Document ID: chunk:federal_register_of_legislation:F2024C00975:reg:5
Version: federal_register_of_legislation:F2024C00975
Segment Type: reg
Provision Reference: reg 5
Character Range: 5503–7305

5  Definitions
  In this instrument:
Act means the National Consumer Credit Protection Act 2009.
Chapter 5 body corporate has the same meaning as in the Corporations Act 2001.
eligible credit activity means a credit activity that:
 (a) is covered by item 1 or 2 of the table in subsection 6(1) of the Act; and
 (b) has a related credit contract, or proposed credit contract, (the relevant contract);
if each of the following paragraphs applies to the relevant contract:
 (c) the relevant contract is not a reverse mortgage or a small amount credit contract;
 (d) none of the amount of credit that may be provided under the relevant contract is secured by a charge or lien over a consumer's household property covered by subsection 27(1) of the Bankruptcy Regulations 2021 (worked out as if the consumer were a bankrupt);
 (e) the credit limit of the relevant contract is more than $2,000 but does not exceed $25,000;
 (f) the term of the relevant contract does not exceed 4 years.
eligible person, for an eligible credit activity, means a person who:
 (a) is none of the following:
 (i) a person authorised by a licence to engage in the eligible credit activity;
 (ii) a credit representative of a licensee for engaging in the eligible credit activity;
 (iii) a related body corporate of a body corporate covered by subparagraph (i) or (ii);
 (iv) a natural person who is neither an Australian citizen, nor a permanent resident, within the meaning of the Australian Citizenship Act 2007; and
 (b) if the person is a foreign company—is registered under Division 2 of Part 5B.2 of the Corporations Act 2001.
provider has the meaning given by section 6.
testing period has the meaning given by section 7.

Part 2—Exemption from credit activity licensing requirements for testing in the FinTech sandbox