Document ID: chunk:federal_register_of_legislation:F2019L01183:body:0:p1
Version: federal_register_of_legislation:F2019L01183
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ASIC Corporations (Product Intervention Order—Short Term Credit) Instrument 2019/917
I, Emma Curtis, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date 12 September 2019

Emma Curtis

Contents

Part 1—Preliminary
1 Name of legislative instrument
2 Commencement
3 Authority
4 Definitions
Part 2—Order
5 Short term credit facilities
6 Application

Part 1—Preliminary

1 Name of legislative instrument
This is the ASIC Corporations (Product Intervention Order—Short Term Credit) Instrument 2019/917.

2 Commencement
This instrument commences on a day that is the second day after the instrument 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 1023D(3) of the Corporations Act 2001.

4 Definitions
In this instrument:
Act means the Corporations Act 2001.
associate, in relation to a primary person that is a short term credit provider, has the meaning given by sections 11 and 15 of the Act.
collateral contract, in relation to a short term credit facility, means a separate contract between a retail client and a short term credit provider or an associate in relation to the short term credit facility.
collateral fees and charges means fees and charges imposed or provided for under a collateral contract.
National Credit Code has the same meaning as in subsection 5(1) of the National Consumer Credit Protection Act 2009.
short term credit facility means a financial product covered by both:
           (a) paragraph 12BAA(7)(k) of the ASIC Act; and
           (b) subsection 6(1) of the National Credit Code.
short term credit provider means a person who is purporting to rely on subsection 6(1) of the National Credit Code.

       Part 2—Order

5 Short term credit facilities
(1) A short term credit provider must not provide credit to a retail client under a short term credit facility except in accordance with the condition in subsection (5).
(2)     A director of a short term credit provider must not cause or authorise the provider to provide credit to a retail client under a short term credit facility except in accordance with the condition in subsection (5).
(3) A short term credit provider or an associate must not impose or provide for collateral fees and charges under a collateral contract except in accordance with the condition in subsection (5).
(4) A director of a short term credit provider or of an associate must not cause or authorise the provider or associate to impose or provide for collateral fees and charges under a collateral contract except in accordance with the condition in subsection (5).
Condition
(5) The total of:
            (a) the amount of credit fees and charges that may be imposed or provided for under the short term credit facility; and