NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 156C Written documentation required in relation to the assessment for a consumer lease for household goods

NATIONAL CONSUMER CREDIT PROTECTION ACT 2009 - SECT 156C

  (1)   If, in an assessment made for the purposes of paragraph   151(c), the licensee assesses that a consumer lease for household goods is not unsuitable for a consumer, before:

  (a)   entering into the consumer lease with the consumer; or

  (b)   making an unconditional representation to the consumer that the licensee considers that the consumer is eligible to enter a consumer lease with the licensee;

the licensee must document in writing and in accordance with any requirements determined by ASIC under subsection   (2):

  (c)   the assessment; and

  (d)   the inquiries and verification made for the purposes of paragraph   151(d) in relation to that assessment.

Civil penalty:   5,000 penalty units.

  (2)   ASIC may, by legislative instrument, determine the form in which the matters in paragraphs   (1)(c) and (d) are to be documented in writing.

  (3)   Before making a determination under subsection   (2), ASIC must:

  (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

  (b)   have regard to any submissions made by the Information Commissioner because of that consultation.