ASIC Credit (Amendment) Instrument 2026/64

I, Kate Metz, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date 2 June 2026

Kate Metz

Contents

Part 1—Preliminary 3

1 Name of legislative instrument....................................3

2 Commencement...............................................3

3 Authority....................................................3

4 Schedules....................................................3

Schedule 1—Amendments 4

ASIC Credit (Mandatory Credit Reporting) Instrument 2021/541...........4

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC Credit (Amendment) Instrument 2026/64.

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

4 Schedules

Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms. 

Schedule 1—Amendments

ASIC Credit (Mandatory Credit Reporting) Instrument 2021/541

1 Section 4

Insert:

Act means the National Consumer Credit Protection Act 2009.

2 Section 4 (definition of deposit product)

Omit “section 761A”, substitute “section 9”.

3 Section 4 (definition of margin lending facility)

Omit “section 761A”, substitute “subsection 761EA(1)”.

4 Section 5

Omit “National Consumer Credit Protection Act 2009”, substitute “Act”.

5 Paragraph 5(c)

After “member”, insert “of”.

6 Paragraph 5(e)

Omit “.”, substitute “;”.

7 At the end of section 5

Add:

(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.

8 Section 6

Omit “5 years after the date it commences”, substitute “at the start of 1 October 2031”.