Corporations Point-in-Time Service Updates
Monday 31 May 2021 @ 2.17 p.m.
The Corporations Point-in-Time Service has been updated to include the National Consumer Credit Protection Amendment (Mandatory Credit Reporting) Regulations 2021 (Cth) and the Corporations Amendment (Statutory Minimum) Regulations 2021 (Cth).
National Consumer Credit Protection Amendment (Mandatory Credit Reporting) Regulations 2021
The purpose of these Regulations are to support the amendments made by the National Consumer Credit Protection Amendment (Mandatory Credit Reporting and Other Measures) Act 2021, which established a mandatory credit reporting regime in Australia.
The Regulations support the mandatory credit reporting regime by prescribing:
- additional circumstances where a credit provider that is subject to the regime must make ongoing supplies of repayment history information;
- additional circumstances where a credit reporting body is restricted from disclosing information it has received under the regime;
- information that must be included in statements given to the Treasurer by credit providers and credit reporting bodies that are subject to the regime; and
- civil penalty provisions in the new regime that are subject to an infringement notice.
Corporations Amendment (Statutory Minimum) Regulations 2021
These Regulations permanently increase the dollar amount at which a creditor can issue a statutory demand to a company that owes the creditor money. This amount, known as the ‘statutory minimum’, has been increased from $2,000 to $4,000, to account for the impact of inflation. The statutory minimum for companies eligible for temporary restructuring relief under section 458E of the Act is unchanged.
These amendments have been updated in the Point-in-Time Corporations Service current to 31 May 2021. (NB: subscription required).