Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If, in an assessment made for the purposes of paragraph 151(c), the licensee assesses that a consumer lease for household goods is not unsuitable for a consumer, before:
(a) entering into the consumer lease with the consumer; or
(b) making an unconditional representation to the consumer that the licensee considers that the consumer is eligible to enter a consumer lease with the licensee;
the licensee must document in writing and in accordance with any requirements determined by ASIC under subsection (2):
(c) the assessment; and
(d) the inquiries and verification made for the purposes of paragraph 151(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)(c) and (d) 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.