Bill
National Consumer Credit Protection Amendment (Mandatory Credit Reporting and Other Measures) Bill 2019
passed, as at 2021-02-16. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2019-12-05
- second reading — 2019-12-05
- second reading — 2020-02-05
- second reading — 2020-02-05
- third reading — 2020-02-05
- introduced — 2020-02-05
- second reading — 2020-02-05
- second reading — 2021-02-03
- second reading — 2021-02-03
- committee — 2021-02-03
- third reading — 2021-02-03
- other — 2021-02-03
- passed — 2021-02-03
- royal assent — 2021-02-16
Divisions
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2019-12-05.
This bill would make it compulsory for large banks to share details of their customers' credit accounts with credit reporting agencies.
The bill would also let lenders report when a borrower gets a hardship arrangement, such as a payment deferral, on their credit file.
The mandatory regime would apply from 1 April 2020 to large authorised deposit-taking institutions, which accounted for over 80 per cent of household lending in June 2019.
- Requires large authorised deposit-taking institutions to supply credit information on consumer accounts to credit reporting bodies.
- Creates a new type of credit information called financial hardship information that can be reported when a consumer's payment is altered by a permanent variation or a hardship arrangement.
- Allows credit reporting bodies to share the mandated information only under conditions set out in regulations.
Large authorised deposit-taking institutions, credit reporting bodies, and consumers with credit accounts or hardship arrangements.
Sources
em
em supp
billhome
frl act