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ASIC Class Order [CO 14/41]

Authoritative Version
  • - F2016C00227
  • In force - Superseded Version
  • View Series
CO 14/41 Orders/ASIC Class Orders as amended, taking into account amendments up to ASIC Credit (Amendment) Instrument 2016/62
This instrument provides exemption from the requirement to give notice of agreement to change credit contract/consumer lease for credit licensees in respect of simple arrangements.
Administered by: Treasury
Registered 04 Mar 2016
Start Date 12 Feb 2016
End Date 01 Mar 2018

ASIC Class Order [CO 14/41]

Extension of transitional credit hardship provisions

This instrument has effect under s203A(3) of the National Credit Code.

This compilation was prepared on 2 March 2016 taking into account amendments up to ASIC Credit (Amendment) Instrument 2016/62 that commenced on 12 February 2016. See the table at the end of this class order.

Prepared by the Australian Securities and Investments Commission.

Australian Securities and Investments Commission

National Credit Code—Subsection 203A(3)—Exemption

 

Enabling legislation

 

1.       The Australian Securities and Investments Commission makes this instrument under subsection 203A(3) of the National Credit Code (the Code).

 

Note:  The Code is found in Schedule 1 to the National Consumer Credit Protection Act 2009.

 

Title

 

2.       This instrument is ASIC Class Order [CO 14/41].

 

Commencement

 

3.       This instrument commences on the later of:

 

(a)     the date it is registered under the Legislative Instruments Act 2003; and

 

(b)     2 March 2014.

 

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/.

 

 

Exemption—requirement to give notice of agreement to change credit contract

 

4.       This exemption applies to a person who:

 

(a)     is a credit provider; and

 

(b)     enters into a credit contract during a period mentioned in an item of the following table; and

 

(c)     would, but for this exemption, be required to comply with the provision of the Code mentioned in that item of the table.

 

Notice requirement

Item

Period during which person entered into credit contract

Provision of Code

i

any period

subsection 73(1) of the Code in relation to a simple arrangement

ii

the period that ends on 28 February 2013

paragraph 72(3)(a) of the Code

iii

the period that begins on 1 March 2013

paragraph 72(4)(a) of the Code

 

5.       The person is exempt from the provision until 1 March 2018.

 

6.       In this exemption:

 

simple arrangement means an agreement that defers or reduces the obligations of a debtor for a period of no more than 90 days.

 

Exemption—requirement to give notice of agreement to change consumer lease

 

7.       This exemption applies to a person who:

 

(a)                        is a lessor in relation to a consumer lease; and

 

(b)                       grants the lease during a period mentioned in an item of the following table; and

 

(c)                        would, but for this exemption, be required to comply with each provision of the Code mentioned in that item of the table.

 

Notice requirement

Item

Period during which lease granted

Provision of Code

i

the period that ends on 28 February 2013

subsection 73(1) of the Code, in relation to a simple arrangement

ii

the period that ends on 28 February 2013

paragraph 72(3)(a) of the Code

iii

the period that begins on 1 March 2013

paragraph 177B(4)(a) of the Code

iv

the period that begins on 1 March 2013

subsection 177C(1) of the Code, in relation to a simple arrangement

 

8.       The person is exempt from the provision until 1 March 2018.

 

9.       In this exemption:

 

simple arrangement means an agreement that defers or reduces the obligations of a lessee for a period of no more than 90 days.

 

 

Notes to ASIC Class Order [CO 14/41]

Note 1

ASIC Class Order [CO 14/41] (in force under s203A(3) of the National Credit Code) 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 14/41]

10/2/2014 (see F2014L00135)

2/3/2014

 

[CO 15/130]

24/2/2015 (see F2015L00195)

24/2/2015

-

2016/62

11/2/2016 (see F2016L00105)

12/2/2016

-

 

 

 

 

 

 

 

 

Table of Amendments

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

Provision affected

How affected

Para 5..........................

am. [CO15/130] and 2016/62

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

am. [CO 15/130] and 2016/62