National Consumer Credit Protection Amendment (Small Business Exemption) Regulations 2024

I, the Honourable Sam Mostyn AC, Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulations.

Dated     26 September 2024

Sam Mostyn AC

Governor‑General

By Her Excellency’s Command

Stephen Jones

Assistant Treasurer
Minister for Financial Services

Contents

1 Name

2 Commencement

3 Authority

4 Schedules

Schedule 1—Small business exemption

National Consumer Credit Protection Regulations 2010

Schedule 2—Minor and technical amendments

National Consumer Credit Protection Regulations 2010

1  Name

  This instrument is the National Consumer Credit Protection Amendment (Small Business Exemption) Regulations 2024.

2  Commencement

 (1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.

 (2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.

3  Authority

  This instrument is made under the National Consumer Credit Protection Act 2009.

4  Schedules

  Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

Schedule 1—Small business exemption

National Consumer Credit Protection Regulations 2010

1  Subregulation 28RB(7) (paragraph (b) of the definition of exemption period)

Repeal the paragraph, substitute:

 (b) ends at the start of 3 October 2026.

Schedule 2—Minor and technical amendments

National Consumer Credit Protection Regulations 2010

1  Part 3.1 (heading)

Repeal the heading, substitute:

Part 3‑1—Preliminary

2  Part 3.2 (heading)

Repeal the heading, substitute:

Part 3‑2—Requirements about credit guides

3  Part 3.3 (heading)

Repeal the heading, substitute:

Part 3‑3—Requirements about quotes

4  Part 3.4 (heading)

Repeal the heading, substitute:

Part 3‑4—Requirements about proposal disclosure documents

5  Part 3.5 (heading)

Repeal the heading, substitute:

Part 3‑5—Other obligations

6  Part 3.6 (heading)

Repeal the heading, substitute:

Part 3‑6—Modifications and exemptions

7  Part 3.8 (heading)

Repeal the heading, substitute:

Part 3‑8—Licensees supplying credit information to credit reporting bodies etc.

8  Part 3.9 (heading)

Repeal the heading, substitute:

Part 3‑9—Mortgage brokers and mortgage intermediaries

9  Form 14 of Schedule 1

Omit “if your are the debtor”, substitute “if you are the debtor”.

10  Item 2.27 of Schedule 2 (subsection 52(3))

Omit “not longer”, substitute “no longer”.