Document ID: chunk:federal_register_of_legislation:F2020L01259:body:0:p1
Version: federal_register_of_legislation:F2020L01259
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ASIC Credit (Notice Requirements for Unlicensed Carried Over Instrument Lenders) Instrument 2020/834
I, Grant Moodie, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date 28 September  2020

Grant Moodie

Contents

Part 1—Preliminary
1 Name of legislative instrument
2 Commencement
3 Authority
4 Definitions
Part 2—Declaration
5 Notice requirement

Part 1—Preliminary

1 Name of legislative instrument
This is the ASIC Credit (Notice Requirements for Unlicensed Carried Over Instrument Lenders) Instrument 2020/834.

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 item 41 of Schedule 2 to the National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009.

4 Definitions
In this instrument:
Transitional Credit Act means the National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009.

Part 2—Declaration

5 Notice requirement
(1) Part 3 of Schedule 2 to the Transitional Credit Act applies in relation to all persons as if that Part were modified or varied by, after item 19, inserting:
"19A Obligation on certain persons to give notice to ASIC
              (1) Subitem (2) applies to a person (lender) who is a credit provider or lessor in relation to a carried over instrument immediately before 1 July 2010 if both of the following apply:
                  (a) the lender is a credit provider or lessor in relation to the carried over instrument at any time after 30 June 2010;
                  (b) the lender is neither of the following:
                     (i) a licensee;
                     (ii) a person exempt from the requirement to hold a licence under the National Credit Act.
              (2) The lender must lodge with ASIC a notice in the approved form containing the following information:
                  (a) the lender's name (including the lender's principal business name if any);
                  (b) the name of:
                     (i) if the lender is a body corporate—each director or secretary of the body corporate; and
                      (ii) if the lender is a partnership or the trustees of a trust—each partner or trustee;
                  (c) the postal address of the lender;
                  (d) if the principal business address of the lender is different from the postal address—the principal business address;
                  (e) if the lender has an Australian Business Number—the Australian Business Number;
                  (f) the number of carried over instruments held by the lender and the total amount owed to the lender under the instruments;
                  (g) whether the lender is a member of the AFCA scheme;
                  (h) an estimate of the date on which the longest running carried over instrument will be finalised, if payments are made in accordance with the terms of the instrument;
                  (i) if the lender is a prescribed unlicensed carried over instrument lender—the grounds