Regulations to support the amendments to the Privacy Act from 12 March 2014 are currently being developed by the Attorney-General’s Department.
The department has developed a position paper which sets out the detail of those regulations so that entities can implement and prepare for the reforms as soon as possible.
The proposals include:
- the meaning of “consumer credit liability information” will be prescribed and that a regulation will specify amortisation type, term type, term of loan and whether there is a guarantor;
- the meaning of “credit provider” will exclude an organisation or small business operator acting in the capacity of a current or prospective landlord in relation to the individual;
- the only transitional issue to be regulated will be information requests being processed on or before the commencement date, which will be permitted to be processed under the current credit reporting system until 31 March 2014.
