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.