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ASIC Credit (AFCA transition) Instrument 2018/448

Authoritative Version
  • - F2018L00678
  • In force - Superseded Version
  • View Series
Other as made
This instrument provides exemptions from various disclosure obligations in the National Consumer Credit Protection Act 2009 relating to the commencement of the Australian Financial Complaints Authority, until 1 July 2019.
Administered by: Treasury
Registered 30 May 2018
Tabling HistoryDate
Tabled HR31-May-2018
Tabled Senate18-Jun-2018
Table of contents.

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ASIC Credit (AFCA transition) Instrument 2018/448

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

Date: 29 May 2018

 

 

Stephen Yen

 



Part 1—Preliminary

1        Name of legislative instrument

This is the ASIC Credit (AFCA transition) Instrument 2018/448.

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 subsections 163(1) of National Consumer Credit Protection Act 2009.

4        Definitions

In this instrument:

Act means the National Consumer Credit Protection Act 2009.

AFCA scheme has the same meaning as in Chapter 7 of the Corporations Act 2001.

Part 2—Declaration

5        Credit guides

(1)     The provisions to which Part 3-7 applies apply in relation to a licensee (the provider) and a credit representative (the provider) as if paragraphs 113(2)(h), 126(2)(e), 127(2)(e), 136(2)(h), 149(2)(e), 150(2)(e) and 160(3)(f) were modified or varied as follows:

(a)     in the introductory words after “information”, insert “(that may be up to date or after 1 November 2018, reflect the position immediately before that date)”; and

(b)     in subparagraph (ii), omit “scheme;”, substitute “scheme or the approved external dispute resolution scheme that was relevant before 1 November 2018;”.

(2)     The provisions to which Part 3-7 applies apply in relation to a credit representative (the provider) as if paragraph 158(2)(h) were modified or varied as follows:

(a)     after “information”, insert, “(that may be up to date or after 1 November 2018, reflect the position immediately before that date)”; and

(b)     omit “scheme;”, substitute “scheme or the approved external dispute resolution scheme that was relevant before 1 November 2018;”

(3)     The declarations in subsection (1) and (2) apply in relation to a provider giving a credit guide before 1 July 2019 where:

(a)     if the credit guide is given on or after 1 November 2018—section 6 applies to the provider; and

(b)     a credit guide in the same terms was first given by the provider before the commencement of this instrument.

6        Requirement for relying on relief

(1)          This section applies to a provider if on and from 1 November 2018:

(a)     where the provider has a website—the provider makes available on the website current information (the AFCA information) about the AFCA scheme and how that scheme may be accessed; and

(b)     subject to subsection (2), the AFCA information is included in any document which:

(i)      purports to describe dispute resolution arrangements applicable in relation to the credit activities engaged in by the provider (whether or not it also includes other matters); and

(ii)     is made available by the provider to other people in relation to whom the provider has or may engage in credit activities; and

(c)     the documentation relating to the provider’s internal dispute resolution procedure includes the AFCA information.

(2)          Paragraph (1)(b) does not apply to a document required to be given by or under the Act.