Federal Register of Legislation - Australian Government

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Other as made
This instrument exempts persons from all provisions of Division 2 of Part 3-5A of the National Consumer Credit Protection Act 2009 in relation to the provision of credit assistance to a consumer before 1 January 2021. The instrument also exempts persons from all provisions of Division 4 of Part 3-5A of the Act in relation to a benefit given before 1 January 2021 to a licensee or a representative of a licensee.
Administered by: Treasury
Registered 27 May 2020
Tabling HistoryDate
Tabled HR10-Jun-2020
Tabled Senate10-Jun-2020
Table of contents.

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ASIC Credit (Deferral of Mortgage Broker Obligations) Instrument 2020/487

I, Grant Moodie, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

 

Date    22 May 2020

 

 

 

 

Grant Moodie

 



Part 1—Preliminary

1        Name of legislative instrument

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

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 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 before 1 January 2021 to a licensee or a representative of a licensee.

(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.