Document ID: chunk:federal_register_of_legislation:F2024C00882:reg:8:p1
Version: federal_register_of_legislation:F2024C00882
Segment Type: reg
Provision Reference: reg 8 (pt 1/3)
Character Range: 48489–51043

8  How to get an Australian credit licence—streamlined process for particular classes of applicants
 (1) For section 39 of the Act, if an applicant is:
 (a) in the class of applicants mentioned in subregulation (2); and
 (b) is applying for a licence to engage in credit activities of the kind in which the person is authorised to engage under a law of a State or Territory;
paragraph 37(1)(b) of the Act applies in relation to the applicant only to the extent that ASIC must consider whether it has reason to believe that the applicant is likely to contravene the obligations that will apply under paragraphs 47(1)(i) and (j) of the Act if the licence is granted.
 (2) The class of applicants is persons:
 (a) who have applied for an Australian credit licence; and
 (b) who are authorised to engage in credit activities under a law of a State or Territory; and
 (c) who, under the law of the State or Territory, or under a condition imposed on the person by a licensing authority under the law of the State or Territory:
 (i) are required to comply with the following requirements:
 (A) the person must comply with the law;
 (B) the person must have sufficient or adequate resources to ensure the person can comply with the law;
 (C) the person must be responsible for ensuring that all representatives of the person comply with the law;
 (D) the person must arrange or provide credit that is appropriate for consumers;
 (E) the person must act honestly and fairly in the person's dealings with borrowers and lenders;
 (F) the person must ensure that the person and all representatives of the person are competent to engage in the credit activities the person is authorised to engage in;
 (G) if the person is acting as an agent on behalf of a consumer, the person must act in the best interests of the person's principal; and
 (ii) are not required to be supervised by another person; and
 (d) who may be banned from engaging in credit activities under the law of the State or Territory; and
 (e) who have provided to ASIC a written statement in the approved form that the person will comply with the person's obligations under the Act.
 (3) For section 39 of the Act, paragraph 37(1)(c) of the Act does not apply in relation to the class of applicants mentioned in subregulation (4) to the extent that the applicant is applying for a 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