Document ID: chunk:federal_register_of_legislation:F2018C00627:body:0:p2
Version: federal_register_of_legislation:F2018C00627
Segment Type: other
Provision Reference: 
Character Range: 2811–5737

AFCA scheme.
              (3) Nothing in this section affects an obligation to become a member of the AFCA scheme.".

6 Notice of AFCA membership—credit licensees
    The provisions to which Part 2-6 of the NCCP Act applies apply in relation to licensees as if Division 5 of Part 2-2 of the NCCP Act were modified or varied by, after section 47, inserting:
           "47A Deferral of notice of AFCA scheme membership
              (1) A licensee does not have to comply with paragraph 47(1)(c) to the extent that it would require the licensee to lodge with ASIC, in the approved form and before 1 November 2018, details of its membership of the AFCA scheme.
              (2) A licensee that relies on subsection (1) must lodge with ASIC, in the approved form and between 1 November 2018 and 30 November 2018, details of its membership of the AFCA scheme.
              (3) Nothing in this section affects an obligation to become a member of the AFCA scheme.".

7 Notice of AFCA membership—unlicensed carried over instrument lenders
    The provisions to which Part 2-6 of the NCCP Act applies apply in relation to unlicensed carried over instrument lenders as if Schedule 2 to the National Consumer Credit Protection Regulations 2010 were modified or varied by, after item 2.19, inserting:
           "2.19A After section 47
              Add
               47AA Deferral of notice of AFCA scheme membership
                   (1) An unlicensed carried over instrument lender does not have to comply with subsection 45(2) to the extent that it would require the lender to lodge with ASIC, in the approved form and before 1 November 2018, details of its membership of the AFCA scheme.
                   (2) A lender that relies on subsection (1) must lodge with ASIC, in the approved form and between 1 November 2018 and 30 November 2018, details of its membership of the AFCA scheme.
                   (3) Nothing in this section affects an obligation to become a member of the AFCA scheme.".

8 Notice of AFCA membership—credit representatives
    The provisions to which Part 2-6 of the NCCP Act applies apply in relation to licensees and credit representatives as if the following provisions were modified or varied:
         (a) omit paragraph 71(3)(c);
         (b) in subsection 71(3), insert:
                    "(ca) details of the credit representative's membership of the AFCA scheme;"
         (c) after section 71, insert:
            "71A Deferral of notice of AFCA scheme membership
                (1) A person that authorises a credit representative under subsection 64(1) or 65(1) does not have to comply with subsection 71(1) or (4) to the extent that it would require the person to lodge with ASIC, in the approved form and before 1 November 2018, details of the credit representative's membership of the AFCA scheme.
                (2) A person that relies on subsection (1) must lodge with ASIC, in