Document ID: chunk:federal_register_of_legislation:C2023C00275:clause:2_12:p2
Version: federal_register_of_legislation:C2023C00275
Segment Type: clause
Provision Reference: sch 2 cl 12 (pt 2/2)
Character Range: 68587–69745

of a State or Territory and State or Territory credit licence in subsection 5(1) of the National Credit Act (as those definitions apply for the purposes of this Act because of subsection 4(2) of this Act) includes a reference to an activity that would be a credit activity if the new Credit Code had applied from the day section 3 of the National Credit Act commences.

ASIC may refuse to register a person in certain circumstances
(3) Despite subitem (1), ASIC may refuse to register a person if ASIC has reason to believe that:
 (a) the application is false in a material particular or materially misleading; or
 (b) there is an omission of a material matter from the application.

Notice of decision on application
(4) ASIC must give the applicant written notice of:
 (a) ASIC's decision on the application; and
 (b) if the decision is to register the applicant—the day on which the applicant becomes registered; and
 (c) if the decision is not to register the applicant—the reasons for the decision.

When applicant becomes registered
(5) The applicant becomes registered when ASIC enters the applicant's name on a credit register as a registered person.