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ASIC Credit (AFCA transition) Instrument 2018/448

About this compilation

Compilation No. 1

This is a compilation of ASIC Credit (AFCA transition) Instrument 2018/448 as in force on 23 August 2018. 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—Declaration
5 Credit guides
6 Requirement for relying on relief
Part 3—Exemption
7 Forms
8 Period during which exemptions apply
Endnotes
Endnote 1—Instrument history
Endnote 2—Amendment history

Part 1—Preliminary

1 Name of legislative instrument

       This is the ASIC Credit (AFCA transition) Instrument 2018/448.

3 Authority
This instrument is made under paragraph 163(3)(d) of National Consumer Credit Protection Act 2009 and subsection 203A(3) of the National Credit Code.

           Note: The National Credit Code is found in Schedule 1 to the National Consumer Credit Protection Act 2009.

4 Definitions

       (1)  In this instrument:

       Act means the National Consumer Credit Protection Act 2009.

       AFCA scheme has the same meaning as in Chapter 7 of the Corporations Act 2001.
Amending Regulations means the Treasury Laws Amendment (Putting Consumers First—Establishment of the Australian Financial Complaints Authority) Regulations 2018.
Code means the National Credit Code, which is found in Schedule 1 to the Act.
Regulations means the National Consumer Credit Protection Regulations 2010.
(2) An expression used in Part 2 of this instrument and in the Act has the same meaning as in the Act.
(3) An expression used in Part 3 of this instrument and in the Code has the same meaning as in the Code.

Part 2—Declaration

5 Credit guides

       (1) The provisions to which Part 3-7 of the Act applies apply in relation to a licensee (the provider) and a credit representative (the provider) as if paragraphs 113(2)(h), 126(2)(e), 127(2)(e), 136(2)(h), 149(2)(e), 150(2)(e) and 160(3)(f) of the Act were modified or varied as follows:

           (a) in the introductory words after "information", insert "(that may be up to date or after 1 November 2018, reflect the position immediately before that date)"; and

           (b) in subparagraph (ii), omit "scheme;", substitute "scheme or the approved external dispute resolution scheme that was relevant before 1 November 2018;".

       (2) The provisions to which Part 3-7 of the Act applies apply in relation to a credit representative (the provider) as if paragraph 158(2)(h) of the Act were modified or varied as follows:

           (a) after "information", insert, "(that may be up to date or after 1 November 2018, reflect the position immediately before that date)"; and

           (b) omit "scheme;", substitute "scheme