Commonwealth Consolidated Regulations

NATIONAL CONSUMER CREDIT PROTECTION (FINTECH SANDBOX AUSTRALIAN CREDIT LICENCE EXEMPTION) REGULATIONS 2020 - REG 18

  (1)   The condition in this section is met for an eligible credit activity if, when an order under subsection   (2) has been given to the provider for the credit activity, the provider:

  (a)   complies with the order within the 30 - day period starting on the day after the provider was given the order; and

  (b)   lodges with ASIC, during that 30 - day period, a notice in an approved form stating that the provider has complied with the order.

  (2)   ASIC may, by written notice given to the provider, order that the provider ensures that specified conduct:

  (a)   is engaged in in relation to an eligible credit activity; or

  (b)   is not engaged in in relation to an eligible credit activity;

if:

  (c)   the provider has an exemption under section   6 for the credit activity; and

  (d)   ASIC is satisfied that engaging in the credit activity has resulted, or is likely to result, in significant detriment to one or more consumers.

  (3)   Applications may be made to the Administrative Review Tribunal for review of decisions made by ASIC under subsection   (2).

Note:   This subsection is made for the purposes of paragraph   327(1)(i) of the Act.