Consumer Data Right (Non-Bank Lenders) Designation 2022 (Cth)

Consumer Data Right (Non-Bank Lenders) Designation 2022

I, Stephen Jones, Assistant Treasurer and Minister for Financial Services, make the following instrument.

Dated 21 November 2022

Stephen Jones Assistant Treasurer Minister for Financial Services

Contents 1 Name 2 Commencement 3 Authority 4 Definitions 5 Meaning of purchased payment facility 6 Designation of sector subject to the consumer data right 7 Specified classes of information—information about user of product 8 Specified classes of information—information about use of product 9 Specified classes of information—information about a product 10 Exclusion from specified classes of information—credit information

1 Name This instrument is the Consumer Data Right (Non-Bank Lenders) Designation 2022.

2 Commencement This instrument commences on the day after it is registered.

3 Authority This instrument is made under subsection 56AC(2) of the Competition and Consumer Act 2010.

4 Definitions Note: Some expressions used in this instrument are defined in the Act. In this instrument: Act means the Competition and Consumer Act 2010. associate has the meaning given by section 318 of the Income Tax Assessment Act 1936. product means: (a) a good or service that is or has been offered or supplied to a person in connection with one or more of the following activities: (i) taking money on deposit (otherwise than as part-payment for identified goods or services); (ii) making advances of money; (iii) letting goods on hire, including on hire-purchase; (iv) another financial activity prescribed for the purposes of subparagraph (b)(ii) of the definition of "banking business" in subsection 5(1) of the Banking Act 1959; or (b) a purchased payment facility that is or has been offered or supplied to a person. purchased payment facility has the meaning given by section 5. relevant non-bank lender means a corporation that: (a) is a registrable corporation under section 7 of the Financial Sector (Collection of Data) Act 2001; or (b) would be such a registrable corporation but for the operation of paragraph 7(2)(i) of that Act. Note: Section 7 of the Financial Sector (Collection of Data) Act 2001 defines registrable corporations essentially as corporations that are not ADIs, but provide finance as part of their business activities. Paragraph 7(2)(i) excludes corporations whose lending is below a certain threshold.