Document ID: chunk:federal_register_of_legislation:F2024C00882:reg:8:p2
Version: federal_register_of_legislation:F2024C00882
Segment Type: reg
Provision Reference: reg 8 (pt 2/3)
Character Range: 50826–53261

licence to engage in credit activities of the kind the person was authorised to engage in under a law of a State or Territory.
 (4) The class of applicants is persons who:
 (a) are in the class of applicants mentioned in subregulation (2); and
 (b) are authorised to engage in credit activities under a law of a State or Territory that:
 (i) requires the person to demonstrate that the person is a fit and proper person (however described); or
 (ii) deems the person to be ineligible to engage in credit activities if the person is not a fit and proper person (however described).
 (5) For section 39 of the Act, if an applicant is in the class of applicants mentioned in subregulation (7) or (8):
 (a) section 37 of the Act does not apply in relation to the applicant; and
 (b) if:
 (i) the applicant applies under section 36 of the Act for a licence; and
 (ii) the application includes a statement, in accordance with the requirements of the approved form, to the effect that the applicant will, if granted the licence, comply with the applicant's obligations as a licensee;
  ASIC must grant the applicant a licence.
 (6) If ASIC grants the applicant a licence under subregulation (5), the licence must authorise the licensee to engage in credit activities that equate, as closely as possible, to the credit activities in relation to which the application was made.
 (7) The class of applicants is persons who:
 (a) are authorised as a general insurer by APRA under section 12 of the Insurance Act 1973; and
 (b) are included on the Register of General Insurers and Authorised NOHCs; and
 (c) offer lenders mortgage insurance products; and
 (d) engage in credit activities only:
 (i) as an assignee in relation to providing the mortgage insurance products; or
 (ii) as the credit provider under the doctrine of subrogation in relation to providing the mortgage insurance products.
 (8) The class of applicants is persons who:
 (a) are registered by APRA under section 21 of the Life Insurance Act 1995; and
 (b) engage in credit activities in relation to the provision of credit only because of the operation of the terms and conditions of:
 (i) a life policy (within the same meaning as in that Act) that was entered into before 1 July 2010 by the person; or
 (ii) a document issued or given by the person in relation to a life policy (within the same meaning as in that Act) that was entered into before 1 July 2010 by the person.