Commonwealth Consolidated Acts

PRIVACY ACT 1988 - SECT 21N

Mortgage credit assistance schemes

  (1)   A disclosure by a credit provider of credit eligibility information about an individual is a permitted CP disclosure in relation to the individual if:

  (a)   the disclosure is to a State or Territory authority; and

  (b)   the functions or responsibilities of the authority include:

  (i)   giving assistance (directly or indirectly) that facilitates the provision of mortgage credit to individuals; or

  (ii)   the management or supervision of schemes or arrangements under which such assistance is given; and

  (c)   the information is disclosed for the purpose of enabling the authority:

  (i)   to determine the extent of the assistance (if any) to give in relation to the provision of mortgage credit to the individual; or

  (ii)   to manage or supervise such a scheme or arrangement.

Assignment of debts owed to credit providers etc.

  (2)   A disclosure by a credit provider of credit eligibility information about an individual is a permitted CP disclosure in relation to the individual if:

  (a)   the disclosure is to one or more of the following (the recipient ):

  (i)   an entity;

  (ii)   a professional legal adviser of the entity;

  (iii)   a professional financial adviser of the entity; and

  (b)   the recipient has an Australian link; and

  (c)   subsection   (3) applies to the information.

  (3)   This subsection applies to the credit eligibility information if the recipient proposes to use the information:

  (a)   in the process of the entity considering whether to:

  (i)   accept an assignment of a debt owed to the credit provider; or

  (ii)   accept a debt owed to the provider as security for credit provided to the provider; or

  (iii)   purchase an interest in the provider or a related body corporate of the provider; or

  (b)   in connection with exercising rights arising from the acceptance of such an assignment or debt, or the purchase of such an interest.