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National Consumer Credit Protection Regulations 2010
In force
Administered by
Department of the Treasury
This item is authorised by the following title:
National Consumer Credit Protection Act 2009
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F2023C00508 (C44)
12 June 2023
-
14 September 2023
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Chapter 1—Preliminary
1 Name of Regulations
3 Definitions
4 Meaning of associate
4A Debt management services
4B Meaning of debt management assistance
4C Meaning of credit reporting assistance
4D Small amount credit contracts—credit limit increase to cover fees
5 Prescribed orders
6 Forms
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Chapter 2—Licensing of persons who engage in credit activities
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Part 2 1—Australian credit licences
7 How to get an Australian credit licence—requirements for a foreign entity to appoint local agent
7A When licence may be granted—continuous credit activity
8 How to get an Australian credit licence—streamlined process for particular classes of applicants
9 The conditions on the licence
9AA The conditions on the licence—special purpose funding entity
9AB Conditions for licensee—referrals
9A Conditions for unlicensed carried over instrument lender—credit register
10 Obligations of licensees—alternative dispute resolution systems
11 Obligations of licensees—foreign entity must continue to have local agent
11A Obligations of licensees—cooperation with AFCA
12 Obligations of licensees—requirements for compensation arrangements
12A Obligations of licensees—breaches of certain civil penalty provisions not required to be reported to ASIC
12B Obligations of licensees—breaches of certain key requirements not required to be reported to ASIC
13 Obligations of licensees—offence in relation to failure to cite licence number in documents
14 Obligations of licensees—who compliance certificate must be signed by
15 When a licence can be suspended, cancelled or varied—grounds to suspend or cancel licence
Part 2 2—Authorisation of credit representatives
16 Sub authorisation by body corporate
Part 2 3—Financial records, trust accounts and audit reports
17 Information and matters to be contained in a trust account audit report
18 Eligibility of auditors to prepare trust account audit report
19 Auditors who prepare audit reports
Part 2 4—Exemptions and modifications
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Division 1—Exemptions
Subdivision 1.1—Persons exempt from being licensed
20 Persons exempt from requiring a licence—general
21 Persons exempt from requiring a licence—debt collectors
22 Persons exempt from requiring a licence—third parties
23 Persons exempt from requiring a licence—suppliers of goods or services
23A Persons exempt from requiring a licence—suppliers of goods or services with branded or co branded credit card
23B Persons exempt from requiring a licence—fund raising special purpose entity
23C Persons exempt from requiring a licence—securitisation entity
23D Persons exempt from requiring a licence—employment agencies
Subdivision 1.2—Activities exempt from being credit activities under the Act
24 Activities exempt from being credit activities
Division 2—Modifications
25 Activities exempt from requiring a licence
25A Modifications—credit representatives
25B Modification—meaning of linked credit provider or linked lessor for regulation 23
25C Modification—meaning of linked credit provider for regulation 23A
25D Modification—meaning of services for regulations 23 and 23A
25E Modifications—unlicensed carried over instrument lender
25F Modifications—ADI in relation to carried over instrument
25G Modifications—special purpose funding entity
25H Modifications—temporary staff
25I Modifications—locums
25J Modification—exempted persons
25K Modification—credit card contracts
25L Modification—assignees of credit providers, lessors, mortgagees and beneficiaries of a guarantee
25M Modification—credit card provided before 1 July 2012
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Chapter 3—Responsible lending conduct
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Part 3.1—Preliminary
26 Definitions
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Part 3.2—Requirements about credit guides
26A Credit guide of licensee—to include further information
26B Credit guide of credit provider or lessor—information about mortgage managers and product designers
27 Credit guide of licensees—when information about fees, charges and indirect remuneration is not required
27A Credit guide of credit representatives—to include further information
27B Credit guide of credit representatives—when information about fees, charges and indirect remuneration not required
28 Credit guide of credit representatives—contact details for the AFCA scheme
28B Credit guide—circumstances where not required to update information
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Part 3.3—Requirements about quotes
28C Circumstances where no quote required
28D Quote for providing credit assistance—licensee to give information about fees and charges
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Part 3.4—Requirements about proposal disclosure documents
28E Proposal disclosure document—information about fees and charges
28F Proposal disclosure document—when information about fees and charges not required
28G Proposal disclosure document—information about indirect remuneration
28H Proposal disclosure documents—when information about indirect remuneration not required
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Part 3.5—Other obligations
28HA Reverse mortgages—credit assistance providers and credit providers to make reasonable inquiries
28HB Obtaining and considering information to verify financial situation of consumers
28J Obligations of credit providers before entering credit contracts or increasing credit limits
28JA Inquiries about credit limit
28L Manner of giving disclosure documents
28LA Standard home loans
28LB Key Facts Sheets for standard home loans
28LBA Key Facts Sheets for credit card contracts
28LBB Application forms in electronic form
28LBC Circumstances in which application form may include out of date Key Facts Sheet
28LBD Circumstances in which up to date information can be provided otherwise than in Key Facts Sheet
28LBE Meaning of credit limit increase invitation
28LBF Licensee to notify consumer of use of credit card in excess of credit limit
28LBG Fees charges and higher rates of interest
28LBH Records of elections and withdrawals to be kept
28LBI Agreement to apply payment against particular amount owed
28LC Reverse mortgages—presumption of unsuitability of credit contract if certain loan to value ratios exist
28LCA Small amount credit contracts—income requirements
28LCB Consumer leases for household goods—income requirements
28LCC Constrained documents and constrained information
28LCE Authorisation for deduction
28LCF Unsuitable credit contracts—prescribed circumstances
28LD Reverse mortgages—projections of home equity
28LE Reverse mortgage information statement
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Part 3.6—Modifications and exemptions
28M Modifications
28N Exemption—requirement to provide disclosure documents
28P Circumstances where credit guide not required
28Q Exemption—credit assistance provider with shared responsibility for credit contract
28R Exemption—intermediary’s requirement to provide proposal disclosure document
28RB Exemption relating to small businesses
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Part 3.8—Licensees supplying credit information to credit reporting bodies etc.
28TA Ongoing supplies of mandatory credit information
28TB When protected information must not be on disclosed
28TC Reports about initial bulk supplies of credit information—information to be given by licensee
28TD Reports about initial bulk supplies of credit information—information to be given by credit reporting body
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Part 3.9—Mortgage brokers and mortgage intermediaries
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Division 1—Interpretation
28V References to providing credit services to a consumer
28VA Meaning of amount of credit
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Division 2—What is conflicted remuneration?
28VB Monetary benefit given in certain circumstances not conflicted remuneration
28VC Benefits to which the drawdown cap applies
28VD Working out the maximum drawdown net of offset for a credit contract
28VE Volume based benefits
28VF Campaign based benefits
28VG Clawback requirements
28VH Non monetary benefit given in certain circumstances not conflicted remuneration
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Division 3—Circumstances in which conflicted remuneration must not be accepted
28VI Circumstances in which a licensee must not accept conflicted remuneration
28VJ Circumstances in which a credit representative must not accept conflicted remuneration
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Division 4—Circumstances in which conflicted remuneration must not be given
28VK Circumstances in which an employer must not give conflicted remuneration
28VL Circumstances in which a credit provider must not give conflicted remuneration
28VM Circumstances in which a mortgage intermediary must not give conflicted remuneration
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Chapter 4—Administration—registers relating to credit activities
29 Credit registers—licensees, credit representatives and registered persons
30 Credit registers—persons against whom banning order or disqualification order is made
30A Credit register—unlicensed carried over instrument lender
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Chapter 5—Compliance and enforcement
31 Investigations—distribution of report
32 Examination of person—form of notice requiring assistance and appearance for examination
33 Inspection of books and audit information gathering powers—evidence of authority
34 Hearings—form of summons to appear before ASIC
35 Miscellaneous provisions—allowances and expenses
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Chapter 6—Miscellaneous
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Part 6 1—Court proceedings
36 Where proceedings may be brought
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Part 6 2—Infringement notices
37 Prescribed offences
38 Prescribed civil penalty provisions
39 Prescribed key requirements
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Part 6 2A—Avoidance schemes
40 Avoidance purposes relating to contracts
41 Avoidance purposes relating to product intervention orders
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Part 6 3—Application, saving and transitional provisions
49A Transitional—Schedule 1 to National Consumer Credit Protection Amendment Regulation 2012 (No. 1)
49B Transitional—Schedule 2 to National Consumer Credit Protection Amendment Regulation 2012 (No. 1)
49C Transitional—Part 1 of Schedule 1 to the Treasury Laws Amendment (Putting Consumers First—Establishment of the Australian Financial Complaints Authority) Regulations 2018
49D Transitional—Part 2 of Schedule 1 to the Treasury Laws Amendment (Putting Consumers First—Establishment of the Australian Financial Complaints Authority) Regulations 2018
49E Transitional—Part 3 of Schedule 1 to the Treasury Laws Amendment (Putting Consumers First—Establishment of the Australian Financial Complaints Authority) Regulations 2018
49F Application—offences
49G Application—civil penalty provisions
49H Transitional—Schedule 1 to the Treasury Laws Amendment (AFCA Cooperation) Regulations 2019
49J Application and transitional—Schedule 1 to the National Consumer Credit Protection Amendment (Debt Management Services) Regulations 2021
49K Application—Schedule 1 to the National Consumer Credit Protection Amendment (Financial Sector Reform) Regulations 2023
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Chapter 7—Matters in relation to the National Credit Code
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Part 7 1—Exemptions, declarations and other matters
50 Continued application of Part 12 of the Code and interpretation provisions
50A Exemption for short term credit
51 Exempt credit—maximum account charges
52 Additional exempt credit
53 GIO Finance Limited’s No Interest Loan Scheme—exemption from Code
54 Rental Purchase Plan—exemption from certain provisions of Code
55 Partnership loans—exemption from certain provisions of Code
56 Student loans—exemption from certain provisions of Code
57 Loans for conservation of heritage items—exemption from Code
58 ADIs—exemption from Code
59 Estate administrators—exemption from certain provisions of Code
60 Credit under Aged Care Act 1997—exemption from certain provisions of Code
61 Firefighter’s Benefit Fund of WA Incorporated—exemption from certain provisions of Code
62 Charge card contracts—exemption of certain contracts from Code
63 Credit providers providing credit to directors—exemption from certain provisions of Code
64 Mortgages—exemptions from Code
65 Guarantees—exemption from Code
65A Indigenous Business Australia—exemption from certain provisions of Code
65C Residential investment property loans—exemption from Code
66 Deemed mortgages for goods lease with option to purchase
67 Prescribed person in relation to a declaration
68 Declaration of purposes for which credit provided
69 Direct debit default notices—exemption for credit providers
69C Exemption—requirement to disclose information about the AFCA scheme
69D Exemption—requirement to give notice of direct debit default
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Part 7 2—Credit contracts
70 Statement about debtor’s statutory rights and obligations
71 Comparison rate
72 Pre contractual statement
73 Additional disclosures about insurance financed by contract
74 Additional disclosures about credit contracts to be signed by debtor
74A Reverse mortgages—disclosure about credit contract not including tenancy protection provision
75 Deduction of amount for interest charges
76 Calculation of unpaid daily balances
77 Early debit or payment of interest charges
78 Interest charges in relation to residential investment property
79 When statement of account not required
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Part 7 2A—Prohibited credit fees and charges
79A Termination fees for certain credit contracts
79AE Small amount credit contracts (fees and charges)—prescribed persons
79AB Credit provider or prescribed person must not require or accept payment of fee or charge in relation to small amount credit contract etc
79AC Prohibition relating to annual cost rate of credit contracts—later increases of annual percentage rate etc
79B Minimum Repayment Warning
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Part 7 2B—Additional rules in relation to small amount credit contracts
79C Default in payment by direct debit under small amount credit contract
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Part 7 3—Related mortgages and guarantees
80 Mortgage arising from certain home ownership schemes—exemption from subsection 50(1) of the Code
81 Form of guarantees
82 Explanation about guarantor’s rights and obligations
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Part 7 4—Changes to obligations under credit contracts, mortgages and guarantees
83 Information about increases in the amount of credit
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Part 7 5—Ending and enforcing credit contracts, mortgages and guarantees
84 Information after surrender of goods
84A Market value of reverse mortgaged property
85 Information to be contained in direct debit default notice
86 Information to be contained in default notice
87 Consent to enter premises
88 Statement about mortgagor’s rights and obligations
89 Information about proceeds of sale of mortgaged goods
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Part 7 6—Related sale contracts
90 Rate of interest on damages
91 Informing debtor of rights
92 Rebate of consideration
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Part 7 7—Related insurance contracts
93 Particulars of insurance entered into by credit provider
94 Proportionate rebate of consumer credit insurance premium
95 Notice of right to cancel mortgaged property insurance
96 Proportionate rebate of premium for insurance over mortgaged property
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Part 7 8—Comparison rates
97 Relevant comparison rate where annual percentage rate stated
98 Information about whether comparison rate relates to secured loan
99 Warnings about comparison rate
100 Calculation of comparison rates
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Part 7 9—Consumer leases
102 Consumer lease excluded from application of Part 11 of the Code
103 Prescribed person in relation to declarations
104 Declaration about purpose of lease
104A Disclosure of information in consumer leases for household goods
105 Explanation about rights and obligations of consumer lessees
105AA Base price of goods
105A Information to be contained in statement of account
105B Information to be contained in statement of account about amount owing and other matters
105C Information to be contained in end of lease statement
105D Circumstances in which lessor is not required to provide end of lease statement
105E Information to be contained in written notice about change by agreement to consumer lease
105G Information to be contained in statement of amount payable on termination of consumer lease
105J Information to be contained in one off notice about direct debit default
105K Information to be contained in default notice
105L Consent to enter residential property to take possession of goods
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Part 7 10—Miscellaneous
106 Tolerances relating to disclosures
107 Tolerances relating to amounts payable etc
108 Additional assumptions relating to disclosures
109 Contracts linked to offset accounts
110 Requirements for print or type
110A Reverse mortgages—manner of keeping nominations or revocations
111 Notices
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Part 7 11—Saving and transitional provisions
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Division 1—Reliance on State and Territory Consumer Credit Codes
112 References in documents to Consumer Credit Code of a State or Territory
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Division 2—Transitional provisions for the Treasury Laws Amendment (Miscellaneous Amendments) Regulations 2019
113 Compliance with subregulation 28LCE(2) and Schedule 10
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Schedule 1—Forms
Form 1—Notice requiring reasonable assistance in connection with an investigation and appearance at an examination
Form 2—Summons to witness
Form 4—Prescribed terms and conditions of mortgage
Form 5—Information statement
Form 6—Disclosure about credit contracts
Form 7—Disclosure about credit contracts
Form 7A—Disclosure about credit contracts (reverse mortgages)
Form 8—Disclosure about guarantee
Form 9—Information statement
Form 10—Information after surrender of mortgaged goods
Form 11—Direct debit default notice
Form 11A—Direct debit default notice
Form 12—Information about debtor’s rights after default
Form 12A—Information about debtor’s rights after default
Form 13—Consent to enter premises
Form 14—Notice after taking possession of mortgaged goods
Form 15—Notice of right to terminate maintenance services contract
Form 16—Notice of right to cancel mortgaged property insurance
Form 17—Information statement
Form 18—Direct debit default notice
Form 18A—Information about lessee’s rights after default
Form 19—Consent to enter premises
Schedule 2—Modifications—carried over instruments
Schedule 3—Modifications—special purpose funding entity
Schedule 4—Modifications—responsible lending conduct
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Schedule 5—Key Facts Sheets for standard home loans
Part 1—Model of Key Facts Sheets
Part 2—Information about preparing a Key Facts Sheet
Schedule 5A—Reverse mortgage information statement
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Schedule 6—Key Facts Sheets for credit card contracts
Part 1—Model of Key Facts Sheets
Part 2—Information about preparing a Key Facts Sheet
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Schedule 10—Employer authorisation—prescribed form of statement
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Endnotes
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history