Document ID: chunk:federal_register_of_legislation:F2020C01007:body:0
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ASIC Credit (Deferral of Mortgage Broker Obligations) Instrument 2020/487

About this compilation

Compilation No. 1

This is a compilation of ASIC Credit (Deferral of Mortgage Broker Obligations) Instrument 2020/487 as in force on 24 October 2020. It includes any commenced amendment affecting the legislative instrument to that date.

This compilation was prepared by the Australian Securities and Investments Commission.

The notes at the end of this compilation (the endnotes) include information
about amending instruments and the amendment history of each amended provision.

Contents

Part 1—Preliminary
1 Name of legislative instrument
3 Authority
4 Definitions
Part 2—Exemptions
5 Best interests obligations
6 Ban on conflicted remuneration
Endnotes
Endnote 1—Instrument history
Endnote 2—Amendment history

Part 1—Preliminary

1 Name of legislative instrument
This is the ASIC Credit (Deferral of Mortgage Broker Obligations) Instrument 2020/487.

3 Authority
This instrument is made under subsection 163(3) of the National Consumer Credit Protection Act 2009.

4 Definitions
In this instrument:
Act means the National Consumer Credit Protection Act 2009.

       Part 2—Exemptions

5 Best interests obligations
(1) The classes of persons specified for the purposes of this section are exempt from all provisions of Division 2 of Part 3-5A of the Act in relation to the provision of credit assistance to a consumer before 1 January 2021.
(2) The classes of persons specified for the purposes of this section are:
           (a) a mortgage broker; and
           (b) a credit representative of a licensee that is a mortgage broker.

6 Ban on conflicted remuneration
(1) The classes of persons specified for the purposes of this section are exempt from all provisions of Division 4 of Part 3-5A of the Act in relation to a benefit given in relation to the provision of a credit service before 1 January 2021, irrespective of whether the benefit is given before, on or after 1 January 2021.
(2) The classes of persons specified for the purposes of this section are:
           (a) a mortgage broker; and
           (b) a mortgage intermediary; and
           (c) a credit representative of a licensee that is a mortgage broker or a mortgage intermediary; and
           (d) a credit provider; and
           (e) an employer of a mortgage broker or mortgage intermediary; and
           (f) an employer of a representative of a mortgage broker or mortgage intermediary.

Endnotes

Endnote 1—Instrument history

Instrument number  Date of FRL registration      Date of commencement  Application, saving or transitional provisions
2020/487           27/5/2020 (see F2020L00623)   28/5/2020
2020/963           23/10/2020 (see F2020L01335)  24/10/2020            -

Endnote 2—Amendment history
ad. = added or inserted     am. = amended     LA = Legislation Act 2003    rep. = repealed     rs. = repealed and substituted
Provision affected   How affected
Section 2            rep. s48D LA
Subsection 6(1)      rs. 2020/963