Federal Register of Legislation - Australian Government

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ASIC Class Order [CO 11/926]

Authoritative Version
CO 11/926 Orders/ASIC Class Orders as amended, taking into account amendments up to ASIC Class Order [CO 13/274]
Administered by: Treasury
Registered 23 Apr 2013
Start Date 17 Apr 2013
Date of repeal 26 Sep 2017
Repealed by ASIC Corporations and Credit (Repeal) Instrument 2017/791

ASIC Class Order [CO 11/926]

Credit licensing exemptions for NGOs (non-government organisations) providing credit assistance to consumers

This instrument has effect under s109(3)(a) of the National Consumer Credit Protection Act 2009.

This compilation was prepared on 17 April 2013 taking into account amendments up to [CO 13/274]. See the table at the end of this class order.

Prepared by the Australian Securities and Investments Commission.

Australian Securities and Investments Commission
National Consumer Credit Protection Act 2009 —
Paragraph 109(3)(a) – Exemption

Enabling legislation

1.    The Australian Securities and Investments Commission makes this instrument under paragraph 109(3)(a) of the National Consumer Credit Protection Act 2009 (the Act).

Title              

2.    This instrument is ASIC Class Order [CO 11/926].

Commencement

3.    This instrument commences on the date it is registered under the Legislative Instruments Act 2003.

Note: An instrument is registered when it is recorded on the Federal Register of Legislative Instruments (FRLI) in electronic form: see Legislative Instruments Act 2003, section 4 (definition of register). The FRLI may be accessed at http://www.frli.gov.au/.

First Exemption: Rural financial counselling service providers

4.    A rural financial counselling service provider is exempt from subsections 29(1) and (2) of the Act in relation to the provision of credit assistance to a person (the consumer).

Note :      Subsection 29(4) of the Act may provide a defence to a person who engages in a credit activity on behalf of a rural financial counselling service provider that is exempt from subsection 29(1) and (2) of the Act in relation to the credit activity under paragraph 109(3)(a) of the Act.

Where the first exemption applies

5.    The exemption for a rural financial counselling service provider applies where all of the following are satisfied:

(a)   the credit assistance is provided to the consumer as part of a rural financial counselling service;

(b)   no fees or charges (however described) are payable by or on behalf of the consumer in relation to the credit assistance or any other aspect of the rural financial counselling service;

(c)   no remuneration (whether by way of commission or otherwise) is payable to or for the benefit of the rural financial counselling service provider, their representatives or associates by any person in relation to any action by or on behalf of the consumer arising from either the credit assistance or any other aspect of the rural financial counselling service;

(d)   the rural financial counselling service provider:

(i)    does not engage in any credit activity  for which the provider would be required to hold an Australian credit licence other than the credit activity to which this instrument relates; and

(ii)   takes all reasonable steps to ensure that none of its representatives engage in a credit activity for which the representative would be required to hold an Australian credit licence other than the credit activity to which this instrument relates;

(e)   the rural financial counselling service provider takes all reasonable steps to ensure that each representative who provides the credit assistance on its behalf has undertaken appropriate training to ensure that they have adequate skills, knowledge and experience to satisfactorily provide the credit assistance and any other aspect of the rural financial counselling service.

Interpretation

8.    In this instrument:

associate has the same meaning as in sections 10 to 17 of the Corporations Act 2001

rural financial counselling service means a financial counselling service for primary producers and rural small businesses in financial difficulty.

rural financial counselling service provider means:

(a)   a body that is funded in whole or in part by the Commonwealth through the Department of Agriculture, Fisheries and Forestry to provide a rural financial counselling service;

(b)   the Rural Financial Counselling Service of Queensland that is funded in whole or in part by the State of Queensland through the Department of Employment, Economic Development and Innovation to provide a rural financial counselling service.

 

Notes to ASIC Class Order [CO 11/926]

Note 1

ASIC Class Order [CO 11/926] (in force under s109(3)(a) of the National Consumer Credit Protection Act 2009) as shown in this compilation comprises that Class Order amended as indicated in the tables below.

Table of Instruments

Instrument number

Date of FRLI registration

Date of commencement

Application, saving or transitional provisions

[CO 11/926]

15/12/2011 (see F2011L02687)

15/12/2011

 

[CO 13/274]

17/4/2013 (see F2013L00664)

17/4/2013

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Table of Amendments

ad. = added or inserted     am. = amended     rep. = repealed     rs. = repealed and substituted

Provision affected

How affected

Para 6..........................

rep. [CO 13/274]

Para 7..........................

rep. [CO 13/274]

Para 8..........................

am. [CO 13/274]