Federal Register of Legislation - Australian Government

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Other as made
This instrument modifies the prescribed Reverse Mortgage Information Statement in Schedule 5A of the National Consumer Credit Protection Regulations 2010 (Regulations) and prescribed warnings in relation to small amount credit contracts in Schedules 7 and 9 of the Regulations to update contact details and information that is no longer correct.
Administered by: Treasury
Registered 15 Mar 2016
Tabling HistoryDate
Tabled HR16-Mar-2016
Tabled Senate17-Mar-2016
Table of contents.

Commonwealth Coat of Arms and ASIC logo

ASIC Credit (Updated details for prescribed disclosure) Instrument 2016/200

I, Stephen Yen PSM, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

 

Dated  11 March 2016

 

Stephen Yen

 



Part 1—Preliminary

1        Name of legislative instrument

This instrument is the ASIC Credit (Updated details for prescribed disclosure) Instrument 2016/200.

2        Commencement

This instrument commences on the day after it is registered on the Federal Register of Legislation.

Note:    The register may be accessed at www.legislation.gov.au.

3        Authority

This instrument is made under paragraph 163(3)(d) of the National Consumer Credit Protection Act 2009.

4        Definitions

In this instrument:

Act means the National Consumer Credit Protection Act 2009.

Regulations means the National Consumer Credit Protection Regulations 2010.


Part 2—Declaration

5        Update to information in reverse mortgage information statements and warnings in relation to small amount credit contracts

          The provisions to which Part 3-7 of the Act applies apply in relation to a licensee as if the Regulations were modified or varied as follows:

(a)     in Schedule 5A under the heading “SOURCES OF OTHER INFORMATION”, omit the last paragraph, including Note 3;

(b)     in Schedule 7 (last dot point), omit “13 17 94”, substitute “www.humanservices.gov.au/advancepayments”;

(c)     in Schedule 9 (last dot point), omit “13 17 94”, substitute “www.humanservices.gov.au/advancepayments”.