Document ID: chunk:federal_register_of_legislation:F2018L01264:body:0
Version: federal_register_of_legislation:F2018L01264
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ASIC Credit (Unsuitability—Credit Cards) Instrument 2018/753
I, Grant Moodie, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date  28 August 2018

Grant Moodie

Contents

Part 1—Preliminary
1 Name of legislative instrument
2 Commencement
3 Authority
4 Definitions
Part 2—Determination
5 Period for determining unsuitability in respect of credit card contracts
Part 3—Transitional
6 Application

Part 1—Preliminary

1 Name of legislative instrument
This is the ASIC Credit (Unsuitability—Credit Cards) Instrument 2018/753.

2 Commencement
This instrument commences on the later of:
           (a) 1 January 2019; and
           (b) 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 subsection 160F(1) of the National Consumer Credit Protection Act 2009.

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

Part 2—Determination

5 Period for determining unsuitability in respect of credit card contracts
A period of three years is determined for the purposes of the following provisions of the Act:
           (a) paragraph 118(3AA)(b);
           (b) paragraph 119(3A)(b);
           (c) paragraph 123(3AA)(b);
           (d) paragraph 124(3A)(b);
           (e) paragraph 131(3AA)(b);
           (f) paragraph 133(3AA)(b).

Part 3—Transitional

6 Application
    The determination in section 5 applies:
(a) so far as the provision to which it relates applies in relation to entering a credit card contract—to credit card contracts entered into on or after 1 January 2019; and
(b) so far as the provision to which it relates applies in relation to remaining in a credit card contract, or increasing the credit limit of a credit card contract:
           (i) to credit card contracts entered into on or after 1 January 2019; and
           (ii) to credit card contracts entered into before 1 January 2019.