Document ID: chunk:federal_register_of_legislation:F2024C00134:reg:11:p1
Version: federal_register_of_legislation:F2024C00134
Segment Type: reg
Provision Reference: reg 11 (pt 1/2)
Character Range: 13165–15975

11  COVID-19 economic response—deferral of loan repayments
 (1) It is an additional condition relating to the authorisation of the AFCA scheme that the AFCA scheme rules must include provisions consistent with subsections (2), (3), (4) and (5) of this section.
 (2) Subsection (3) applies if:
 (a) a Business Loan (other than a SMEG Loan) was made by a lender to a borrower on or before 1 January 2020 (Deferral Loan); and
 (b) the lender agrees to provide the borrower with a deferral of loan repayments in relation to the Deferral Loan, at any time in the period of 12 months after the date of commencement of this instrument, because the borrower has advised the lender that their business has been impacted by COVID-19 (Repayment Deferral); and
 (c) the borrower accepts, and makes use of, the Repayment Deferral; and
 (d) the borrower, or a person who was a guarantor in relation to the loan on or before 1 January 2020, makes a complaint to the AFCA scheme in accordance with the AFCA scheme rules in relation to a decision about a Repayment Deferral for the Deferral Loan.
 (3) The AFCA scheme must exclude any complaint, or part of a complaint, in relation to the decision to provide a Repayment Deferral and any consequential change to the amounts payable or guaranteed under the Deferral Loan or the duration of the loan or any guarantee of the Deferral Loan.
 (4) The AFCA scheme must not consider any systemic issues relating to decisions in relation to Repayment Deferrals referred to in subsection (3), unless it becomes aware, in connection with a complaint under the AFCA scheme, that a serious contravention of a law may have occurred.
 (5) Any amendments to the AFCA scheme rules that are made as a result of this section must apply from the day after this instrument is registered.

Endnotes

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Legislation history and amendment history—Endnotes 3 and 4
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