Commonwealth Numbered Regulations

NATIONAL CONSUMER CREDIT PROTECTION LEGISLATION AMENDMENT REGULATIONS 2010 (NO. 1) (SLI NO 185 OF 2010) - SCHEDULE 2

(regulation 4)

[1]           Paragraph 11 (11) (d)

omit

acting on behalf of a licensee or registered person

[2]           After subregulation 16 (2)

insert

      (2A)   A credit activity is exempted if:

                (a)    the activity consists only of:

                          (i)    a person ( person 1 ) informing another person ( person 2 ) that a licensee or registered person, or a representative of the licensee or registered person, is able to provide a particular credit activity or a class of credit activities; and

                         (ii)    person 1 giving person 2 information about how person 2 may contact the licensee, registered person or representative; and

                         (iii)    person 1 making arrangements enabling person 2 to contact the licensee, registered person or representative by means of a link that can be accessed from a website provided by the referrer; and

               (b)    at the time the activity is engaged in, person 1 discloses to person 2:

                          (i)    any benefits, including commission, that person 1, or an associate of person 1, may receive in respect of the activity; and

                         (ii)    any benefits, including commission, that person 1, or an associate of person 1, may receive that are attributable to the activity; and

                (c)    the disclosure mentioned in paragraph (b) is provided in the same form as the information mentioned in subparagraph (a) (ii).

[3]           Regulation 36, heading

substitute

36             Application of section 213 and Chapter 2 of National Credit Act

[4]           Subregulation 36 (2)

omit

modified

[5]           Subregulation 36 (2), note

add at the end

Schedule 2 to the National Consumer Credit Protection Regulations 2010 also makes arrangements for carried over instruments.

[6]           After subregulation 37 (2)

insert

         (3)   Each provision of Chapter 3 of the Credit Act applies to the licensee or registered person at the time, or for the period, that applies in accordance with that Chapter, including, if relevant, that Chapter as affected by:

                (a)    item 19 of Schedule 1 to the Act; or

               (b)    item 36 of Schedule 2 to the Act.

[7]           After subregulation 38 (3)

insert

         (4)   Each provision of Chapter 3 of the Credit Act applies to the unlicensed carried over instrument lender at the time, or for the period, that applies in accordance with that Chapter, including, if relevant, that Chapter as affected by:

                (a)    section 19 of Schedule 1 to the Act; or

               (b)    item 36 of Schedule 2 to the Act.