ASIC Credit (Updated details for prescribed disclosure) Instrument 2016/200

I, Stephen Yen PSM, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Dated 11 March 2016

Stephen Yen

Contents

Part 1—Preliminary

1 Name of legislative instrument

2 Commencement

3 Authority

4 Definitions

Part 2—Declaration

5 Update to information in reverse mortgage information statements and warnings in relation to small amount credit contracts

Part 1—Preliminary

1 Name of legislative instrument

This instrument is the ASIC Credit (Updated details for prescribed disclosure) Instrument 2016/200.

2 Commencement

This instrument commences on the day after it is registered on the Federal Register of Legislation.

Note: The register may be accessed at www.legislation.gov.au.

3 Authority

This instrument is made under paragraph 163(3)(d) of the National Consumer Credit Protection Act 2009.

4 Definitions

In this instrument:

Act means the National Consumer Credit Protection Act 2009.

Regulations means the National Consumer Credit Protection Regulations 2010.

Part 2—Declaration

5 Update to information in reverse mortgage information statements and warnings in relation to small amount credit contracts

  The provisions to which Part 3-7 of the Act applies apply in relation to a licensee as if the Regulations were modified or varied as follows:

(a) in Schedule 5A under the heading “SOURCES OF OTHER INFORMATION”, omit the last paragraph, including Note 3;

(b) in Schedule 7 (last dot point), omit “13 17 94”, substitute “www.humanservices.gov.au/advancepayments”;

(c) in Schedule 9 (last dot point), omit “13 17 94”, substitute “www.humanservices.gov.au/advancepayments”.