Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A licensee who is required under subsection 133CR(1) or (3) to supply mandatory credit information must arrange:
(a) for the preparation of a written statement containing information of the kinds prescribed by the regulations relating to:
(i) the mandatory credit information; or
(ii) the eligible credit accounts to which the mandatory credit information relates; and
(b) for a person appointed under section 133CZD to audit that statement and prepare a written report of the audit; and
(c) for that statement and audit report to be given to the Minister within 6 months after the 1 July referred to in that subsection.
Civil penalty: 5,000 penalty units.
(2) A credit reporting body to whom mandatory credit information is required under subsection 133CR(1) or (3) to be supplied must arrange:
(a) for the preparation of a written statement containing information of the kinds prescribed by the regulations relating to:
(i) the mandatory credit information; or
(ii) the eligible credit accounts to which the mandatory credit information relates; and
(b) for a person appointed under section 133CZD to audit that statement and prepare a written report of the audit; and
(c) for that statement and audit report to be given to the Minister within 6 months after the 1 July referred to in that subsection.
Civil penalty: 5,000 penalty units.
(3) For the purposes of subsection (1) or (2), disregard section 133CS when working out whether a person is required under subsection 133CR(1) or (3) to supply mandatory credit information to another person.