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ASIC Class Order [CO 14/41]

Authoritative Version
CO 14/41 Orders/ASIC Class Orders as amended, taking into account amendments up to ASIC Credit (Amendment) Instrument 2020/148
Administered by: Treasury
Registered 04 Mar 2020
Start Date 27 Feb 2020

ASIC Class Order [CO 14/41]

About this compilation

 

Compilation No. 4

 

This is a compilation of ASIC Class Order [CO 14/41] as in force on 27 February 2020. It includes any commenced amendment affecting the legislative instrument to that date.

 

This compilation was prepared by the Australian Securities and Investments Commission.

 

The notes at the end of this compilation (the endnotes) include information

about amending instruments and the amendment history of each amended provision.

 

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].

 

 

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 2022.

 

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 2022.

 

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 subsection 203A(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 FRL 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

-

2018/114

2/3/2018 (see F2018L00175)

2/3/2018

-

2020/148

26/2/2020 (see F2020L00168)

27/2/2020

-

Table of Amendments

ad. = added or inserted     am. = amended     LA = Legislation Act 2003    rep. = repealed     rs. = repealed and substituted

Provision affected

How affected

Para 3..........................

rep. s48D LA

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

am. [CO15/130]; 2016/62; 2018/114 and 2020/148

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

am. [CO 15/130]; 2016/62; 2018/114 and 2020/148