NATIONAL CONSUMER CREDIT PROTECTION REGULATIONS 2010
- made under the National Consumer Credit Protection Act 2009
Table of Provisions
CHAPTER 1--Preliminary
1 Name of Regulations 3 Definitions 4 Meaning of associate 4A Debt management services 4B Meaning of debt management assistance 4C Meaning of credit reporting assistance 4D Small amount credit contracts--credit limit increase to cover fees 5 Prescribed orders 6 Forms
CHAPTER 2--Licensing of persons who engage in credit activities
PART 2-1--AUSTRALIAN CREDIT LICENCES
7 How to get an Australian credit licence--requirements for a foreign entity to appoint local agent 7A When licence may be granted--continuous credit activity 8 How to get an Australian credit licence--streamlined process for particular classes of applicants 9 The conditions on the licence 9AA The conditions on the licence--special purpose funding entity 9AB Conditions for licensee--referrals 9A Conditions for unlicensed carried over instrument lender--credit register 10 Obligations of licensees--alternative dispute resolution systems 11 Obligations of licensees--foreign entity must continue to have local agent 11A Obligations of licensees--cooperation with AFCA 12 Obligations of licensees--requirements for compensation arrangements 12A Obligations of licensees--breaches of certain civil penalty provisions not required to be reported to ASIC 12B Obligations of licensees--breaches of certain key requirements not required to be reported to ASIC 13 Obligations of licensees--offence in relation to failure to cite licence number in documents 14 Obligations of licensees--who compliance certificate must be signed by 15 When a licence can be suspended, cancelled or varied--grounds to suspend or cancel licence
PART 2-2--AUTHORISATION OF CREDIT REPRESENTATIVES
16 Sub - authorisation by body corporate
PART 2-3--FINANCIAL RECORDS, TRUST ACCOUNTS AND AUDIT REPORTS
17 Information and matters to be contained in a trust account audit report 18 Eligibility of auditors to prepare trust account audit report 19 Auditors who prepare audit reports
PART 2-4--EXEMPTIONS AND MODIFICATIONS
Division 1--Exemptions
Subdivision 1.1--Persons exempt from being licensed
20 Persons exempt from requiring a licence--general 21 Persons exempt from requiring a licence--debt collectors 22 Persons exempt from requiring a licence--third parties 23 Persons exempt from requiring a licence--suppliers of goods or services 23A Persons exempt from requiring a licence--suppliers of goods or services with branded or co - branded credit card 23B Persons exempt from requiring a licence--fund raising special purpose entity 23C Persons exempt from requiring a licence--securitisation entity 23D Persons exempt from requiring a licence--employment agencies Subdivision 1.2--Activities exempt from being credit activities under the Act
24 Activities exempt from being credit activities
Division 2--Modifications
25 Activities exempt from requiring a licence 25A Modifications--credit representatives 25B Modification--meaning of linked credit provider or linked lessor for regulation 23 25C Modification--meaning of linked credit provider for regulation 23A 25D Modification--meaning of services for regulations 23 and 23A 25E Modifications--unlicensed carried over instrument lender 25F Modifications--ADI in relation to carried over instrument 25G Modifications--special purpose funding entity 25H Modifications--temporary staff 25I Modifications--locums 25J Modification--exempted persons 25K Modification--credit card contracts 25L Modification--assignees of credit providers, lessors, mortgagees and beneficiaries of a guarantee 25M Modification--credit card provided before 1 July 2012
CHAPTER 3--Responsible lending conduct
PART 3.1----PRELIMINARY
PART 3.2----REQUIREMENTS ABOUT CREDIT GUIDES
26A Credit guide of licensee--to include further information 26B Credit guide of credit provider or lessor--information about mortgage managers and product designers 27 Credit guide of licensees--when information about fees, charges and indirect remuneration is not required 27A Credit guide of credit representatives--to include further information 27B Credit guide of credit representatives--when information about fees, charges and indirect remuneration not required 28 Credit guide of credit representatives--contact details for the AFCA scheme 28B Credit guide--circumstances where not required to update information
PART 3.3----REQUIREMENTS ABOUT QUOTES
28C Circumstances where no quote required 28D Quote for providing credit assistance--licensee to give information about fees and charges
PART 3.4----REQUIREMENTS ABOUT PROPOSAL DISCLOSURE DOCUMENTS
28E Proposal disclosure document--information about fees and charges 28F Proposal disclosure document--when information about fees and charges not required 28G Proposal disclosure document--information about indirect remuneration 28H Proposal disclosure documents--when information about indirect remuneration not required
PART 3.5----OTHER OBLIGATIONS
28HA Reverse mortgages--credit assistance providers and credit providers to make reasonable inquiries 28HB Obtaining and considering information to verify financial situation of consumers 28J Obligations of credit providers before entering credit contracts or increasing credit limits 28JA Inquiries about credit limit 28L Manner of giving disclosure documents 28LA Standard home loans 28LB Key Facts Sheets for standard home loans 28LBA Key Facts Sheets for credit card contracts 28LBB Application forms in electronic form 28LBC Circumstances in which application form may include out - of - date Key Facts Sheet 28LBD Circumstances in which up - to - date information can be provided otherwise than in Key Facts Sheet 28LBE Meaning of credit limit increase invitation 28LBF Licensee to notify consumer of use of credit card in excess of credit limit 28LBG Fees charges and higher rates of interest 28LBH Records of elections and withdrawals to be kept 28LBI Agreement to apply payment against particular amount owed 28LC Reverse mortgages--presumption of unsuitability of credit contract if certain loan to value ratios exist 28LCA Small amount credit contracts--income requirements 28LCB Consumer leases for household goods--income requirements 28LCC Constrained documents and constrained information 28LCE Authorisation for deduction 28LCF Unsuitable credit contracts--prescribed circumstances 28LD Reverse mortgages--projections of home equity 28LE Reverse mortgage information statement
PART 3.6----MODIFICATIONS AND EXEMPTIONS
28M Modifications 28N Exemption--requirement to provide disclosure documents 28P Circumstances where credit guide not required 28Q Exemption--credit assistance provider with shared responsibility for credit contract 28R Exemption--intermediary's requirement to provide proposal disclosure document 28RB Exemption relating to small businesses
PART 3.8----LICENSEES SUPPLYING CREDIT INFORMATION TO CREDIT REPORTING BODIES ETC.
28TA Ongoing supplies of mandatory credit information 28TB When protected information must not be on - disclosed 28TC Reports about initial bulk supplies of credit information--information to be given by licensee 28TD Reports about initial bulk supplies of credit information--information to be given by credit reporting body
PART 3.9----MORTGAGE BROKERS AND MORTGAGE INTERMEDIARIES
Division 1--Interpretation
28V References to providing credit services to a consumer 28VA Meaning of amount of credit
Division 2--What is conflicted remuneration?
28VB Monetary benefit given in certain circumstances not conflicted remuneration 28VC Benefits to which the drawdown cap applies 28VD Working out the maximum drawdown net of offset for a credit contract 28VE Volume - based benefits 28VF Campaign - based benefits 28VG Clawback requirements 28VH Non - monetary benefit given in certain circumstances not conflicted remuneration
Division 3--Circumstances in which conflicted remuneration must not be accepted
28VI Circumstances in which a licensee must not accept conflicted remuneration 28VJ Circumstances in which a credit representative must not accept conflicted remuneration
Division 4--Circumstances in which conflicted remuneration must not be given
28VK Circumstances in which an employer must not give conflicted remuneration 28VL Circumstances in which a credit provider must not give conflicted remuneration 28VM Circumstances in which a mortgage intermediary must not give conflicted remuneration
CHAPTER 4--Administration--registers relating to credit activities
29 Credit registers--licensees, credit representatives and registered persons 30 Credit registers--persons against whom banning order or disqualification order is made 30A Credit register--unlicensed carried over instrument lender
CHAPTER 5--Compliance and enforcement
31 Investigations--distribution of report 32 Examination of person--form of notice requiring assistance and appearance for examination 33 Inspection of books and audit information - gathering powers--evidence of authority 34 Hearings--form of summons to appear before ASIC 35 Miscellaneous provisions--allowances and expenses
CHAPTER 6--Miscellaneous
PART 6-1--COURT PROCEEDINGS
36 Where proceedings may be brought
PART 6-2--INFRINGEMENT NOTICES
37 Prescribed offences 38 Prescribed civil penalty provisions 39 Prescribed key requirements
PART 6-2A----AVOIDANCE SCHEMES
40 Avoidance purposes relating to contracts 41 Avoidance purposes relating to product intervention orders
PART 6-3--APPLICATION, SAVING AND TRANSITIONAL PROVISIONS
49A Transitional--Schedule 1 to National Consumer Credit Protection Amendment Regulation 2012 (No. 1) 49B Transitional--Schedule 2 to National Consumer Credit Protection Amendment Regulation 2012 (No. 1) 49C Transitional--Part 1 of Schedule 1 to the Treasury Laws Amendment (Putting Consumers First--Establishment of the Australian Financial Complaints Authority) Regulations 2018 49D Transitional--Part 2 of Schedule 1 to the Treasury Laws Amendment (Putting Consumers First--Establishment of the Australian Financial Complaints Authority) Regulations 2018 49E Transitional--Part 3 of Schedule 1 to the Treasury Laws Amendment (Putting Consumers First--Establishment of the Australian Financial Complaints Authority) Regulations 2018 49F Application--offences 49G Application--civil penalty provisions 49H Transitional--Schedule 1 to the Treasury Laws Amendment (AFCA Cooperation) Regulations 2019 49J Application and transitional--Schedule 1 to the National Consumer Credit Protection Amendment (Debt Management Services) Regulations 2021 49K Application--Schedule 1 to the National Consumer Credit Protection Amendment (Financial Sector Reform) Regulations 2023
CHAPTER 7--Matters in relation to the National Credit Code
PART 7-1--EXEMPTIONS, DECLARATIONS AND OTHER MATTERS
50 Continued application of Part 12 of the Code and interpretation provisions 50A Exemption for short term credit 51 Exempt credit--maximum account charges 52 Additional exempt credit 53 GIO Finance Limited's No Interest Loan Scheme--exemption from Code 54 Rental Purchase Plan--exemption from certain provisions of Code 55 Partnership loans--exemption from certain provisions of Code 56 Student loans--exemption from certain provisions of Code 57 Loans for conservation of heritage items--exemption from Code 58 ADIs--exemption from Code 59 Estate administrators--exemption from certain provisions of Code 60 Credit under Aged Care Act 1997-- exemption from certain provisions of Code 61 Firefighter's Benefit Fund of WA Incorporated--exemption from certain provisions of Code 62 Charge card contracts--exemption of certain contracts from Code 63 Credit providers providing credit to directors--exemption from certain provisions of Code 64 Mortgages--exemptions from Code 65 Guarantees--exemption from Code 65A Indigenous Business Australia--exemption from certain provisions of Code 65C Residential investment property loans--exemption from Code 66 Deemed mortgages for goods lease with option to purchase 67 Prescribed person in relation to a declaration 68 Declaration of purposes for which credit provided 69 Direct debit default notices--exemption for credit providers 69C Exemption--requirement to disclose information about the AFCA scheme 69D Exemption--requirement to give notice of direct debit default
PART 7-2--CREDIT CONTRACTS
70 Statement about debtor's statutory rights and obligations 71 Comparison rate 72 Pre - contractual statement 72A Precontractual disclosure--requirements for giving documents other than personally 72B Precontractual disclosure--requirements for giving documents by means involving electronic communication 72C Precontractual disclosure--making documents available for retrieval on an electronic document retrieval system 73 Additional disclosures about insurance financed by contract 74 Additional disclosures about credit contracts to be signed by debtor 74A Reverse mortgages--disclosure about credit contract not including tenancy protection provision 75 Deduction of amount for interest charges 76 Calculation of unpaid daily balances 77 Early debit or payment of interest charges 78 Interest charges in relation to residential investment property 79 When statement of account not required
PART 7-2A----PROHIBITED CREDIT FEES AND CHARGES
79A Termination fees for certain credit contracts 79AE Small amount credit contracts (fees and charges)--prescribed persons 79AB Credit provider or prescribed person must not require or accept payment of fee or charge in relation to small amount credit contract etc 79AC Prohibition relating to annual cost rate of credit contracts--later increases of annual percentage rate etc 79B Minimum Repayment Warning
PART 7-2B----ADDITIONAL RULES IN RELATION TO SMALL AMOUNT CREDIT CONTRACTS
79C Default in payment by direct debit under small amount credit contract
PART 7-3--RELATED MORTGAGES AND GUARANTEES
80 Mortgage arising from certain home ownership schemes--exemption from subsection 50(1) of the Code 81 Form of guarantees 82 Explanation about guarantor's rights and obligations
PART 7-4--CHANGES TO OBLIGATIONS UNDER CREDIT CONTRACTS, MORTGAGES AND GUARANTEES
83 Information about increases in the amount of credit
PART 7-5--ENDING AND ENFORCING CREDIT CONTRACTS, MORTGAGES AND GUARANTEES
84 Information after surrender of goods 84A Market value of reverse mortgaged property 85 Information to be contained in direct debit default notice 86 Information to be contained in default notice 87 Consent to enter premises 88 Statement about mortgagor's rights and obligations 89 Information about proceeds of sale of mortgaged goods
PART 7-6--RELATED SALE CONTRACTS
90 Rate of interest on damages 91 Informing debtor of rights 92 Rebate of consideration
PART 7-7--RELATED INSURANCE CONTRACTS
93 Particulars of insurance entered into by credit provider 94 Proportionate rebate of consumer credit insurance premium 95 Notice of right to cancel mortgaged property insurance 96 Proportionate rebate of premium for insurance over mortgaged property
PART 7-8--COMPARISON RATES
97 Relevant comparison rate where annual percentage rate stated 98 Information about whether comparison rate relates to secured loan 99 Warnings about comparison rate 100 Calculation of comparison rates
PART 7-9--CONSUMER LEASES
102 Consumer lease excluded from application of Part 11 of the Code 103 Prescribed person in relation to declarations 104 Declaration about purpose of lease 104A Disclosure of information in consumer leases for household goods 105 Explanation about rights and obligations of consumer lessees 105AA Base price of goods 105A Information to be contained in statement of account 105B Information to be contained in statement of account about amount owing and other matters 105C Information to be contained in end of lease statement 105D Circumstances in which lessor is not required to provide end of lease statement 105E Information to be contained in written notice about change by agreement to consumer lease 105G Information to be contained in statement of amount payable on termination of consumer lease 105J Information to be contained in one - off notice about direct debit default 105K Information to be contained in default notice 105L Consent to enter residential property to take possession of goods
PART 7-10----MISCELLANEOUS
106 Tolerances relating to disclosures 107 Tolerances relating to amounts payable etc 108 Additional assumptions relating to disclosures 109 Contracts linked to offset accounts 110 Requirements for print or type 110A Reverse mortgages--manner of keeping nominations or revocations 111 Notices
PART 7-11----SAVING AND TRANSITIONAL PROVISIONS
Division 1--Reliance on State and Territory Consumer Credit Codes
112 References in documents to Consumer Credit Code of a State or Territory
Division 2--Transitional provisions for the Treasury Laws Amendment (Miscellaneous Amendments) Regulations 2019
113 Compliance with subregulation 28LCE(2) and Schedule 10
115 Transitional arrangements
http://www.austlii.edu.au/au/legis/cth/consol_reg/nccpr2010486/
