Document ID: chunk:federal_register_of_legislation:F2022L00975:body:0:p1
Version: federal_register_of_legislation:F2022L00975
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ASIC Corporations (Product Intervention Order—Short Term Credit) Instrument 2022/647
I, Greg Yanco , delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date 13 July 2022

Greg Yanco

Contents

Part 1—Preliminary
1 Name of legislative instrument
2 Commencement
3 Authority
4 Definitions
Part 2—Order
5 Short term credit facilities
6 Application

Part 1—Preliminary

1 Name of legislative instrument
This is the ASIC Corporations (Product Intervention Order—Short Term Credit) Instrument 2022/647.

2 Commencement
This instrument commences on a day that is the second day after the instrument 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 1023D(3) of the Corporations Act 2001.

4 Definitions
In this instrument:
Act means the Corporations Act 2001.
associate, in relation to a primary person that is a short term credit provider, has the meaning given by sections 11 and 15 of the Act.
collateral contract, in relation to a short term credit facility, means a separate contract between a retail client and a short term credit provider or an associate in relation to the short term credit facility, including (without limitation) a contract or arrangement for the short term credit provider or an associate to provide services to the retail client in relation to the short term credit facility.
contract includes a series or combination of contracts, or contracts, arrangements and understandings.
credit fees and charges has the same meaning as in subsection 6(1) of the National Credit Code (as affected by subsections 6(2) and (3) of the National Credit Code).
interest charges include, for the avoidance of doubt, default interest charges.
National Credit Code has the same meaning as in subsection 5(1) of the National Consumer Credit Protection Act 2009.
short term credit facility means a contract, arrangement or understanding covered by both:
           (a) paragraph 12BAA(7)(k) of the Australian Securities and Investments Commission Act 2001; and
           (b) subsection 6(1) of the National Credit Code.
short term credit provider means a person who is purporting to rely on subsection 6(1) of the National Credit Code in relation to a short term credit facility.

       Part 2—Order

5 Short term credit facilities
(1) A short term credit provider must not provide credit to a retail client under a short term credit facility except in accordance with the conditions in subsections (5) and (6).
(2) A director of a short term credit provider must not cause or authorise the provider to provide credit to a retail client under a short term credit facility except in accordance with the conditions in subsections (5) and (6).
(3) A short term credit provider or an associate must not impose or provide for