| Australian Credit Register |
The registers of registered persons, credit licensees and credit representatives maintained by ASIC. |
| carried over instrument |
means a contract or other instrument that:
(a) was made before commencement; and
(b) was in force immediately before commencement; and
(c) the old Credit Code of a referring State or a Territory applied to immediately before commencement
(s4 of the Transitional Act)
|
| consumer |
A natural person or a strata corporation (s5 of the National Credit Act) |
| credit licence |
An Australian credit licence under s35 of the National Credit Act that authorises a licensee to engage in particular credit activities |
| credit representative |
A person authorised to engage in specific credit activities on behalf of a credit licensee or registered person under s64(2) or 65(2) of the National Credit Act. |
| EDR scheme |
An external dispute resolution scheme which has been approved by ASIC under Regulatory Guide 139. |
| fit and proper people |
In relation to a credit licensee or an applicant for a credit licence, means the following people:
- where the licensee or applicant is a single natural person, the licensee or applicant
- where the licensee or applicant is a body corporate, each director and secretary of the body corporate, and each senior manager of the body corporate who would perform duties in relation to the credit activities to be authorised by the licence
- where the licensee or applicant is a partnership or the trustees of a trust, each partner or trustee
|
| IDR procedures |
Internal dispute resolution procedures |
| mortgage broker |
A person who provides mortgage broking services |
| mortgage broking services |
Providing credit assistance in relation to a credit product where the credit is secured by real property |
| National Credit Act |
National Consumer Credit Protection Act 2009 |
| National Credit Code |
National Credit Code at Schedule 1 of the National Credit Act |
| registered |
Registered to engage in credit activities under item 12 of Schedule 2 of the Transitional Act |
| registration |
Registration to engage in credit activities granted under item 12 of Schedule 2 of the Transitional Act |
| representative (of a person) |
a) if the person is a licensee:
(i) an employee or director of the licensee; or
(ii) an employee or director of a related body corporate of the licensee; or
(iii) a credit representative of the licensee; or
(iv) any other person acting on behalf of the licensee.
|
| responsible managers |
A credit licensee’s responsible managers will be the following people or a subset of these people that have been identified as people that the licensee relies on to demonstrate competence to engage in credit activities:
- where the licensee is a single natural person, the licensee
- where the licensee is a body corporate, each director, secretary or senior manager of the body corporate who would perform duties in relation to the credit activities to be authorised by the licence
- where the licensee is a partnership or the trustees of a trust, each partner or trustee who would perform duties in relation to the credit activities to be authorised by the licence
|
| transition period |
The period for transition from regulation under existing state and territory credit laws to regulation under the new national credit licensing regime, which starts on 1 July 2010 and ends at the end of 30 June 2011. |
