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

Superseded version

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View as made version

F2011C00410

01 July 2011 - 02 August 2011

Table of contents

1 Name of Regulations [see Note 1]
2 Commencement
3 Definitions
4 Meaning of associate
5 Prescribed orders
6 Forms
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
12 Obligations of licensees — requirements for compensation arrangements
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
16 Sub-authorisation by body corporate
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
20 Persons exempt from requiring a licence — general [see Note 2]
21 Persons exempt from requiring a licence — debt collectors [see Note 2]
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
24 Activities exempt from being credit activities [see Note 2]
24A ADI or registrable corporation exempt from responsible lending contract obligations — loan application received before 1 January 2011
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
26 Definitions
28 Credit guide of credit representatives — contact details for an approved external dispute resolution scheme
28A Circumstances where credit guide not required
28B Credit guide — circumstances where not required to update information
28C Circumstances where no quote required
28J Obligations of credit providers before entering credit contracts or increasing credit limits
28K Exemption — credit assistance provider with shared responsibility for credit contract
28L Manner of giving disclosure documents
28M Modifications
28N Exemption — requirement to provide disclosure documents
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
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
36 Where proceedings may be brought
37 Purpose of Part 6-2
38 Definitions for Part 6-2
39 When an infringement notice can be given
40 Contents of infringement notice
41 Amount of penalty if infringement notice given
42 Extension of time to pay penalty
43 Payment of penalty by instalments
44 Time for payment of penalty
45 Effect of payment of penalty
46 Withdrawal of infringement notice by nominated person
47 Withdrawal of infringement notice by ASIC
48 Notice of withdrawal of infringement notice
49 Refund of penalty
50 Continued application of Part 12 of the Code and interpretation provisions
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
65B Exemption — providing credit in relation to a residential investment property
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
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
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
79A Termination fees for certain credit contracts
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
83 Information about increases in the amount of credit
84 Information after surrender of goods
85 Notice after direct debit default occurs
86 Notice after default occurs
87 Consent to enter premises
88 Statement about mortgagor’s rights and obligations
89 Information about proceeds of sale of mortgaged goods
90 Rate of interest on damages
91 Informing debtor of rights
92 Rebate of consideration
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
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
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
105 Explanation about rights and obligations of consumer lessees
106 Tolerances relating to disclosures
107 Tolerances relating to amounts payable etc
108 Additional assumptions relating to disclosures
109 Contracts linked to loan account offset arrangements
110 Requirements for print or type
111 Notices
111A Exemption from Code — persons who are not members of approved external dispute resolution scheme
112 References in documents to Consumer Credit Code of a State or Territory
- Schedule 1 Forms
- Schedule 2 Modifications — carried over instruments
45 Conditions for unlicensed carried over instrument lender
47 General conduct obligations of unlicensed carried over instrument lender
48 Standards or requirements for internal dispute resolution approved or made by ASIC
49 Obligation to provide a statement or audit report
52 Obligation to lodge certain matters with ASIC
74 Obligation for prescribed unlicensed carried over instrument lender to appoint licensee or registered person
75 Lodgment obligations for prescribed unlicensed carried over instrument lender
75A Obligation for prescribed unlicensed carried over instrument lender if appointment of licensee or registered person ceases
76 Lodgement obligation for licensee or registered person acting on behalf of prescribed unlicensed carried over instrument lender
94 Financial records taken to be made with unlicensed carried over instrument lender’s authority
- Schedule 3 Modifications — special purpose funding entity
- Schedule 4 Modifications — responsible lending conduct
  - Notes to the STYLEREF Title National Consumer Credit Protection Regulations 2010

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National Consumer Credit Protection Regulations 2010

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National Consumer Credit Protection Regulations 2010

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