(1) A credit information subject who makes a credit application to a credit information provider shall, on making the application, give notice to the credit information provider if the credit information subject has an outstanding aggregate debt of more than €5,000 under agreements that would be credit agreements but for section 2(2).

(2) The Bank may, with the consent of the Minister, make regulations specifying -

(a) the information that is to be provided in a notice under subsection (1), and

(b) the form in which, and when, that information is to be so provided.

(3) A credit information provider who receives a notice under subsection (1) shall provide the information contained in it to the Bank together with a statement that the information has been provided in compliance with such a notice.

(4) The Bank may include information and statements received by the Bank under subsection (3) on the Register.