QUESTION1

State whether the following statements are true or false, andprovide a briefexplanation, citing relevantauthorities(ifany):

(i) A bank has a legal obligation to assess the suitability of credit for consumercustomers. (4 marks)

(ii) Itis anadvantagefor abank tobeasecured creditor. (4 marks)

(iii) Privacy and confidentiality laws in Australia allow any type of information to beshared by banks with credit reporting bodies in relation to credit checks they do oncustomers. (4 marks)