Commonwealth Numbered Regulations

NATIONAL CONSUMER CREDIT PROTECTION AMENDMENT REGULATIONS 2010 (NO. 1) (SLI NO 59 OF 2010) - SCHEDULE 1

(regulation 3)

[1]           After regulation 25

insert

25A          Modifications -- credit representatives

                For paragraph 110 (c) of the Act, section 67 of the Act applies as if it were modified by adding the following subsections after subsection 67 (2):

            '(3)  However, if:

                     (a)  a person ( person 1 ) purports to authorise a registered person (within the meaning of the Transitional Act) to engage in a credit activity as a credit representative under subsection 64(1) or 65(1); and

                     (b)  at the time of making the purported authorisation, person 1 reasonably believes that the registered person will engage in the credit activity only as a credit representative;

the authorisation has effect when it is given and is taken not to contravene subsection (1).

             (4)  If the registered person does not request the cancellation of the registered person's registration within 15 business days after the day on which the authorisation is given, the authorisation mentioned in subsection (3) ceases to have effect at the end of the 15 business days.'.

[2]           After regulation 65

insert

65A          Indigenous Business Australia -- exemption from certain provisions of Code

                The Code, other than sections 72 to 81, does not apply to Indigenous Business Australia.

Note 1    Section 203B of the Code provides, among other things, that the regulations may exempt a person or a class of persons from all or specified provisions of the Code.

Note 2     Indigenous Business Australia is the former Aboriginal and Torres Strait Islander Commercial Development Corporation, renamed in accordance with subsection 145 (1) of the Aboriginal and Torres Strait Islander Act 2005 .