ASIC Credit (Mandatory Credit Reporting) Instrument 2021/541

made under subsection 133CO(2) of the National Consumer Credit Protection Act 2009.

Compilation No. 1

Compilation date: 10/06/2026

Includes amendments up to: F2026L00689

About this compilation

This compilation

This is a compilation of the ASIC Credit (Mandatory Credit Reporting) Instrument 2021/541 that shows the text of the law as amended and in force on 10/06/2026 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au).

Application, saving and transitional provisions

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. Any modifications affecting the law are accessible on the Register.

Self‑repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

Contents

Part 1—Preliminary

1 Name of legislative instrument

3 Authority

4 Definitions

Part 2—Determination

5 Accounts that are not eligible credit accounts

Part 3—Repeal

6 Repeal

Endnotes

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC Credit (Mandatory Credit Reporting) Instrument 2021/541.

3 Authority

This instrument is made under subsection 133CO(2) of the National Consumer Credit Protection Act 2009.

4 Definitions

In this instrument:

Act means the National Consumer Credit Protection Act 2009.

charge card contract has the same meaning as in subregulation 62(2) of the National Consumer Credit Protection Regulations 2010.

consumer credit has the same meaning as in subsection 6(1) of the Privacy Act 1988.

deposit product has the same meaning as in section 9 of the Corporations Act 2001.

margin lending facility has the same meaning as in subsection 761EA(1) of the Corporations Act 2001.

Part 2—Determination

5 Accounts that are not eligible credit accounts

For the purposes of paragraph 133CO(1)(c) of the Act, the following kinds of accounts are determined:

(a) accounts that are margin lending facilities;

(b) accounts that are deposit products and relate to the provision, or possible provision, of consumer credit if, in each case, the holder of the account has not expressly agreed to the provision, or possible provision, of the consumer credit;

(c) accounts of a kind no longer offered by a credit provider that is a member of a banking group if the number of those accounts held with the credit provider:

(i) is less than 10,000; and

(ii) is less than 3% of the total number of all the accounts held with the banking group that relate to the provision, or possible provision, of consumer credit;

(d) accounts created to give effect to deeds of novation if, in each case:

(i) the deed of novation is between an employee, employer and a credit provider at the time it was entered into, and involves the transfer of some or all of the rights and obligations under a lease; and

(ii) the account is held by the employee;

(e) accounts that provide for the provision of consumer credit under a charge card contract that is entered into by a credit provider that is specified in subregulation 62(1) of the National Consumer Credit Protection Regulations 2010;

(f) accounts that are created for the sole purpose of testing a new product by a credit provider if, in each case:

(i) the account is not offered or made available to the general public; and

(ii) the account is only offered to individuals involved in testing the product with the credit provider; and

(iii) the account is one of no more than 250 accounts created as part of the product testing; and

(iv) the term of the account is for a period of no more than 6 months.

Part 3—Repeal

6 Repeal

This instrument is repealed at the start of 1 October 2031.

Endnotes 

Endnote 1—About the endnotes

The endnotes provide information about this compilation and the compiled law.

The following endnotes are included in every compilation:

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Abbreviation key—Endnote 2

The abbreviation key sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history—Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Misdescribed amendments

A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.

If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and “(md not incorp)” is added to the amendment history.

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history