satisfy paragraph 128(c) in relation to entering a larger contract with the consumer; and  (b) making inquiries and verification that would satisfy paragraph 128(d) in relation to entering the larger contract with the consumer. Note: For larger contract, see subsection (7). Subsequent credit increases  (3) Subsection (4) applies if:  (a) the licensee satisfies paragraphs 128(c) and (d) in relation to entering the initial contract by:  (i) making an assessment (the initial assessment) that would satisfy paragraph 128(c) in relation to entering, with the consumer, a larger contract with a particular credit limit (the maximum credit limit); and  (ii) making inquiries and verification (the initial inquiries and verification) that would satisfy paragraph 128(d) in relation to entering the larger contract with the consumer; and  (b) the initial assessment is an assessment that the larger contract will not be unsuitable for the consumer if the larger contract is entered in the period covered by the initial assessment.  (4) If the licensee subsequently, within the protected period, makes a protected increase to the credit limit of the initial contract, then:  (a) the licensee is taken to satisfy section 128 in relation to the protected increase (regardless of whether the initial assessment, and the initial inquiries and verification, were made within the period that applies in relation to the protected increase under that section); and  (b) the initial assessment is taken to be:  (i) an assessment that covers the protected period; and  (ii) an assessment that the initial contract will not be unsuitable for the consumer if the protected increase is made in the protected period. Note 1: For protected increase and protected period, see subsection (7). Note 2: Even if the licensee is taken under this subsection to satisfy section 128 in relation to the protected increase, it is still possible for the licensee to contravene subsection 131(1) or 133(1) in relation to the protected increase. Exceptions  (5) Subsection (4) does not apply to the licensee in relation to the protected increase if, at the time when the protected increase is made, the licensee has information on the basis of which it would be reasonable to conclude that the credit contract is likely to be unsuitable for the consumer if the protected increase is made.  (6) Despite subsections (3) and (4):  (a) the licensee may, at any time after making the initial assessment and before making the protected increase, make a new assessment in relation to the protected increase for the purposes of paragraph 128(c); and  (b) if the licensee does so, then subsection (4) of this section does not apply to the licensee in relation to the protected increase.  (7) In this section: larger contract means a low cost credit contract that:  (a) has a credit limit that is greater than the credit limit of the initial contract when the initial contract is entered; and  (b) has terms that are otherwise substantially the same as the terms of the initial contract when the initial contract is entered. protected increase: an increase to the credit limit of the initial contract is a protected increase if:  (a) after the increase, the initial contract has a credit limit that is no greater than the maximum credit limit (within the meaning of subparagraph (3)(a)(i)); and  (b) the terms of the initial contract after the increase are otherwise substantially the same as the terms of the initial contract immediately before the increase. protected period means whichever of the following is shorter (disregarding paragraph (4)(b)):  (a) the period covered by the initial assessment;  (b) the period of 2 years beginning when the period covered by the initial assessment begins. 133BXE  Assessments of low cost credit contracts—presumptions where credit limit of contract not above threshold amount  (1) This section applies when determining, for the purposes of subsection 131(1), whether a low cost credit contract will be unsuitable for a consumer under paragraph 131(2)(b) if the contract is entered, or the credit limit of the contract is increased, in the period covered by the assessment mentioned in subsection 131(1). Note: This section does not affect whether a low cost credit contract will be unsuitable for a consumer under paragraph 131(2)(a) or (c). Entering a low cost credit contract  (2) For the purpose of applying subsection 131(1) in relation to a licensee entering a low cost credit contract (the initial contract) with a consumer, if the credit limit of the initial contract, at the time the initial contract is entered, will be less than or equal to the threshold amount, then it is presumed (unless the contrary is proved) that the initial contract will not be unsuitable for the consumer under paragraph 131(2)(b) if the initial contract is entered in the period covered by the assessment.  (3) However, subsection (2) does not apply if:  (a) the licensee satisfies paragraph 128(c) in relation to entering the initial contract by making an assessment that would satisfy that paragraph in relation to entering a larger contract with the consumer (see subsection 133BXD(2)); and  (b) the credit limit of the larger contract is greater than the threshold amount. Increasing the credit limit of a low cost credit contract  (4) For the purpose of applying subsection 131(1) in relation to an increase (the relevant increase) made by a licensee to the credit limit of a low cost credit contract (the initial contract) with a consumer, if the credit limit of the initial contract after the increase will be less than or equal to the threshold amount, then it is presumed (unless the contrary is proved) that the initial contract will not be unsuitable for the consumer under paragraph 131(2)(b) if the relevant increase occurs during the period covered by the assessment.  (5) However, subsection (4) does not apply if:  (a) the licensee previously satisfied paragraph 128(c) in relation to entering the initial contract by making an assessment that would have satisfied that paragraph in relation to entering a larger contract with the consumer (see subsection 133BXD(2)); and  (b) the credit limit of the larger contract was greater than the threshold amount; and  (c) because of subsection 133BXD(4), the licensee is not required to make a new assessment in order to satisfy paragraph 128(c) into relation to the relevant increase.  (6) In this section: larger contract means a low cost credit contract that:  (a) has a credit limit that is greater than the credit limit of the initial contract when the initial contract is entered; and  (b) has terms that are otherwise substantially the same as the terms of the initial contract when the initial contract is entered. threshold amount means:  (a) $2,000, unless paragraph (b) applies; or  (b) if the regulations prescribe another dollar amount (whether larger or smaller) for the purposes of this paragraph—that other dollar amount. 133BXF  Prohibition on entering unsuitable low cost credit contracts etc.—presumptions where credit limit of contract not above threshold amount  (1) This section applies when determining, for the purposes of subsection 133(1), whether a low cost credit contract is unsuitable for a consumer under paragraph 133(2)(b). Note: This section does not affect whether a low cost credit contract is unsuitable for a consumer under paragraph 133(2)(a) or (c). Entering a low cost credit contract  (2) For the purpose of applying subsection 133(1) in relation to a licensee entering a low cost credit contract with a consumer, if the credit limit of the contract, at the time the contract is entered, is less than or equal to the threshold amount, then it is presumed (unless the contrary is proved) that the contract is not unsuitable for the consumer under paragraph 133(2)(b). Increasing the credit limit of a low cost credit contract  (3) For the purpose of applying subsection 133(1) in relation to an increase made by a licensee to the credit limit of a low cost credit contract with a consumer, if the credit limit of the contract after the increase is less than or equal to the threshold amount, then it is presumed (unless the contrary is proved) that the contract is not unsuitable for the consumer under paragraph 133(2)(b).  (4) In this section: threshold amount means:  (a) $2,000, unless paragraph (b) applies; or  (b) if the regulations prescribe another dollar amount (whether larger or smaller) for the purposes of this paragraph—that other dollar amount. Division 3—Unsuitability assessment policies 133BXG  Licensee must have an unsuitability assessment policy  (1) A licensee must have a written policy (an unsuitability assessment policy) that sets out how the licensee will comply with sections 128 and 131 (which deal with assessments of unsuitability), as those sections apply in relation to low cost credit contracts. Unsuitability assessment policy must be effective  (2) The licensee must ensure that the licensee’s unsuitability assessment policy is one that, if followed, makes it likely that the licensee will comply with sections 128 and 131, as those sections apply in relation to low cost credit contracts. Regulations may prescribe further requirements  (3) The licensee must comply with any requirements relating to unsuitability assessment policies prescribed by the regulations for the purposes of this subsection. Part 3‑2C—Licensees that are credit providers under credit contracts: additional rules relating to short‑term and small amount credit contracts 133C  Guide to this Part This Part has rules that apply to licensees who are, or are to be, credit providers under short‑term credit contracts and small amount credit contracts. It applies in addition to the general rules in Part 3‑2. Division 2 prohibits a licensee from entering into, or increasing the credit limit of, short‑term credit contracts. It also imposes requirements on a licensee who makes representations about entering into small amount credit contracts and prohibits a licensee from entering into, or offering to enter into, small amount credit contracts in certain circumstances. Division 2 imposes requirements in relation to recording the assessment that a small amount credit contract is not unsuitable and prohibits a licensee from making certain unsolicited communications in relation to small amount credit contracts. It also provides that the consumer is not liable to pay certain fees and charges under small amount credit contracts in certain circumstances. Division 2—Short‑term and small amount credit contracts 133CA  Prohibition on entering, or increasing the credit limit of, short‑term credit contracts  (a) enter a short‑term credit contract with a consumer who will be the debtor under the contract; or  (b) increase the credit limit of a short‑term credit contract with a consumer who is the debtor under the contract. 133CB  Licensee who makes representations in relation to small amount credit contracts must display and give information  (1) If a licensee represents that the licensee enters into, or is able to enter into, small amount credit contracts with consumers under which the licensee would be the credit provider, the licensee must:  (2) ASIC may, by legislative instrument, determine one or more of the following matters relating to licensees that make representations described in subsection (1):  (3) In making a determination under subsection (2), ASIC must take into account the risks associated with small amount credit contracts and the alternatives that may be available to consumers. 133CC  Licensee must not enter into a small amount credit contract if the repayments do not meet the prescribed requirements  (1) A licensee must not enter into, or offer to enter into, a small amount credit contract with a consumer who will be the debtor under the contract if the repayments that would be required under the contract would not meet the requirements prescribed by the regulations. Note: For example, the regulations may provide that the amount of a repayment must not exceed a specified percentage of the consumer’s income. Loss of certain fees and charges  (3) If a licensee enters into a small amount credit contract in contravention of subsection (1), then:  (a) the consumer is not liable (and is taken never to have been liable) to pay a fee or charge of a kind mentioned in paragraph 31A(1)(a), (b), (c) or (d) of the National Credit Code under that small amount credit contract (whether or not the liability is imposed consistently with the National Credit Code); and  (b) the consumer may recover as a debt due to the consumer any amounts paid by the consumer that, in accordance with paragraph (a) of this subsection, the consumer is not liable to pay (or is taken never to have been liable to pay). 133CD  Licensee must not enter into a small amount credit contract if repayment amounts and intervals are not equal  (1) A licensee must not enter into, or offer to enter into, a small amount credit contract with a consumer who will be the debtor under the contract if any of the following applies:  (a) repayments that would be required under the contract are not equal;  (b) the intervals between repayment dates would not be equal;  (c) the interval between the date on which credit would be first provided under the contract and the first repayment date would be longer than twice the interval between the first repayment date and the second repayment date.  (2) For the purposes of paragraph (1)(a), repayments that would be required under a small amount credit contract are taken to be equal if:  (a) each repayment is of the same amount; or  (b) both of the following apply:  (i) each repayment (other than the last repayment) is the same amount;  (ii) the last repayment is up to 5% less than each other repayment; or  (c) the repayments meet the conditions determined by ASIC under subsection (5).  (3) A repayment date in relation to a small amount credit contract is the date on or by which a repayment is required to be made under the contract.  (4) For the purposes of paragraph (1)(b), if a small amount credit contract provides that:  (a) repayments that would be required under the contract are to be made on or by a fixed day of each week, fortnight or month; and  (b) if that fixed day falls on a day that is not a business day—the repayment would be required to be made on or by the immediately preceding or succeeding business day; the intervals between repayment dates are taken to be equal.  (5) ASIC may, by legislative instrument, determine conditions for the purposes of paragraph (2)(c).  (6) Nothing in this section is intended to limit the regulations which may be made for the purposes of section 133CC.  (8) A person commits an offence if: Criminal penalty: 10 penalty units.  (9) Subsection (8) is an offence of strict liability. 133CE  Written documentation required in relation to the assessment for a small amount credit contract  (1) If, in an assessment made for the purposes of paragraph 128(c), the licensee assesses that a small amount credit contract is not unsuitable for a consumer, before:  (a) entering into the small amount credit contract with the consumer; or  (b) making an unconditional representation to the consumer that the licensee considers that the consumer is eligible to enter into the small amount credit contract with the licensee; or  (c) increasing the credit limit of the small amount credit contract which is the subject of that assessment; or  (d) making an unconditional representation to the consumer that the licensee considers that the credit limit of the small amount credit contract between the consumer and the licensee will be able to be increased;  (e) the assessment; and  (f) the inquiries and verification made for the purposes of paragraph 128(d) in relation to that assessment.  (2) ASIC may, by legislative instrument, determine the form in which the matters in paragraphs (1)(e) and (f) are to be documented in writing.  (a) consult the Information Commissioner in relation to matters that relate to the privacy functions (within the meaning of the Australian Information Commissioner Act 2010); and 133CF  Licensee not to make certain unsolicited communications in relation to a small amount credit contract Prohibition on certain unsolicited communications  (1) A licensee must not make, or arrange for the making of, an unsolicited communication to a consumer (whether orally, in writing or by electronic means) that contains:  (a) an offer to the consumer to enter into a small amount credit contract; or  (b) an invitation to the consumer to apply for a small amount credit contract; if any of the following apply:  (c) the consumer is, or has at any time been, a debtor under a small amount credit contract with the licensee;  (d) the consumer has at any time applied for a small amount credit contract with the licensee;  (e) the consumer:  (i) is, or has at any time been, a debtor under a small amount credit contract with another credit provider; or  (ii) has at any time applied for a small amount credit contract with another credit provider;   and a reasonable person in the licensee’s position would, if the person undertook such inquiries as are reasonable in the circumstances, be aware of the matter in subparagraph (i) or (ii) (whichever applies). Meaning of unsolicited communication to a consumer  (2) An unsolicited communication to a consumer is a communication to a consumer or a consumer’s agent that is made by a person by dealing directly with the consumer or the consumer’s agent in any of the following circumstances:  (a) no prior request has been made by the consumer to the licensee for that communication;  (b) the consumer has made a prior request to the licensee for that communication and that request was solicited by or on behalf of the licensee;  (c) circumstances of a kind prescribed by the regulations. However, the regulations may prescribe that specified kinds of communications are not unsolicited communications to which this section applies. Loss of certain fees and charges  (a) a licensee makes an unsolicited communication to a consumer in contravention of subsection (1); and  (b) the licensee enters into a small amount credit contract with that consumer within 30 days after that unsolicited communication is made; then:  (c) the consumer is not liable (and is taken never to have been liable) to pay a fee or charge of a kind mentioned in paragraph 31A(1)(a), (b), (c) or (d) of the National Credit Code under that small amount credit contract (whether or not the liability is imposed consistently with the National Credit Code); and  (d) the consumer may recover as a debt due to the consumer any amounts paid by the consumer that, in accordance with paragraph (c) of this subsection, the consumer is not liable to pay (or is taken never to have been liable to pay). Part 3‑2CA—Licensees supplying credit information to credit reporting bodies etc. 133CM  Guide to this Part This Part has rules that apply to licensees that are large ADIs or are of a prescribed kind. Each licensee must supply certain information to eligible credit reporting bodies about all of the open credit accounts held with the licensee or with other members of the licensee’s corporate group. Each licensee must then supply updated information to those credit reporting bodies on an ongoing basis. Conditions may need to be met before the credit reporting bodies who are supplied with this information can further disclose this information to credit providers. This Part applies in addition to the Privacy Act 1988. 133CN  Meanings of eligible licensee and eligible credit reporting body  (1) A licensee is an eligible licensee, on 1 July 2021 or a later day, if on that day the licensee:  (a) is a large ADI, or is a body corporate of a kind prescribed by the regulations; and  (b) is a credit provider.  (2) A credit reporting body is an eligible credit reporting body for a licensee if:  (a) the following conditions are met:  (i) an agreement of the kind referred to in paragraph 20Q(2)(a) of the Privacy Act 1988 between the body and the licensee was in force on 2 November 2017;  (ii) the licensee is an eligible licensee on 1 July 2021; or  (b) the conditions (if any) prescribed by the regulations are met. 133CO  Meaning of eligible credit account  (1) An eligible credit account is an account that:  (a) relates to the provision, or possible provision, of consumer credit (within the meaning of the Privacy Act 1988); and  (b) is held by one or more natural persons with a credit provider; and  (c) is not of a kind determined under subsection (2).  (2) ASIC may, by legislative instrument, determine one or more kinds of account for the purposes of paragraph (1)(c). 133CP  Meaning of mandatory credit information  (1) Mandatory credit information, for eligible credit accounts held by natural persons with a credit provider, is personal information (other than sensitive information) for those accounts that is:  (a) identification information (within the meaning of the Privacy Act 1988) about the natural persons; or  (b) consumer credit liability information (within the meaning of the Privacy Act 1988) about the natural persons; or  (c) repayment history information (within the meaning of the Privacy Act 1988) about the natural persons; or  (d) financial hardship information about the natural persons; or  (e) default information (within the meaning of the Privacy Act 1988) about the natural persons; or  (f) payment information (within the meaning of the Privacy Act 1988) about the natural persons; or  (g) new arrangement information (within the meaning of the Privacy Act 1988) about the natural persons.  (2) Despite paragraph (1)(c), mandatory credit information does not include repayment history information (within the meaning of the Privacy Act 1988) that comes into existence more than 3 months before the first 1 July on which:  (a) if the credit provider is a member of a banking group—the head company of the group is an eligible licensee; or  (b) otherwise—the credit provider is an eligible licensee.  (3) Despite paragraph (1)(d), mandatory credit information does not include financial hardship information that comes into existence:  (a) before 1 July 2022; or  (b) more than 3 months before the first 1 July on which:  (i) if the credit provider is a member of a banking group—the head company of the group is an eligible licensee; or  (ii) otherwise—the credit provider is an eligible licensee. Note: Paragraph (b) is included to deal with the case where the first 1 July is in 2023 or a later year.  (4) Despite paragraph (1)(e), mandatory credit information does not include default information (within the meaning of the Privacy Act 1988) that comes into existence before the first 1 July on which:  (a) if the credit provider is a member of a banking group—the head company of the group is an eligible licensee; or  (b) otherwise—the credit provider is an eligible licensee. 133CQ  Meaning of supply requirements  (1) Information is supplied in accordance with the supply requirements if the supply is in accordance with:  (a) the registered CR code (within the meaning of the Privacy Act 1988); and  (b) any determination under subsection (2); and  (c) any technical standards approved under subsection (4).  (2) For one or more kinds of information to be supplied under this Part, ASIC may, by legislative instrument, determine particulars of the information that must be included in the supply.  (3) Despite subsection 14(2) of the Legislation Act 2003, a determination under subsection (2) may make provision in relation to a matter by applying, adopting or incorporating, with or without modification, any matter contained in any other instrument or writing as in force or existing from time to time.  (4) ASIC may, in writing, approve technical standards for supplying one or more kinds of information under this Part.  (5) If there is an inconsistency between:  (a) the registered CR code (within the meaning of the Privacy Act 1988); and  (b) a determination under subsection (2) or a technical standard approved under subsection (4); the registered CR code prevails to the extent of the inconsistency. Division 2—Supplying credit information to credit reporting bodies etc. Subdivision A—Initial bulk supplies of credit information 133CR  Requirement to supply First bulk supply for at least 50% of total eligible credit accounts  (1) An eligible licensee must supply mandatory credit information for the accounts referred to in subsection (2) to each eligible credit reporting body (CRB) for the licensee:  (a) before the end of the later of the following periods:  (i) the 90‑day period starting on the first 1 July on which the licensee is an eligible licensee;  (ii) if subsection (5) applies—the 14‑day period starting on the cessation day referred to in that subsection; and  (b) in accordance with the supply requirements; and  (c) to the extent that the licensee is not prevented by the Privacy Act 1988 from doing so.  (2) For the purposes of subsection (1), the accounts are at least 50% of all of the eligible credit accounts held:  (a) on the first 1 July on which the licensee is an eligible licensee; and  (b) with the licensee, or with a member of a banking group of which the licensee is the head company. The licensee may choose which eligible credit accounts make up this 50%. Bulk supply for remaining eligible credit accounts  (3) An eligible licensee must supply mandatory credit information for the accounts referred to in subsection (4) to each eligible credit reporting body (CRB) for the licensee:  (a) before the end of the latest of the following periods:  (i) the 90‑day period starting on the second 1 July on which the licensee is an eligible licensee;  (ii) if subsection (5) applies—the 14‑day period starting on the cessation day referred to in that subsection;  (iii) if, because paragraph 133CS(1)(b) is no longer satisfied, subsection 133CS(1) ceases to provide the licensee with an exception to this subsection for the CRB—the 14‑day period starting on the day that exception ceases to apply; and  (b) in accordance with the supply requirements; and  (c) to the extent that the licensee is not prevented by the Privacy Act 1988 from doing so.  (4) For the purposes of subsection (3), the accounts are all of the eligible credit accounts held:  (a) on the second 1 July on which the licensee is an eligible licensee; and  (b) with the licensee, or with a member of a banking group of which the licensee is the head company; for which mandatory credit information was not supplied under subsection (1) to the CRB. Possible extension of time if credit reporting body later complies with information security requirements before end of 90‑day period  (5) For the purposes of subsection (1) or (3), this subsection applies if:  (a) the licensee reasonably believes that the CRB is not complying with section 20Q of the Privacy Act 1988 on the 1 July referred to in that subsection; and  (b) the licensee complies with paragraphs 133CS(2)(a) and (b) in relation to that belief; and  (c) the licensee ceases to hold that belief on a day (the cessation day) before the end of the 90‑day period starting on that 1 July. Requirements apply whether the information is kept in or outside this jurisdiction  (6) Subsection (1) or (3) applies whether the mandatory credit information is kept in or outside this jurisdiction. 133CS  Exception if credit reporting body not complying with information security requirements  (1) Subsection 133CR(1) or (3) does not apply, and is taken never to have applied, to a licensee for a credit reporting body if:  (a) the licensee reasonably believes that the body is not complying with section 20Q of the Privacy Act 1988:  (i) on the 1 July referred to in that subsection; and  (ii) on the last day of the 90‑day period starting on that 1 July; and  (b) in the case of subsection 133CR(3)—the licensee continues to hold that belief after that 90‑day period; and  (c) the licensee satisfies subsection (2) of this section. Note 1: Paragraph (b) means that, if the licensee ceases to hold that belief after the 90‑day period starting on the 1 July in subsection 133CR(3), this exception will cease to apply and the supply requirement in subsection 133CR(3) will apply. Note 2: A person who wishes to rely on this subsection bears an evidential burden in relation to the matters in this subsection (see subsection (3) of this section and subsection 13.3(3) of the Criminal Code).  (2) The licensee satisfies this subsection if:  (a) the licensee prepares a written notice:  (i) stating that the licensee reasonably believes that the credit reporting body is not complying with section 20Q of the Privacy Act 1988 on that 1 July; and  (iii) stating that the body may try to convince the licensee otherwise, but that in the case of subsection 133CR(1) the body will need to do so before the end of the 90‑day period starting on that 1 July; and  (b) the licensee gives that notice to the body, and a copy to the Information Commissioner and ASIC, within 7 days after that 1 July; and  (c) the licensee prepares a written notice (the final notice):  (i) stating that the licensee reasonably believes that the body is not complying with section 20Q of the Privacy Act 1988 on the last day of that 90‑day period; and  (d) the licensee gives the final notice to the body, and a copy to the Information Commissioner and ASIC, within 7 days after the last day of that 90‑day period.  (3) A licensee who wishes to rely on subsection (1) in proceedings for a declaration of contravention or a pecuniary penalty order bears an evidential burden in relation to the matters in that subsection. 133CT  Licensee must give notice if credit reporting body later complies with information security requirements   If:  (a) an eligible licensee reasonably believes that an eligible credit reporting body for the licensee is not complying with section 20Q of the Privacy Act 1988 on the first or second 1 July on which the licensee is an eligible licensee; and  (b) the licensee complies with paragraphs 133CS(2)(a) and (b) in relation to that belief; and  (c) the licensee ceases to hold that belief:  (i) in the case of subsection 133CR(1)—on a day during the 90‑day period starting on that first 1 July; or  (ii) in the case of subsection 133CR(3)—on any day after that second 1 July; the licensee must:  (d) prepare a written notice:  (i) stating that the licensee has ceased to hold that belief; and  (ii) setting out the licensee’s reasons for ceasing to hold that belief; and  (e) give that notice to the body, and a copy to the Information Commissioner and ASIC, within 7 days after the day the licensee ceases to hold that belief. Subdivision B—Ongoing supplies of credit information 133CU  Requirement to supply  (a) a licensee has supplied a credit reporting body (the CRB) with mandatory credit information under this Division; and  (b) on a later day (the trigger day):  (i) the conditions (if any) prescribed by the regulations are not met for the licensee and the CRB; and  (ii) the licensee, or a member of a banking group of which the licensee is the head company, would reasonably be expected to have become aware that an event in an item of the following table has happened; and  (iii) the licensee is still an eligible licensee; and  (iv) an agreement of the kind referred to in paragraph 20Q(2)(a) of the Privacy Act 1988 is in force between the CRB and a body referred to in subparagraph (ii) of this paragraph; the licensee must supply to the CRB the information referred to in that table item:  (c) before the end of the latest of the following periods:  (i) the 45‑day period starting on the trigger day;  (ii) if subsection (2) applies—the 14‑day period starting on the cessation day referred to in that subsection;  (iii) if, because paragraph 133CV(1)(b) is no longer satisfied, subsection 133CV(1) ceases to provide the licensee with an exception to this subsection for the CRB—the 14‑day period starting on the day that exception ceases to apply;  (iv) if the trigger day happens because of table item 3 and is before the licensee supplies the CRB with mandatory credit information under subsection 133CR(3)—the 90‑day period starting on the trigger day; and  (d) in accordance with the supply requirements; and  (e) to the extent that the licensee is not prevented by the Privacy Act 1988 from doing so.   - Ongoing supplies of mandatory credit information - Item If this event happens: This information must be supplied: - 1 the need to correct any mandatory credit information the licensee has supplied under this Division to ensure that, having regard to a purpose for which the information is held by:(a) the licensee; or(b) a member of a banking group of which the licensee is the head company;the information is accurate, up‑to‑date, complete, relevant and not misleading details of the corrected information - 2 the payment of an overdue payment about which default information (within the meaning of the Privacy Act 1988) has been supplied under this Division payment information (within the meaning of the Privacy Act 1988) relating to the payment - 3 the opening of an eligible credit account with:(a) the licensee; or(b) a member of a banking group of which the licensee is the head company;provided this happens after the second 1 July on which the licensee is an eligible licensee mandatory credit information for that account - 4 financial hardship information comes into existence for an eligible credit account on or after the later of:(a) 1 July 2022; and(b) the day after the first day mandatory credit information for the account is supplied by the licensee to the CRB under this Division the financial hardship information - 5 default information (within the meaning of the Privacy Act 1988) comes into existence for an eligible credit account for which mandatory credit information has previously been supplied by the licensee to the CRB under this Division the default information - 6 an event:(a) of a kind prescribed by the regulations; and(b) that relates to eligible credit accounts or to the natural persons who hold those accounts information that:(a) is, or relates to, mandatory credit information; and(b) is of a kind prescribed by the regulations for that kind of event  (2) For the purposes of subparagraph (1)(c)(ii), this subsection applies if:  (a) the licensee reasonably believes that the CRB is not complying with section 20Q of the Privacy Act 1988 on the trigger day; and  (b) the licensee complies with paragraphs 133CV(2)(a) and (b) in relation to that belief; and  (c) the licensee ceases to hold that belief on a day (the cessation day) before the end of the 45‑day period starting on the trigger day.  (3) Supplies under subsection (1) of information relating to multiple events, or multiple trigger days, may be made together.  (4) Subsection (1) applies whether the information referred to in the table is kept in or outside this jurisdiction.  (5) Regulations made for the purposes of subparagraph (1)(b)(i) may make provision in relation to a matter by applying, adopting or incorporating, with or without modification, any matter contained in any other instrument or writing as in force or existing from time to time.  (6) Subsection (5) has effect despite subsection 14(2) of the Legislation Act 2003. 133CV  Exception if credit reporting body not complying with information security requirements  (1) Subsection 133CU(1) does not apply, and is taken never to have applied, to a licensee for a credit reporting body if:  (a) the licensee reasonably believes that the body is not complying with section 20Q of the Privacy Act 1988:  (i) on the trigger day referred to in that subsection; and  (ii) on the last day of the 45‑day period starting on the trigger day; and  (b) the licensee continues to hold that belief after that 45‑day period; and  (c) the licensee satisfies subsection (2) of this section. Note 1: Paragraph (b) means that, if the licensee ceases to hold that belief after that 45‑day period, this exception will cease to apply and the supply requirement in subsection 133CU(1) will apply. Note 2: A person who wishes to rely on this subsection bears an evidential burden in relation to the matters in this subsection (see subsection (3) of this section and subsection 13.3(3) of the Criminal Code).  (2) The licensee satisfies this subsection if:  (a) the licensee prepares a written notice:  (i) stating that the licensee reasonably believes that the body is not complying with section 20Q of the Privacy Act 1988 on the trigger day; and  (iii) stating that the body may try to convince the licensee otherwise; and  (b) the licensee gives that notice to the body, and a copy to the Information Commissioner and ASIC, within 7 days after the trigger day; and  (c) the licensee prepares a written notice (the final notice):  (i) stating that the licensee reasonably believes that the body is not complying with section 20Q of the Privacy Act 1988 on the last day of that 45‑day period; and  (d) the licensee gives the final notice to the body, and a copy to the Information Commissioner and ASIC, within 7 days after the last day of that 45‑day period.  (3) A licensee who wishes to rely on subsection (1) in proceedings for a declaration of contravention or a pecuniary penalty order bears an evidential burden in relation to the matters in that subsection.  (4) Subsection 21U(2) of the Privacy Act 1988 does not require a licensee to give a credit reporting body notice of a correction of certain information if:  (a) subsection (1) of this section is providing the licensee with an exception from a requirement under subsection 133CU(1) of this Act; and  (b) that requirement is to supply the corrected information to the body; unless the reason under subsection 21U(1) of the Privacy Act 1988 for the correction is that the information is inaccurate, and it was inaccurate when earlier supplied to the body under this Division. 133CW  Licensee must give notice if credit reporting body later complies with information security requirements   If:  (a) an eligible licensee reasonably believes that an eligible credit reporting body for the licensee is not complying with section 20Q of the Privacy Act 1988 on the trigger day referred to in subsection 133CU(1); and  (b) the licensee complies with paragraphs 133CV(2)(a) and (b) in relation to that belief; and  (c) the licensee ceases to hold that belief on any day after the trigger day; the licensee must:  (d) prepare a written notice:  (i) stating that the licensee has ceased to hold that belief; and  (ii) setting out the licensee’s reasons for ceasing to hold that belief; and  (e) give that notice to the body, and a copy to the Information Commissioner and ASIC, within 7 days after the day the licensee ceased to hold that belief. Subdivision C—Offences 133CX  Offence relating to initial bulk supplies  (a) the person is subject to a requirement under subsection 133CR(1) or (3); and  (2) Section 14.1 of the Criminal Code does not apply to an offence against subsection (1). Note: For an exception to an offence against subsection (1), see subsection 133CS(1). A defendant bears an evidential burden in relation to the matters in subsection 133CS(1) (see subsection 13.3(3) of the Criminal Code). 133CY  Offence relating to ongoing supplies  (a) the person is subject to a requirement under subsection 133CU(1); and  (2) Section 14.1 of the Criminal Code does not apply to an offence against subsection (1). Note: For an exception to an offence against subsection (1), see subsection 133CV(1). A defendant bears an evidential burden in relation to the matters in subsection 133CV(1) (see subsection 13.3(3) of the Criminal Code). 133CZ  Offence relating to giving notice if credit reporting body later complies with information security requirements  (a) the person is subject to a requirement under section 133CT or 133CW; and Division 3—Conditions on credit reporting bodies on‑disclosing credit information 133CZA  On‑disclosing information supplied under Division 2 etc.  (1) This section applies to a credit reporting body in relation to the following information (the protected information):  (a) any information that the credit reporting body is supplied under Division 2;  (b) any CRB derived information (within the meaning of the Privacy Act 1988) that is derived from information that the credit reporting body is supplied under Division 2. When protected information must not be disclosed  (2) If the conditions prescribed by the regulations are met for the credit reporting body and a credit provider, the credit reporting body must not disclose to the credit provider so much of the protected information as:  (a) is prescribed by the regulations; or  (b) is of a kind or kinds prescribed by the regulations. When protected information must be disclosed  (3) If the conditions prescribed by the regulations are met for the credit reporting body and a credit provider, the credit reporting body must disclose to the credit provider so much of the protected information as:  (a) the regulations require to be disclosed; or  (b) is of a kind or kinds prescribed by the regulations; and which the Privacy Act 1988 does not prevent the credit reporting body from disclosing.  (4) If the credit reporting body is required under subsection (3) to disclose information, the credit reporting body must make the disclosure by the time, and in accordance with the requirements, prescribed by the regulations. Incorporation of other instruments  (5) Regulations made for the purposes of subsection (2), (3) or (4) may make provision in relation to a matter by applying, adopting or incorporating, with or without modification, any matter contained in any other instrument or writing as in force or existing from time to time.  (6) Subsection (5) has effect despite subsection 14(2) of the Legislation Act 2003. Matters regulations may deal with  (7) Without limiting subsection (2), (3) or (4), a matter prescribed for the purposes of that subsection may depend on a person or body being satisfied of one or more specified matters. 133CZB  Offence  (a) the person is subject to a requirement under subsection 133CZA(2), (3) or (4); and Division 4—Reporting to the Minister 133CZC  Reports about initial bulk supplies of credit information  (1) A licensee who is required under subsection 133CR(1) or (3) to supply mandatory credit information must arrange:  (a) for the preparation of a written statement containing information of the kinds prescribed by the regulations relating to:  (i) the mandatory credit information; or  (ii) the eligible credit accounts to which the mandatory credit information relates; and  (b) for a person appointed under section 133CZD to audit that statement and prepare a written report of the audit; and  (c) for that statement and audit report to be given to the Minister within 6 months after the 1 July referred to in that subsection.  (2) A credit reporting body to whom mandatory credit information is required under subsection 133CR(1) or (3) to be supplied must arrange:  (a) for the preparation of a written statement containing information of the kinds prescribed by the regulations relating to:  (i) the mandatory credit information; or  (ii) the eligible credit accounts to which the mandatory credit information relates; and  (b) for a person appointed under section 133CZD to audit that statement and prepare a written report of the audit; and  (c) for that statement and audit report to be given to the Minister within 6 months after the 1 July referred to in that subsection.  (3) For the purposes of subsection (1) or (2), disregard section 133CS when working out whether a person is required under subsection 133CR(1) or (3) to supply mandatory credit information to another person. 133CZD  Auditors  (1) ASIC may, in writing, appoint as auditors for the purposes of this Division:  (a) one or more suitably qualified persons; or  (b) the members of one or more classes of suitably qualified persons.  (2) The reasonable fees and expenses of an auditor for preparing an audit report under this Division are payable by the person required to arrange for the preparation of the statement to which the audit report relates.  (3) The auditor may recover those fees by action against that person. 133CZE  Offence  (a) the person is subject to a requirement under subsection 133CZC(1) or (2); and Division 5—Assisting ASIC 133CZF  Meaning of Part 3‑2CA body   A Part 3‑2CA body is a person that is or has been:  (a) an eligible licensee; or  (b) an eligible credit reporting body for a licensee. 133CZG  Obligation to provide a statement or obtain an audit report if directed by ASIC Notice to Part 3‑2CA body to provide a statement  (1) ASIC may give a Part 3‑2CA body a written notice directing the body to lodge with ASIC a written statement containing specified information about whether the body, or another Part 3‑2CA body, is complying with this Part (other than Division 4).  (2) Notices under subsection (1):  (a) may be given at any time; and  (b) may be given to one or more particular Part 3‑2CA bodies, or to each Part 3‑2CA body in one or more classes of Part 3‑2CA bodies, or to all Part 3‑2CA bodies; and  (c) may require all the same information, or may contain differences as to the information they require; and  (d) may require a statement containing information to be given on a periodic basis, or each time a particular event or circumstance occurs, without ASIC having to give a further written notice. Notice to Part 3‑2CA body to obtain an audit report  (3) ASIC may also give a Part 3‑2CA body a written notice directing the body to obtain an audit report prepared:  (a) by a suitably qualified person specified in the notice; and  (b) on a statement, or on each statement in a class of statements, under subsection (1); and  (c) before the statement is given to ASIC.  (4) A notice under subsection (3) is not a legislative instrument. Notice must specify day by which Part 3‑2CA body must comply  (5) A notice given under this section must specify the day by which the Part 3‑2CA body must comply with the notice (which must be a reasonable period after the notice is given). ASIC may extend the day by giving a written notice to the Part 3‑2CA body.  (6) The Part 3‑2CA body must comply with a notice given under this section within the time specified in the notice. 133CZH  Obligation to give ASIC information required by the regulations Regulations may require Part 3‑2CA body to give information  (1) The regulations may require:  (a) a Part 3‑2CA body; or  (b) each Part 3‑2CA body in a class of Part 3‑2CA bodies; to give ASIC specified information about whether the body, or another Part 3‑2CA body, is complying with this Part (other than Division 4). Requirement to comply with regulations  (2) If regulations under subsection (1) require a Part 3‑2CA body to give ASIC information, the body must give ASIC that information. 133CZI  Obligation to provide ASIC with assistance if reasonably requested Requirement to provide assistance  (1) If ASIC, or a person authorised by ASIC, reasonably requests assistance from a Part 3‑2CA body (the assisting body) about whether:  (a) the assisting body; or  (b) another Part 3‑2CA body; is complying with this Part (other than Division 4), the assisting body must give ASIC or the authorised person the requested assistance.  (2) If the request is in writing, it is not a legislative instrument.  (a) the person is subject to a requirement to give ASIC or an authorised person assistance under subsection (1); and 133CZJ  Extended application of Division 4 of Part 2‑5  (1) Division 4 of Part 2‑5 also applies in relation to an audit report required under subsection 133CZG(3) as if the substitutions in the following table, and the modification in subsection (2) of this section, were made.   - Substitutions to be made - Item For a reference in Division 4 of Part 2‑5 to: substitute a reference to: - 1 licensee Part 3‑2CA body - 2 subsection 49(3) subsection 133CZG(3) - 3 financial records or other credit books records  (2) For the purposes of subsection (1), assume that paragraphs 104(2)(a) and (b) were replaced with the following:  “(a) constitutes or may constitute a contravention of Part 3‑2CA (other than Division 4); or”. 133CZK  This Part does not limit the Privacy Act 1988   Subject to subsection 133CV(4), this Part does not limit the operation of the Privacy Act 1988. 133CZL  Review of the operation of this Part  (1) The Minister must cause an independent review to be conducted of the operation of this Part.  (2) The persons who conduct the review must complete it, and give the Minister a written report of the review, before 1 October 2024.  (3) The Minister must cause copies of the report to be tabled in each House of the Parliament within 15 sitting days of that House after the report is given to the Minister. 133CZM  Main constitutional basis   The main constitutional basis for this Part is set out in Part 1‑3. 133CZN  Other constitutional bases  (1) Independently of section 133CZM, this Part also has effect as provided by subsections (2), (3), (4) and (5). Other constitutional bases—eligible licensees  (2) This Part also has the effect it would have if a reference in it to an eligible licensee were expressly confined to an eligible licensee that is a corporation to which paragraph 51(xx) of the Constitution applies.  (3) This Part also has the effect it would have if a reference in it to an eligible licensee were expressly confined to an eligible licensee acting:  (a) in the course of; or  (b) in relation to; the carrying on of the business of banking, other than State banking (within the meaning of paragraph 51(xiii) of the Constitution) not extending beyond the limits of the State concerned. Other constitutional bases—credit reporting bodies  (4) Division 3, subsection 133CZC(2) and Division 5 also have the effect they would have if a reference in them to a credit reporting body were expressly confined to a credit reporting body that is a corporation to which paragraph 51(xx) of the Constitution applies.  (5) Division 3, subsection 133CZC(2) and Division 5 also have the effect they would have if a reference in them to a credit reporting body were expressly confined to a credit reporting body acting:  (a) in the course of; or  (b) in relation to; the carrying on of the business of banking, other than State banking (within the meaning of paragraph 51(xiii) of the Constitution) not extending beyond the limits of the State concerned. Part 3‑2D—Licensees and reverse mortgages   133DA  Guide to this Part This Part has rules that apply to licensees that provide credit services or are credit providers. Before providing credit assistance, or entering into a credit contract, for a reverse mortgage, licensees must provide projections of the debtor’s equity in the property that may be covered by the reverse mortgage. Licensees must also make reverse mortgage information statements available on their websites and on request. Licensees must not inaccurately use terms like “reverse mortgage” in making representations about credit contracts and mortgages. 133DB  Giving projections of equity before providing credit assistance or entering credit contract Requirement to give projections  (1) Before a licensee makes a preliminary assessment for the purposes of paragraph 115(1)(c) or (2)(a), or an assessment for the purposes of paragraph 128(c), in connection with a credit contract with a consumer for a reverse mortgage, the licensee must:  (a) show the consumer in person, or give the consumer in a way prescribed by the regulations, projections that:  (i) relate to the value of the dwelling or land that may become reverse mortgaged property, and the consumer’s indebtedness, over time if the consumer were to enter into a contract for a reverse mortgage; and  (ii) are made in accordance with the regulations by using a website approved by ASIC; and  (b) give the consumer a printed copy of the projections; and  (c) tell the consumer in person the things (if any) that relate to reverse mortgages and are prescribed by the regulations; and  (d) give the consumer a reverse mortgage information statement.  (c) the person’s conduct breaches the requirement. Defences for not giving projections  (3) For the purposes of paragraphs (1)(a) and (b), and of subsection (2) so far as it relates to either of those paragraphs, it is a defence if the licensee reasonably believes that:  (a) another person has:  (i) shown the consumer in person projections described in paragraph (1)(a); and  (ii) given the consumer a printed copy of the projections; and  (b) the projections are the same, or substantially the same, as those paragraph (1)(a) requires the licensee to show the consumer. Note: For the purposes of subsection (2), a defendant bears an evidential burden in relation to the matter in subsection (3) (see subsection 13.3(3) of the Criminal Code).  (4) For the purposes of paragraphs (1)(a) and (b), and of subsection (2) so far as it relates to either of those paragraphs, it is a defence if the circumstances prescribed by the regulations exist. Note: For the purposes of subsection (2), a defendant bears an evidential burden in relation to the matter in subsection (4) (see subsection 13.3(3) of the Criminal Code). Defence for not giving reverse mortgage information statement  (5) For the purposes of paragraph (1)(d), and of subsection (2) so far as it relates to that paragraph, it is a defence if the licensee reasonably believes that another person has given the consumer a reverse mortgage information statement in the last 90 days. Note: For the purposes of subsection (2), a defendant bears an evidential burden in relation to the matter in subsection (5) (see subsection 13.3(3) of the Criminal Code). 133DC  Making reverse mortgage information statement available on website of credit provider or credit assistance provider  (1) This section applies if a licensee:  (a) is:  (i) a person who provides, or holds himself or herself out as able to provide, credit assistance relating to credit contracts for reverse mortgages; or  (ii) a credit provider under one or more credit contracts for a reverse mortgages; and  (b) has a website that provides information about such contracts.  (2) The licensee must make available through the website a reverse mortgage information statement.  (c) the person’s conduct breaches the requirement. 133DD  Making reverse mortgage information statement available in other situations  (a) a licensee is:  (i) a person who provides, or holds himself or herself out as able to provide, credit assistance relating to credit contracts for reverse mortgages; or  (ii) a credit provider under one or more credit contracts for reverse mortgages; and  (b) either:  (i) a consumer asks the licensee (otherwise than by using a website of the licensee) for a reverse mortgage information statement; or  (ii) the regulations require a consumer, in circumstances prescribed by the regulations, to be given a reverse mortgage information statement; and  (c) the consumer gives the licensee the consumer’s name, and the contact details required by the regulations.  (2) The licensee must, in accordance with any requirements prescribed by the regulations, give the consumer a reverse mortgage information statement.  (4) For the purposes of subsections (2) and (3), it is a defence if:  (a) the licensee has given the consumer, or reasonably believes that someone else has given the consumer, a reverse mortgage information statement; or  (b) the licensee:  (i) is a credit provider under one or more credit contracts for reverse mortgages; and  (ii) reasonably believes that the consumer would not be eligible to make a credit contract with the licensee for a reverse mortgage; or  (c) there exist circumstances prescribed by regulations as circumstances in which the licensee is not required to give the consumer a reverse mortgage information statement. Note: For the purposes of subsection (3), a defendant bears an evidential burden in relation to the matter in subsection (4) (see subsection 13.3(3) of the Criminal Code). 133DE  Representations that use the term “reverse mortgage” etc. Credit service providers  (1) A licensee must not, in providing or offering to provide a credit service to a consumer, use either of the following terms (either alone or in combination with other words or letters) in a representation to the consumer about an actual or proposed credit contract or mortgage:  (a) the phrase “reverse mortgage”;  (b) another term (whether or not in English) of similar import to the phrase “reverse mortgage”. Credit providers  (2) A licensee that is a credit provider must not use either of the following terms (either alone or in combination with other words or letters) in a representation to a consumer about an actual or proposed credit contract or mortgage:  (a) the phrase “reverse mortgage”;  (b) another term (whether or not in English) of similar import to the phrase “reverse mortgage”.  (a) the representation truly represents that a credit contract:  (i) is or will be a credit contract for a reverse mortgage; or  (ii) is not or will not be a credit contract for a reverse mortgage; or  (b) the representation truly represents that a mortgage:  (i) is or will be part of a reverse mortgage; or  (ii) is not or will not be part of a reverse mortgage. Part 3‑3—Licensees that provide credit assistance in relation to consumer leases