Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) For the purposes of paragraph 110(1)(a) of the Act, this regulation exempts certain persons engaging in a credit activity from:
(a) section 29 of the Act; and
(b) definitions in the Act, as they apply to references in the provisions mentioned in paragraph (a); and
(c) instruments made for the purposes of any of the provisions mentioned in paragraphs (a) and (b).
Note: Section 29 of the Act provides that a person must not engage in a credit activity if the person does not hold a licence authorising the person to engage in the credit activity.
Subsection 29(3) provides, among other things, that it is a defence if the person is a credit representative of a person who holds a licence.
(2) The person is exempted only to the extent that the person is engaging in the specified credit activity.
Note: If the person also engages in a credit activity that is not the subject of an exemption under the Act, the person is not exempted in relation to that credit activity.
(3) A person is exempted if:
(a) the person engages in a credit activity by selling, storing or transporting property of a debtor, lessor, mortgagor or guarantor on behalf of:
(i) a credit provider who is a licensee, registered person or exempt special purpose funding entity; or
(ii) a mortgagee who is a licensee, registered person or exempt special purpose funding entity; or
(iii) a person who is the beneficiary of a guarantee who is a licensee, registered person or exempt special purpose funding entity; or
(iv) a lessor who is a licensee, registered person or exempt special purpose funding entity; or
(b) the person engages in a credit activity by giving or sending to a debtor, lessee, mortgagor or guarantor, on behalf of:
(i) a credit provider who is a licensee, registered person or exempt special purpose funding entity; or
(ii) a mortgagee who is a licensee, registered person or exempt special purpose funding entity; or
(iii) a person who is the beneficiary of a guarantee who is a licensee, registered person or exempt special purpose funding entity; or
(iv) a lessor who is a licensee, registered person or exempt special purpose funding entity;
a notice or document that the person mentioned in subregulation (i), (ii), (iii) or (iv) is obliged by law to give or send to the debtor, lessee, mortgagor or guarantor.