13Transfer of rights of credit provider

13  Transfer of rights of credit provider

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

Note: Section 6K of the Act sets out when an organisation or small business operator who acquires rights in respect of credit is treated as a credit provider.

 (2) Subsection (3) applies if:

 (a) an acquirer acquires the rights of a credit provider (the original credit provider) in relation to the repayment of an amount of consumer credit; and

 (b) the original credit provider notifies the individual to whom that consumer credit was provided of the transfer event; and

 (c) prior to the transfer event, the original credit provider had disclosed to a consumer credit liability information or default information about the consumer credit to a credit reporting body.

 (3) The original credit provider and acquirer must ensure that disclosure is made to the credit reporting body of:

 (a) the transfer event within 45 days of its occurrence including the name of the acquirer; and

 (b) any information that is thereafter required to be disclosed under Part IIIA of the Act, the Regulations or this CR Code.

 (4) For the purposes of the disclosure of information described in paragraph (3)(b), the acquirer is taken to have made any disclosures by the original credit provider in relation to that credit that were made prior to the transfer event.