Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If, in an assessment made for the purposes of paragraph 128(c), the licensee assesses that a small amount credit contract is not unsuitable for a consumer, before:
(a) entering into the small amount credit contract with the consumer; or
(b) making an unconditional representation to the consumer that the licensee considers that the consumer is eligible to enter into the small amount credit contract with the licensee; or
(c) increasing the credit limit of the small amount credit contract which is the subject of that assessment; or
(d) making an unconditional representation to the consumer that the licensee considers that the credit limit of the small amount credit contract between the consumer and the licensee will be able to be increased;
the licensee must document in writing and in accordance with any requirements determined by ASIC under subsection (2):
(e) the assessment; and
(f) the inquiries and verification made for the purposes of paragraph 128(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)(e) and (f) 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.