Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If, in a preliminary assessment made for the purposes of paragraph 115(1)(c) or (2)(a), the licensee assesses that a small amount credit contract is not unsuitable for a consumer, before providing credit assistance to the consumer by:
(a) suggesting that the consumer apply, or assisting the consumer to apply, for the small amount credit contract; or
(b) suggesting that the consumer apply, or assisting the consumer to apply, for the increase to the credit limit of the small amount credit contract which is the subject of that preliminary assessment; or
(c) suggesting that the consumer remain in the small amount credit contract;
the licensee must document in writing and in accordance with any requirements determined by ASIC under subsection (2):
(d) the preliminary assessment; and
(e) the inquiries and verification made for the purposes of paragraph 115(1)(d) or (2)(b) in relation to that preliminary assessment.
Civil penalty: 5,000 penalty units.
(2) ASIC may, by legislative instrument, determine the form in which the matters in paragraphs (1)(d) and (e) 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.