Document ID: chunk:federal_register_of_legislation:F2024N00515:body:0:p1
Version: federal_register_of_legislation:F2024N00515
Segment Type: other
Provision Reference: 
Character Range: 0–2926

ASIC Corporations (Card Facility Transfer) Instrument 2024/486
I, Nathan Bourne, delegate of the Australian Securities and Investments Commission, make the following notifiable instrument.

Date 13 June 2024

Nathan Bourne

Contents

Part 1—Preliminary
1 Name of notifiable instrument
2 Commencement
3 Authority
4 Definitions
Part 2—Exemption
5 Exemption from Part 7.8A in relation to New Cards (Pre DDO)
6 Condition

Part 1—Preliminary

1 Name of notifiable instrument
    This is the ASIC Corporations (Card Facility Transfer) Instrument 2024/486.

2 Commencement
    This instrument commences on the day after it 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 paragraph 994L(1)(a) of the Corporations Act 2001.

4 Definitions
    In this instrument:
    Act means the Corporations Act 2001.
    AMEX Australia means American Express Australia Limited (ABN 92 108 952 085, Australian Credit Licence number 291313).
    consumer has the meaning given in section 5 of the National Credit Act.
    credit contract has the meaning given in section 5 of the National Credit Act.
    credit provider has the meaning given in section 5 of the National Credit Act.
    entering into, in relation to a credit contract, includes being assigned the rights of a credit provider under the credit contract.
    Latitude Finance means Latitude Finance Australia (ABN 42 008 583 588, Australian Credit Licence Number 392145).
    Latitude Terms and Conditions means the terms and conditions that apply to the applicable Latitude Finance credit card contracts.
    National Credit Act means the National Consumer Credit Protection Act 2009.
    New Card (Pre DDO) means a credit contract or credit contracts between a consumer and Latitude Finance where:
      (a)   the consumer was a party to an AMEX David Jones Card that was entered into before 5 October 2021;
      (b)   Latitude Finance has entered into a credit contract with the consumer in connection with an assignment of the AMEX David Jones Card; and

      (c)    Latitude Finance has entered into a new credit contract with the consumer that has the same credit limit as the AMEX David Jones Card, and is on similar terms to Latitude's standard credit card terms and conditions,
    and also includes all rights under the AMEX David Jones Card that have been assigned to Latitude Finance but excludes an AMEX David Jones Card which is known as a David Jones Storecard.
    AMEX David Jones Card means a credit contract relating to a credit card issued by AMEX Australia and known as a David Jones American Express Platinum Card, a David Jones American Express Card or a David Jones Storecard.

       Part 2—Exemption

5 Exemption from Part 7.8A in relation to New Cards (Pre DDO)
(1) Latitude Finance does not have to comply with Part 7.8A of the