ASIC Credit (Deferral of Mortgage Broker Obligations) Instrument 2020/487
I, Grant Moodie, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.
Grant Moodie
ASIC Credit (Deferral of Mortgage Broker Obligations) Instrument 2020/487
I, Grant Moodie, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.
Grant Moodie
Contents
1 Name of legislative instrument
This is the ASIC Credit (Deferral of Mortgage Broker Obligations) Instrument 2020/487.
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.
This instrument is made under subsection 163(3) of the National Consumer Credit Protection Act 2009.
In this instrument:
Act means the National Consumer Credit Protection Act 2009.
(1) The classes of persons specified for the purposes of this section are exempt from all provisions of Division 2 of Part 3-5A of the Act in relation to the provision of credit assistance to a consumer before 1 January 2021.
(2) The classes of persons specified for the purposes of this section are:
(a) a mortgage broker; and
(b) a credit representative of a licensee that is a mortgage broker.
6 Ban on conflicted remuneration
(1) The classes of persons specified for the purposes of this section are exempt from all provisions of Division 4 of Part 3-5A of the Act in relation to a benefit given before 1 January 2021 to a licensee or a representative of a licensee.
(2) The classes of persons specified for the purposes of this section are:
(a) a mortgage broker; and
(b) a mortgage intermediary; and
(c) a credit representative of a licensee that is a mortgage broker or a mortgage intermediary; and
(d) a credit provider; and
(e) an employer of a mortgage broker or mortgage intermediary; and
(f) an employer of a representative of a mortgage broker or mortgage intermediary.