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Comments sought on Review of Credit Provider Determinations

The Office of the Australian Information Commissioner (OAIC) is seeking public comment on two consultation papers about Credit Provider Determinations.

The OAIC is undertaking a review of the Credit Provider Determinations to ascertain whether to make new determinations.

  • Consultation Paper No. 1 relates to Credit Provider Determination No. 2006-3 (Assignees) and Credit Provider Determination No. 2006-4 (Classes of Credit Providers).
  • Consultation Paper No. 2 relates to Credit Provider Determination No. 2006-5 (Indigenous Business Australia).

The consultation papers are available at http://www.oaic.gov.au/news/consultations.html#current_consultations

The closing date for comments is 3 June 2011.  Submissions can be made to consultation@oaic.gov.au or GPO Box 5218 Sydney NSW 2000.

Background

Under the Privacy Act 1988 (Privacy Act), the Australian Information Commissioner is able to determine that certain entities are ‘credit providers’ for the purposes of the Privacy Act.

By being granted ‘credit provider’ status, an entity is able to undertake credit reporting activities, including accessing credit reports, listing overdue payments and serious credit infringements, updating existing default listings and correcting previously reported information.

The following Credit Provider Determinations are due to expire on 31 August 2011:

  • Credit Provider Determination No. 2006-3 (Assignees)
  • Credit Provider Determination No. 2006-4 (Classes of Credit Providers)

The Assignees Determination provides that a corporation which acquires the rights of a credit provider with respect to the repayment of a loan shall, in relation to that loan, be regarded as the credit provider for the purposes of the Privacy Act.

The Classes of Credit Providers Determination provides that a corporation which:

  • provides goods and services on terms which allow deferral of payment for at least 7 days, or
  • hires out or leases goods where an amount less than the value of the goods is paid as deposit for return of the goods and the arrangement is of at least 7 days duration,

shall be regarded as a credit provider for the purposes of the Privacy Act in relation to those transactions.

Credit Provider Determination No. 2006-5 (Indigenous Business Australia) is due to expire on 30 October 2011. The Indigenous Business Australia Determination provides that the statutory authority Indigenous Business Australia is a credit provider for the purposes of the Privacy Act.

Media contact:  Ms Leila Daniels     0407 663 968     media@oaic.gov.au