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Count Down for the Credit Licencing Process begins from 1/4/2010, are you ready?

By: admin|

To help with the preparation of the new Credit Regime The following information has provided some information for your consideration:

1.       Registration and Licensing deadlines:

  • Registration: Financial Planners, Accountants and Finance Brokers who engage in credit activities will be required to be registered between 1 April 2010 until 30 June 2010.  
  • Licensing: Financial Planners, Accountants and Finance Brokers who have registered will be required to apply for an Australian credit licence (ACL) from 1 July 2010 until 31 December 2010.

Please read the attached document from ASIC INFO96 for the details on actions and timeframes.

2.       Perimeter issues – Are you IN or OUT?

Financial Planners,Accountants and Finance Brokers who engage in credit activities will be affected by the national credit regime. A Credit Activity is defined in s6 of the National Credit Act, which includes:

  • providing credit by way of a credit contract or consumer lease,
  • benefiting from mortgages or guarantees relating to a credit contract or consumer lease, and
  • providing credit services in relation to credit contracts and consumer leases.

To determine whether you need a credit license please read the attached ASIC Guidance RG203  

If you are going to be IN the credit regime then you need to:

  • become registered with ASIC as a ‘registered person’ between 1 April 2010 and 30 June 2010, and
  • apply for a credit licence between 1 July 2010 and 31 December 2010, or
  • become a representative of a registered person of a credit licensee.

Registering process with ASIC

Registering with ASIC will allow you to continue to engage in credit activities from 1 July 2010. After you are registered, you can continue to engage in credit activities until you complete the licence application process.

  • You can register online with ASIC between 1 April 2010 and 30 June 2010 at www.asic.gov.au/credit .
  • When you apply for registration, you will need to show that you can meet certain requirements that will apply to you as a credit licensee.
  • If you haven’t registered with ASIC by 30 June 2010, you must stop engaging in credit activities until you have a credit licence.

The registration form will only be available from 1 April 2010 on the ASIC website. 

Applying for an Australian Credit Licence (ACL)

After you are registered with ASIC, you have six months to apply for a credit licence (from 1 July 2010 until 31 December 2010). You can apply for a credit licence online at www.asic.gov.au/credit

As long as you are registered with ASIC and you have lodged an application for a credit licence by 31 December 2010, you can continue to engage in credit activities until ASIC makes a decision on your application.  After you are granted a credit licence, your registration will be cancelled and you will only be able to engage in the credit activities authorised by your licence. If you haven’t lodged an application for a credit licence by 31 December 2010, ASIC will cancel your registration and you must stop engaging in credit activities until you have a credit licence.

Please note that ASIC will pre-populate the credit license with common information if you already have an AFSL, to make the process easier and quicker.


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