About this compilation

Compilation No. 1

This is a compilation of ASIC Credit (Deferral of Mortgage Broker Obligations) Instrument 2020/487 as in force on 24 October 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.

Contents

Part 1—Preliminary  3

1    Name of legislative instrument 3

3    Authority. 3

4    Definitions. 3

Part 2—Exemptions  4

5    Best interests obligations. 4

6    Ban on conflicted remuneration. 4

Endnotes  5

Endnote 1—Instrument history. 5

Endnote 2—Amendment history. 5

Part 1—Preliminary

1        Name of legislative instrument

This is the ASIC Credit (Deferral of Mortgage Broker Obligations) Instrument 2020/487.

3        Authority

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

4        Definitions

In this instrument:

Act means the National Consumer Credit Protection Act 2009.

Part 2—Exemptions

5        Best interests obligations

(1)     The classes of persons specified for the purposes of this section are exempt from all provisions of Division 2 of Part 3-5A of the Act in relation to the provision of credit assistance to a consumer before 1 January 2021.

(2)     The classes of persons specified for the purposes of this section are:

(a)     a mortgage broker; and

(b)     a credit representative of a licensee that is a mortgage broker.

6        Ban on conflicted remuneration

(1)     The classes of persons specified for the purposes of this section are exempt from all provisions of Division 4 of Part 3-5A of the Act in relation to a benefit given in relation to the provision of a credit service before 1 January 2021, irrespective of whether the benefit is given before, on or after 1 January 2021.

(2)     The classes of persons specified for the purposes of this section are:

(a)     a mortgage broker; and

(b)     a mortgage intermediary; and

(c)     a credit representative of a licensee that is a mortgage broker or a mortgage intermediary; and

(d)     a credit provider; and

(e)     an employer of a mortgage broker or mortgage intermediary; and

(f)     an employer of a representative of a mortgage broker or mortgage intermediary.

Endnotes

Endnote 1—Instrument history

Endnote 2—Amendment history

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 = repealed     rs. = repealed and substituted