12. (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.

(5) The Minister may, from time to time, review the amount for the time being specified in subsection (1) and may, following consultation with the Bank and having regard to changes in the consumer price index, the implications for the effective and efficient operation of the Register and the effect on credit information providers and credit information subjects, by order specify a different amount instead of that amount.

(6) The Minister may revoke an order under subsection (5) without specifying another amount (in which case the amount specified in subsection (1) is €5,000).