Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) In these Regulations:
"Act" means the National Consumer Credit Protection Act 2009 .
"AFCA" (short for the Australian Financial Complaints Authority) has the same meaning as in the Corporations Act.
"agreed price" , of goods hired under a consumer lease: see subregulation 105AA(2).
"annual percentage rate" has the same meaning as in section 27 of the Code.
"Australian ADI" has the meaning given by section 9 of the Corporations Act.
"authorised contact" means contact with a consumer by a person in relation to the supply of goods or services by the person to the consumer, if the contact is made:
(a) no later than 3 months after the consumer provided his or her contact details:
(i) to the person; and
(ii) for the purpose of being contacted about the supply of the goods or services; or
(b) by posting to, or leaving at, a residential address written promotional material about goods or services; or
(c) in relation to the possible return of goods supplied to the consumer or the possible provision of replacement goods to the consumer.
"campaign-based benefit" : see regulation 28VF.
"carried over instrument" has the meaning given by subsection 4(1) of the Transitional Act.
"clawback requirements" : see regulation 28VG.
"Code" means the National Credit Code.
"Corporations Act" means the Corporations Act 2001 .
"credit card" means:
(a) a card of a kind commonly known as a credit card; or
(b) a card of a kind that persons carrying on business commonly issue to their customers, or prospective customers, for use in obtaining goods or services from those persons on credit; or
(c) anything else that may be used as a card mentioned in paragraph (a) or (b).
"credit card contract" means a continuing credit contract (as defined in section 204 of the Code) under which credit is ordinarily obtained only by the use of a credit card.
"credit reporting assistance" : see regulation 4C.
"debt management assistance" : see regulation 4B.
"debt management service" : see subregulation 4A(2).
"default rate" has the same meaning as in section 27 of the Code.
"drawdown cap" : see subregulation 28VC(1) for the benefits to which the drawdown cap applies.
"electronic document retrieval system" : see regulation 72C.
"excluded amount" : see subregulation 28VD(3).
"exempt public authority" means a body corporate that is incorporated within Australia or an external Territory and is:
(a) a public authority; or
(b) an instrumentality or agency of the Crown in right of the Commonwealth, in right of a State or in right of a Territory.
"exempt special purpose funding entity" means a special purpose funding entity that is engaging in a credit activity and is exempt, under regulation 23B or 23C, from the requirement to hold a licence.
"financial counselling association" has the same meaning as in regulation 7.6.01 of the Corporations Regulations 2001 .
"financial counselling service" means a counselling and advocacy service provided predominantly for the purpose of assisting individuals who are in financial difficulty to resolve their problems.
"foreign company" means either of the following:
(a) a body corporate that is incorporated in an external Territory, or outside Australia and the external Territories, and is not:
(i) a corporation sole; or
(ii) an exempt public authority;
(b) an unincorporated body that:
(i) is formed in an external Territory or outside Australia and the external Territories; and
(ii) under the law of its place of formation, may sue or be sued, or may hold property in the name of its secretary or of an officer of the body duly appointed for that purpose; and
(iii) does not have its head office or principal place of business in Australia.
"fund raising special purpose entity" has the meaning given by subsection 5(1) of the Act as modified by item 3.2 of Schedule 3.
"home renovation or improvement facility" : see subregulation 28VC(4).
"inappropriate person" means:
(a) a person in relation to whom:
(i) a prescribed State or Territory order is in force; or
(ii) a banning or disqualification order under Division 8 of Part 7.6 of the Corporations Act 2001 is in force; or
(b) a person who is banned from engaging in a credit activity under:
(i) a law of a State or Territory; or
(ii) Part 2 - 4 of the Act; or
(c) a person who has been convicted of a serious fraud during the last 10 years; or
(d) a person who is disqualified from managing a corporation under Part 2D.6 of the Corporations Act 2001 ; or
(e) a person:
(i) who is registered to engage in credit activities under Schedule 2 of the Transitional Act; and
(ii) whose registration is suspended under a provision of item 23 of Schedule 2 to the Transitional Act, other than under paragraph 23(1)(a) or (b); or
(f) a person:
(i) who has been registered to engage in credit activities under Schedule 2 of the Transitional Act; and
(ii) whose registration has been cancelled under a provision of item 23 of Schedule 2 to the Transitional Act, other than paragraph 23(1)(a) or (b); or
(g) a person:
(i) who is the holder of an Australian credit licence; and
(ii) whose licence is suspended on a ground mentioned in subsection 54(1) of the Act, other than a ground mentioned in paragraph 54(1)(a) or (b); or
(h) a person:
(i) who has been the holder of an Australian credit licence; and
(ii) whose licence has been cancelled on a ground mentioned in subsection 54(1) of the Act, other than a ground mentioned in paragraph 54(1)(a) or (b).
(i) a person:
(i) who is the holder of an Australian financial services licence; and
(ii) whose licence is suspended on a ground mentioned in section 915B of the Corporations Act 2001 , other than a ground mentioned in any of the following paragraphs:
(A) paragraph 915B(1)(a) or (e);
(B) paragraph 915B(2)(a) or (d);
(C) paragraph 915B(3)(a) or (d);
(D) paragraph 915B(4)(a) or (d); or
(j) a person:
(i) who has been the holder of an Australian financial services licence; and
(ii) whose licence has been cancelled on a ground mentioned in section 915B of the Corporations Act 2001 , other than a ground mentioned in any of the following paragraphs:
(A) paragraph 915B(1)(a) or (e);
(B) paragraph 915B(2)(a) or (d);
(C) paragraph 915B(3)(a) or (d);
(D) paragraph 915B(4)(a) or (d).
"lawyer" , for the purpose of regulation 24 has the meaning given by the modified definition of lawyer set out in subregulation 24(10).
"line of credit facility" : see subregulation 28VC(3).
"linked credit provider" , for the purpose of regulation 23A, has the meaning given by the modified definition of linked credit provider set out in regulation 25C.
"linked credit provider or lessor" , for the purpose of regulation 23, has the meaning given by the modified definition of linked credit provider set out in regulation 25B.
"managed contract" --see regulation 26.
"maximum drawdown net of offset" : see subregulations 28VD(1) and (2).
"mortgage manager" --see regulation 26.
"non-standard business premises" means business premises that are not physically separate from premises regularly used by consumers for purposes other than being contacted in relation to the supply of goods or services.
"officer of a body corporate" has the meaning given by the definition of officer of a corporation (as it relates to a body corporate) in section 9 of the Corporations Act.
"offset account" , held by a consumer who is a debtor under a credit contract, has the meaning given by subregulation 28VD(4).
precontractual document means any of the following:
(a) a precontractual statement mentioned in paragraph 16(1)(a) of the Code;
(b) a document forming part of a precontractual statement;
(c) a notice varying a precontractual statement;
(d) an information statement mentioned in paragraph 16(1)(b) of the Code.
"product designer--" see regulation 26.
"public officer" , of a body corporate, means a person appointed under section 252 of the Income Tax Assessment Act 1936 as it relates to a body corporate.
"registered debt agreement administrator" means a person registered by the Insolvency and Trustee Service Australia as a debt agreement administrator under Part IX of the Bankruptcy Act 1966 .
"registered person" has the same meaning as in the Transitional Act.
"restructuring practitioner" has the same meaning as in the Corporations Act .
"rural financial counselling service" means a counselling and advocacy service provided mainly for the purpose of assisting primary producers, or rural or regional small businesses, who are in financial difficulty.
"rural financial counselling service provider" means a body that is funded wholly or partly by the Commonwealth, a State or a Territory to provide a rural financial counselling service.
"securitisation entity" has the meaning given by subsection 5(1) of the Act as modified by item 3.4 of Schedule 3.
"services" , for the purposes of regulations 23 and 23A, has the meaning given by the modified definition of services set out in regulation 25D.
"servicing agreement" has the meaning given by subsection 5(1) of the Act as modified by item 3.4 of Schedule 3.
"special purpose funding entity" has the meaning given by subsection 5(1) of the Act as modified by item 3.4 of Schedule 3.
"substantial holding" has the meaning given by the definition of that term (as it relates to a body corporate) in section 9 of the Corporations Act.
"trail commission--" see regulation 26.
"unlicensed carried over instrument lender" has the meaning given by modified subsection 5(1) of the Act as set out in item 2.4 of Schedule 2.
"unsolicited contact" includes contact with a consumer by a person or an associate of the person in relation to the supply of goods and services by the person to the consumer:
(a) in the following circumstances:
(i) the contact is the first contact made by the person;
(ii) the contact is made in person from a non - standard business premises; or
(b) in the following circumstances:
(i) the contact is made by the person or an associate of the person;
(ii) the contact is not the first contact made by the person or an associate of the person;
(iii) the first contact was made in person from a non - standard business premises; or
(c) in the following circumstances:
(i) the consumer provided the consumer's contact details to the person for the sole purpose of being contacted by the person in relation to the supply of goods or services by the person to the consumer;
(ii) the contact is not the first contact made by the person;
(iii) the contact is made on or after the day 3 months after the consumer provided the contact details;
(iv) the contact is not authorised contact; or
(d) in the following circumstances:
(i) the consumer did not provide the consumer's contact details to the person for the sole purpose of being contacted by the person in relation to the supply of goods or services by the person to the consumer;
(ii) the contact is not described in paragraph (a) or (b);
(iii) the contact is not authorised contact.
"volume-based benefit" : see regulation 28VE.
"volume bonus arrangement--" see regulation 26.
"year to which the drawdown cap applies" in relation to a credit contract: see subregulation 28VC(2).
(2) In these Regulations, a person is associated with a lessor if:
(a) the person and the lessor are related bodies corporate for the purposes of the Corporations Act; or
(b) the person is an officer, agent or employee of the lessor, or of any such related body corporate, acting in that capacity; or
(c) the person is a supplier in respect of whom the lessor is a linked lessor.
(3) In these Regulations, a provision of the Act modified in accordance with Division 2 of Part 2 - 4 and Schedule 2 is referred to as modified .