Commonwealth Consolidated Regulations Commonwealth Consolidated RegulationsIn this instrument:
"Act" means the National Consumer Credit Protection Act 2009 .
"Chapter 5 body corporate" has the same meaning as in the Corporations Act 2001 .
"eligible credit activity" means a credit activity that:
(a) is covered by item 1 or 2 of the table in subsection 6(1) of the Act; and
(b) has a related credit contract, or proposed credit contract, (the relevant contract );
if each of the following paragraphs applies to the relevant contract:
(c) the relevant contract is not a reverse mortgage or a small amount credit contract;
(d) none of the amount of credit that may be provided under the relevant contract is secured by a charge or lien over a consumer's household property covered by subsection 27(1) of the Bankruptcy Regulations 2021 (worked out as if the consumer were a bankrupt);
(e) the credit limit of the relevant contract is more than $2,000 but does not exceed $25,000;
(f) the term of the relevant contract does not exceed 4 years.
"eligible person" , for an eligible credit activity, means a person who:
(a) is none of the following:
(i) a person authorised by a licence to engage in the eligible credit activity;
(ii) a credit representative of a licensee for engaging in the eligible credit activity;
(iii) a related body corporate of a body corporate covered by subparagraph (i) or (ii);
(iv) a natural person who is neither an Australian citizen, nor a permanent resident, within the meaning of the Australian Citizenship Act 2007 ; and
(b) if the person is a foreign company--is registered under Division 2 of Part 5B.2 of the Corporations Act 2001 .
"provider" has the meaning given by section 6.
"testing period" has the meaning given by section 7.