Bill
National Consumer Credit Protection Amendment (Mandatory Comprehensive Credit Reporting) Bill 2018
lapsed, as at 2019-07-01. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2018-03-28
- second reading — 2018-03-28
- second reading — 2018-06-25
- second reading — 2018-06-25
- third reading — 2018-06-25
- introduced — 2018-06-25
- second reading — 2018-06-25
- other — 2019-07-01
Divisions
No divisions recorded. Most questions are decided on the voices; this does not establish that a bill was unopposed.
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2018-03-28.
This bill would make it compulsory for certain lenders to share consumer credit data with credit bureaus.
Eligible licensees that are large authorised deposit-taking institutions as of 1 July 2018 would be required to supply credit information on consumer credit accounts to specified credit reporting bodies.
The bill builds on a voluntary scheme introduced by 2014 amendments to the Privacy Act, and regulations would set conditions for when credit reporting bodies can share or must share the information.
- Requires eligible large ADIs to provide credit information on consumer credit accounts to credit reporting bodies.
- Establishes a mandatory comprehensive credit reporting regime under the Credit Act.
- Allows regulations to set conditions for credit reporting bodies sharing the disclosed information.
Large authorised deposit-taking institutions and other credit providers within their banking group, as well as credit reporting bodies.
Sources
em
billhome