PRIVACY ACT 1988

PART II - INTERPRETATION  

Division 2 - Key definitions relating to credit reporting  

Subdivision A - Credit provider  

SECTION 6J   SECURITISATION ARRANGEMENTS ETC.  

6J(1)  
If:


(a) an organisation or small business operator (the securitisation entity ) carries on a business that is involved in either or both of the following:


(i) a securitisation arrangement;

(ii) managing credit that is the subject of a securitisation arrangement; and


(b) the securitisation entity performs a task that is reasonably necessary for:


(i) purchasing, funding or managing, or processing an application for, credit by means of a securitisation arrangement; or

(ii) undertaking credit enhancement in relation to credit; and


(c) the credit has been provided by, or is credit for which an application has been made to, a credit provider (the original credit provider );

then, while the securitisation entity performs such a task, the securitisation entity is a credit provider .

6J(2)  
Subsection (1) does not apply if the original credit provider is an organisation or small business operator that is a credit provider because of a previous application of that subsection.

6J(3)  
If subsection (1) applies in relation to credit that has been provided by the original credit provider, the credit is taken, for the purposes of this Act, to have been provided by both the original credit provider and the securitisation entity.

6J(4)  
If subsection (1) applies in relation to credit for which an application has been made to the original credit provider, the application is taken, for the purposes of this Act, to have been made to both the original credit provider and the securitisation entity.


 

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