Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If, in a preliminary assessment made for the purposes of paragraph 138(1)(c) or (2)(a), the licensee assesses that a consumer lease for household goods is not unsuitable for a consumer, before providing credit assistance to the consumer by:
(a) suggesting that the consumer apply for a particular consumer lease with a particular lessor; or
(b) assisting the consumer to apply for a particular consumer lease with a particular lessor; or
(c) suggesting that the consumer remain in a particular consumer lease with a particular lessor;
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 138(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.