Div 4Credit information

Division 4—Credit information

6  Consumer credit liability information

 (1) This section is made for the purposes of subsection 6(1) and section 21D of the Act.

Note 1:  Consumer credit liability information is defined in subsection 6(1) of the Act, and includes:

1.      the name of the credit provider;
2.      whether the provider is a licensee;
3.      the type of consumer credit;
4.      the day on which the consumer credit is entered into;
5.      the terms or conditions of the consumer credit that relate to repayment of the amount of the credit; and that are prescribed by the Regulations;
6.       the maximum amount of credit available under the consumer credit;
7.      the day on which the consumer credit is terminated or otherwise ceases to be in force.

Note 2:  Section 21D of the Act outlines when a credit provider may disclose credit information (including consumer credit liability information) to a credit reporting body.

Type of consumer credit

 (2) A credit reporting body must, in conjunction with other credit reporting bodies and credit providers, contribute to the development and maintenance of common descriptors of the types of consumer credit.

 (3) A credit provider must use the descriptors referred to in subsection (2) when disclosing information to a credit reporting body about the type of consumer credit that they have provided to individuals.

Meaning of other kinds of consumer credit liability information

 (4) When collecting, using or disclosing information under the Part IIIA of the Act, the Regulations and this CR Code, the following types of consumer credit liability information have the meaning given in this instrument:

 (a) the day on which the consumer credit is entered into;

 (b) the maximum amount of credit available under the consumer credit; and

 (c) the day on which the consumer credit is terminated or otherwise ceases to be in force.

 (5) When credit is terminated or otherwise ceases to be in force in the manner described in subparagraph (b)(iii) of the definition of that term, and the date on which that occurred is disclosed to a credit reporting body, the individual is no longer able to incur further debt (other than that arising from interest, fees or other charges in respect to the debt) under the credit.

Credit provider disclosures of consumer credit liability information

 (6) Subject to subsection (7), where a credit provider chooses to disclose consumer credit liability information about an individual to a credit reporting body, the provider must do one of the following: