{"id":"F2024L00021","name":"ASIC Corporations (Product Intervention Order Extension—Short Term Credit) Instrument 2023/956","slug":"asic-corporations-product-intervention-order-extension-short-term-credit-instrument-2023-956","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":442238,"registerId":"F2024L00021-fast-fetch-1775957288754","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations (Product Intervention Order Extension—Short Term Credit) Instrument 2023/956","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\ntitle: DRAFT 2022 short term credit - Extension Instrument\n---\n\n![Commonwealth Coat of Arms and ASIC logo](image.001.png)\n\nASIC Corporations (Product Intervention Order Extension—Short Term Credit) Instrument 2023/956\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\n \n\nGreg Yanco\n\n \n\nContents\n\n[Part 1—Preliminary](#_Toc154069759)\n\n[1 Name of legislative instrument](#_Toc154069760)\n\n[2 Commencement](#_Toc154069761)\n\n[3 Authority](#_Toc154069762)\n\n[Part 2—Declaration](#_Toc154069763)\n\n[4 Terms of declaration](#_Toc154069764)\n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations (Product Intervention Order Extension—Short Term Credit) Instrument 2023/956.\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—Short Term Credit) Instrument 2022/647 remains in force until it is revoked.\n\n \n\n \n","sortOrder":0}],"analysis":{"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"This instrument does not change the scope or terms of the 2022 product intervention order; it only continues the existing order in force until revoked. Any substantive rules remain those in ASIC Instrument 2022/647."},"complexity_factors":["Instrument contains no substantive regulatory text itself—it simply extends an earlier instrument (2022/647), so understanding requires reading the prior instrument.","No fixed expiry date—the order remains in force 'until revoked', creating open‑ended duration and regulatory uncertainty about timing of revocation.","Made under subsection 1023H(1) of the Corporations Act; implementation depends on delegate action and prior Ministerial written approval, adding a delegation/oversight step.","Commencement is immediate (day after registration), meaning operational effect follows swift publication.","Low textual complexity but operational complexity for regulated entities because compliance obligations and costs continue without amendment."],"plain_english_summary":"Keeps ASIC Corporations (Product Intervention Order—Short Term Credit) Instrument 2022/647 in force until it is revoked. Made under s1023H of the Corporations Act by an ASIC delegate with Ministerial approval, it commences the day after registration.\n\nAffects short‑term credit providers and their customers by continuing the restrictions and compliance obligations set out in the 2022 order. Lenders therefore continue to bear compliance costs and ASIC retains the discretion to revoke the extended order."},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"The legislation maintains its original narrow purpose: extending the duration of a specific product intervention order. There is no expansion of scope, no new regulated entities, and no additional prohibitions beyond what was originally enacted in 2022."},"complexity_factors":["Extremely short: only 4 operative sections across 2 Parts","No defined terms section — relies entirely on external references (the 2022 instrument and Corporations Act)","Single substantive provision (section 4) with no conditional logic, exceptions, or nested structures","No cross-references within the instrument itself beyond the citation of the 2022 instrument","Straightforward administrative mechanism (extension of sunset date) with no policy innovation"],"plain_english_summary":"This instrument simply extends ASIC’s 2022 product‑intervention order that bans certain high‑cost, short‑term credit (e.g., payday‑style loans where fees can exceed the amount borrowed). It affects payday lenders, the consumers they target, and ASIC’s enforcement powers. The extension prevents the 2022 ban from lapsing, avoiding a regulatory gap that could let predatory short‑term lending resume."}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-product-intervention-order-extension-short-term-credit-instrument-2023-956","history":"/api/acts/asic-corporations-product-intervention-order-extension-short-term-credit-instrument-2023-956/history","analysis":"/api/acts/asic-corporations-product-intervention-order-extension-short-term-credit-instrument-2023-956/analysis","conflicts":"/api/acts/asic-corporations-product-intervention-order-extension-short-term-credit-instrument-2023-956/conflicts","importantCases":"/api/acts/asic-corporations-product-intervention-order-extension-short-term-credit-instrument-2023-956/important-cases","documents":"/api/acts/asic-corporations-product-intervention-order-extension-short-term-credit-instrument-2023-956/documents"}}