Document ID: chunk:federal_register_of_legislation:F2021C01122:body:0:p4
Version: federal_register_of_legislation:F2021C01122
Segment Type: other
Provision Reference: 
Character Range: 8985–11767

procedure; and".
                 Unlicensed carried over instrument lenders
(4) The provisions to which Part 2-6 of the Credit Act applies apply in relation to unlicensed carried over instrument lenders as if subsection 47(1) as notionally substituted by regulation 25E and Schedule 2 to the National Consumer Credit Protection Regulations 2010 were modified or varied by omitting paragraph (e) and substituting:
            "(e) both:
               (i) have an internal dispute resolution procedure that:
                   (A) complies with standards and requirements made or approved by ASIC in accordance with section 48; and
                   (B) covers disputes in relation to the credit activities the lender engages in in relation to the carried over instrument; and
               (ii) comply with the internal dispute resolution procedure; and".

8 "Small business" definition for internal dispute resolution
    Part 7.6 (other than Division 4 and 8) of the Corporations Act applies in relation to financial services licensees, and Part 7.9 of the Corporations Act, applies in relation to issuers and regulated persons covered by section 1017G, as if the definition of small business in subsection 761G(12) were omitted and substituted with:
    "small business means:
         (a) in relation to an obligation in this Chapter to have an internal dispute resolution procedure—a business (including a primary production business within the meaning of section 995.1(1) of the Income Tax Assessment Act 1997) that has less than 100 employees at the time of the act or omission that gives rise to the complaint, but not including a body corporate that, at that time, is a member of a group of related bodies corporate and that group has 100 employees or more;
         (b) otherwise—a business employing less than:
            (i) if the business is or includes the manufacture of goods—100 people:
            (ii) otherwise—20 people.".

Part 4—Transitional

9 Application
    This instrument applies in relation to a complaint received on or after 5 October 2021 by a financial firm.

Endnotes

Endnote 1—Instrument history

Instrument number  Date of FRL registration     Date of commencement          Application, saving or transitional provisions
2020/98            30/7/2020 (see F2020L00962)  Sections 1‒5, 7‒9: 30/7/2020
                                                Section 6: 5/10/2021
2021/753           29/9/2021 (see F2021L01343)  30/9/2021                     -

Endnote 2—Amendment history
ad. = added or inserted     am. = amended     LA = Legislation Act 2003    rep. = repealed     rs. = repealed and substituted
Provision affected   How affected
Section 2            rep. s48D LA
Section 4            am. 2021/753
Section 5            am. 2021/753