This is the ASIC Credit (AFCA transition) Instrument 2018/448.

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 subsections 163(1) of National Consumer Credit Protection Act 2009.

4 Definitions

In this instrument:

Act means the National Consumer Credit Protection Act 2009.

AFCA scheme has the same meaning as in Chapter 7 of the Corporations Act 2001.

Part 2—Declaration

5 Credit guides

(1) The provisions to which Part 3-7 applies apply in relation to a licensee (the provider) and a credit representative (the provider) as if paragraphs 113(2)(h), 126(2)(e), 127(2)(e), 136(2)(h), 149(2)(e), 150(2)(e) and 160(3)(f) were modified or varied as follows:

(a) in the introductory words after “information”, insert “(that may be up to date or after 1 November 2018, reflect the position immediately before that date)”; and

(b) in subparagraph (ii), omit “scheme;”, substitute “scheme or the approved external dispute resolution scheme that was relevant before 1 November 2018;”.

(2) The provisions to which Part 3-7 applies apply in relation to a credit representative (the provider) as if paragraph 158(2)(h) were modified or varied as follows:

(a) after “information”, insert, “(that may be up to date or after 1 November 2018, reflect the position immediately before that date)”; and

(b) omit “scheme;”, substitute “scheme or the approved external dispute resolution scheme that was relevant before 1 November 2018;”

(3) The declarations in subsection (1) and (2) apply in relation to a provider giving a credit guide before 1 July 2019 where:

(a) if the credit guide is given on or after 1 November 2018—section 6 applies to the provider; and

(b) a credit guide in the same terms was first given by the provider before the commencement of this instrument.

6 Requirement for relying on relief

(1) This section applies to a provider if on and from 1 November 2018:

(a) where the provider has a website—the provider makes available on the website current information (the AFCA information) about the AFCA scheme and how that scheme may be accessed; and

(b) subject to subsection (2), the AFCA information is included in any document which:

(i) purports to describe dispute resolution arrangements applicable in relation to the credit activities engaged in by the provider (whether or not it also includes other matters); and

(ii) is made available by the provider to other people in relation to whom the provider has or may engage in credit activities; and

(2) Paragraph (1)(b) does not apply to a document required to be given by or under the Act.