{"id":"F2024L00022","name":"ASIC Corporations (Product Intervention Order Extension—Continuing Credit Contracts) Instrument 2023/957","slug":"asic-corporations-product-intervention-order-extension-continuing-credit-contracts-instrument-2023-9","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":442239,"registerId":"F2024L00022-fast-fetch-1775957288778","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations (Product Intervention Order Extension—Continuing Credit Contracts) Instrument 2023/957","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\ntitle: DRAFT 2022 continuing credit contracts - Extension Instrument\n---\n\n![Commonwealth Coat of Arms and ASIC logo](image.001.png)\n\nASIC Corporations (Product Intervention Order Extension—Continuing Credit Contracts) Instrument 2023/957\n\nI, Greg Yanco, delegate of the Australian Securities and Investments Commission, acting in accordance with the written approval of the Minister under subsection 1023H(4) of the Corporations Act 2001, make the following legislative instrument.\n\n \n\nDate 21 December 2023\n\n \n\nGreg Yanco\n\n \n\nContents\n\n[Part 1—Preliminary](#_Toc154069776)\n\n[1 Name of legislative instrument](#_Toc154069777)\n\n[2 Commencement](#_Toc154069778)\n\n[3 Authority](#_Toc154069779)\n\n[Part 2—Declaration](#_Toc154069780)\n\n[4 Terms of declaration](#_Toc154069781)\n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations (Product Intervention Order Extension—Continuing Credit Contracts) Instrument 2023/957.\n\n2 Commencement\n\nThis instrument commences on the day after it is registered on the Federal Register of Legislation.\n\nNote: The register may be accessed at [www.legislation.gov.au](http://www.legislation.gov.au).\n\n3 Authority\n\nThis instrument is made under subsection 1023H(1) of the Corporations Act 2001.\n\nPart 2—Declaration\n\n4 Terms of declaration\n\nASIC Corporations (Product Intervention Order—Continuing Credit Contracts) Instrument 2022/648 remains in force until it is revoked.\n\n \n\n \n","sortOrder":0}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"flash_summary":{"complexity_score":2,"scope_assessment":{"changed":false,"description":"This instrument does not change the substantive scope or requirements of the existing product‑intervention order. It simply declares that ASIC Corporations (Product Intervention Order—Continuing Credit Contracts) Instrument 2022/648 remains in force until revoked (s4), so the operative coverage and obligations remain those set out in Instrument 2022/648."},"complexity_factors":["Single, narrow operative clause declaring continuation of an existing instrument (s4)","Substantive content entirely contained in the earlier instrument (Instrument 2022/648) — this instrument is a continuation mechanism","Immediate commencement on day after registration (s2), requiring prompt administrative effect","Made under Corporations Act s1023H(1) with Minister approval referenced (preamble and s3)","Indefinite duration (“until revoked”) creates administrative uncertainty about end date"],"plain_english_summary":"This instrument keeps ASIC’s product‑intervention order on continuing credit contracts (Instrument 2022/648) in force until it is revoked (s4). It begins the day after registration (s2) and is made under s1023H(1) of the Corporations Act with the Minister’s written approval noted in the instrument (preamble and s3). It does not create new substantive requirements itself — it preserves the existing obligations and compliance costs that apply to parties covered by Instrument 2022/648 (s4)."},"kimi_summary":{"content_quality":"ok","complexity_score":1,"scope_assessment":{"changed":false,"description":"This instrument performs exactly the function its title suggests—extending an existing product intervention order. There is no expansion of scope; it is a purely procedural extension maintaining the status quo."},"complexity_factors":["Only 4 operative sections total","No defined terms section","Single substantive provision (section 4) with no conditional language","No cross-references to other legislation beyond citation of empowering provision (Corporations Act s 1023H)","No exceptions, exemptions, or nested logic","Extremely short (under 300 words of substantive content)"],"plain_english_summary":"This instrument simply keeps in force ASIC’s 2022 order limiting how continuing credit contracts (e.g., store cards, BNPL-style lines) can be offered, leaving the 2022 restrictions effective indefinitely until ASIC revokes them. It affects lenders and credit providers and preserves consumer protections by preventing the earlier rules from lapsing—no new rules are introduced."}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-product-intervention-order-extension-continuing-credit-contracts-instrument-2023-9","history":"/api/acts/asic-corporations-product-intervention-order-extension-continuing-credit-contracts-instrument-2023-9/history","analysis":"/api/acts/asic-corporations-product-intervention-order-extension-continuing-credit-contracts-instrument-2023-9/analysis","conflicts":"/api/acts/asic-corporations-product-intervention-order-extension-continuing-credit-contracts-instrument-2023-9/conflicts","importantCases":"/api/acts/asic-corporations-product-intervention-order-extension-continuing-credit-contracts-instrument-2023-9/important-cases","documents":"/api/acts/asic-corporations-product-intervention-order-extension-continuing-credit-contracts-instrument-2023-9/documents"}}