{"id":"F2018L00678","name":"ASIC Credit (AFCA transition) Instrument 2018/448","slug":"asic-credit-afca-transition-instrument-2018-448","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":100086,"registerId":"commonwealth-F2018L00678-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Credit (AFCA transition) Instrument 2018/448","content":"![](image.001.jpeg)\n\nASIC Credit (AFCA transition) Instrument 2018/448\n\nAbout this compilation\n\nCompilation No. 1\n\nThis is a compilation of ASIC Credit (AFCA transition) Instrument 2018/448 as in force on 23 August 2018. It includes any commenced amendment affecting the legislative instrument to that date.\n\nThis compilation was prepared by the Australian Securities and Investments Commission.\n\nThe notes at the end of this compilation (the endnotes) include information\n\nabout amending instruments and the amendment history of each amended provision.\n\nContents\n\n[Part 1—Preliminary](#_Toc522875440)\n\n[1 Name of legislative instrument](#_Toc522875441)\n\n[3 Authority](#_Toc522875442)\n\n[4 Definitions](#_Toc522875443)\n\n[Part 2—Declaration](#_Toc522875444)\n\n[5 Credit guides](#_Toc522875445)\n\n[6 Requirement for relying on relief](#_Toc522875446)\n\n[Part 3—Exemption](#_Toc522875447)\n\n[7 Forms](#_Toc522875448)\n\n[8 Period during which exemptions apply](#_Toc522875449)\n\n[Endnotes](#_Toc522875450)\n\n[Endnote 1—Instrument history](#_Toc522875451)\n\n[Endnote 2—Amendment history](#_Toc522875452)\n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Credit (AFCA transition) Instrument 2018/448.\n\n3 Authority\n\nThis instrument is made under paragraph 163(3)(d) of National Consumer Credit Protection Act 2009 and subsection 203A(3) of the National Credit Code.\n\n> Note: The National Credit Code is found in Schedule 1 to the National Consumer Credit Protection Act 2009.\n\n4 Definitions\n\n(1) In this instrument:\n\nAct means the National Consumer Credit Protection Act 2009.\n\nAFCA scheme has the same meaning as in Chapter 7 of the Corporations Act 2001.\n\nAmending Regulations means the Treasury Laws Amendment (Putting Consumers First—Establishment of the Australian Financial Complaints Authority) Regulations 2018.\n\nCode means the National Credit Code, which is found in Schedule 1 to the Act.\n\nRegulations means the National Consumer Credit Protection Regulations 2010.\n\n(2) An expression used in Part 2 of this instrument and in the Act has the same meaning as in the Act.\n\n(3) An expression used in Part 3 of this instrument and in the Code has the same meaning as in the Code.\n\nPart 2—Declaration\n\n5 Credit guides\n\n(1) The provisions to which Part 3-7 of the Act applies apply in relation to a licensee (the provider) and a credit representative (the provider) as if paragraphs 113(2)(h), 126(2)(e), 127(2)(e), 136(2)(h), 149(2)(e), 150(2)(e) and 160(3)(f) of the Act were modified or varied as follows:\n\n(a) in the introductory words after “information”, insert “(that may be up to date or after 1 November 2018, reflect the position immediately before that date)”; and\n\n(b) in subparagraph (ii), omit “scheme;”, substitute “scheme or the approved external dispute resolution scheme that was relevant before 1 November 2018;”.\n\n(2) The provisions to which Part 3-7 of the Act applies apply in relation to a credit representative (the provider) as if paragraph 158(2)(h) of the Act were modified or varied as follows:\n\n(a) after “information”, insert, “(that may be up to date or after 1 November 2018, reflect the position immediately before that date)”; and\n\n(b) omit “scheme;”, substitute “scheme or the approved external dispute resolution scheme that was relevant before 1 November 2018;”\n\n(3) The declarations in subsection (1) and (2) apply in relation to a provider giving a credit guide before 1 July 2019 where:\n\n(a) if the credit guide is given on or after 1 November 2018—section 6 applies to the provider; and\n\n(b) a credit guide in the same terms was first given by the provider before the commencement of this instrument.\n\n6 Requirement for relying on relief\n\n(1) This section applies to a provider if on and from 1 November 2018:\n\n(a) where the provider has a website—the provider makes available on the website current information (the AFCA information) about the AFCA scheme and how that scheme may be accessed; and\n\n(b) subject to subsection (2), the AFCA information is included in any document which:\n\n(i) purports to describe dispute resolution arrangements applicable in relation to the credit activities engaged in by the provider (whether or not it also includes other matters); and\n\n(ii) is made available by the provider to other people in relation to whom the provider has or may engage in credit activities; and\n\n(c) the documentation relating to the provider’s internal dispute resolution procedure includes the AFCA information.\n\n(2) Paragraph (1)(b) does not apply to a document required to be given by or under the Act.\n\nPart 3—Exemption\n\n7 Forms\n\n(1) A credit provider (the provider) does not have to comply with any of the following:\n\n(a) paragraph 16(1)(b) and subsection 16(2) (to the extent it relates to the requirement in paragraph 16(1)(b)) of the Code in relation to a credit contract; and\n\n(b) paragraph 56(1)(b) of the Code in relation to a guarantee.\n\n(2) A lessor (the provider) does not have to comply with subsection 175(1) of the Code to the extent the subsection requires a statement to be given explaining the rights and obligations of a lessee in relation to a consumer lease.\n\nWhere the exemptions apply\n\n(3) The exemption in paragraph (1)(a) applies to a provider where:\n\n(a) subject to paragraph (b), the provider has complied with the requirements of paragraph 16(1)(b) and subsection 16(2) of the Code that would have applied but for the amendments made by the Amending Regulations to Form 5 in Schedule 1 of the Regulations; and\n\n(b) to the extent those requirements relate to an external dispute resolution provider, the provider has complied with the requirements in relation to the external dispute resolution scheme that was relevant before 1 November 2018; and\n\n(c) section 6 applies to the provider.\n\n(4) The exemption in paragraph (1)(b) applies to a provider where:\n\n(a) subject to paragraph (b), the provider has complied with the requirements of paragraph 56(1)(b) of the Code that would have applied but for the amendments made by the Amending Regulations to Form 9 in Schedule 1 of the Regulations; and\n\n(b) to the extent those requirements relate to an external dispute resolution provider, the provider has complied with the requirements in relation to the external dispute resolution scheme that was relevant before 1 November 2018; and\n\n(c) section 6 applies to the provider.\n\n(5) The exemption in subsection (2) applies to a provider where:\n\n(a) subject to paragraph (b), the provider has complied with the requirements of subsection 175(1) of the Code that would have applied but for the amendments made by the Amending Regulations to Form 17 in Schedule 1 of the Regulations; and\n\n(b) to the extent those requirements relate to an external dispute resolution provider, the provider has complied with the requirements in relation to the external dispute resolution scheme that was relevant before 1 November 2018; and\n\n(c) section 6 applies to the provider.\n\n8 Period during which exemptions apply\n\nThe exemptions in section 7 apply during the period from 1 November 2018 to 30 June 2019.\n\nEndnotes\n\nEndnote 1—Instrument history\n\n| Instrument number | Date of FRL registration    | Date of commencement | Application, saving or transitional provisions |\n| ----------------- | --------------------------- | -------------------- | ---------------------------------------------- |\n| 2018/448          | 30/5/2018 (see F2018L00678) | 31/5/2018            |                                                |\n| 2018/665          | 22/8/2018 (see F2018L01149  | 23/8/2018            | -                                              |\n\nEndnote 2—Amendment history\n\n> Note: ad. = added or inserted am. = amended LA = Legislation Act 2003 rep. = repealed rs. = repealed and substituted\n\n| Provision affected | How affected |\n| ------------------ | ------------ |\n| Section 2          | rep. s48D LA |\n| Section 3          | am. 2018/665 |\n| Section 4          | am. 2018/665 |\n| Section 5(1)       | am. 2018/665 |\n| Section 5(2)       | am. 2018/665 |\n| Section 7          | ad. 2018/665 |\n| Section 8          | ad. 2018/665 |","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"},"kimi_summary":{"content_quality":"ok","complexity_score":4,"scope_assessment":{"changed":false,"description":"The instrument remains tightly focused on its original purpose: facilitating the transition from legacy external dispute resolution schemes to AFCA. It provides temporary relief from disclosure requirements and modifies credit guide obligations only for the specified transitional period. No significant scope creep is evident."},"complexity_factors":["Multiple cross-references to external legislation (National Consumer Credit Protection Act 2009, National Credit Code, Corporations Act 2001, and amending regulations)","Conditional relief structure: exemptions only apply if section 6 conditions are met (website disclosure, documentation requirements)","Nested temporal conditions: different rules apply depending on whether documents are given before, on, or after 1 November 2018, but before 1 July 2019","Modification of existing legislative provisions through 'as if' declarations rather than direct amendment","Specific form references (Forms 5, 9, and 17 in Schedule 1 of the Regulations) requiring external lookup","Dual application to both licensees and credit representatives with slightly different provision references"],"plain_english_summary":"This instrument gives credit providers, lessors and credit representatives a temporary grace period after AFCA replaced FOS/CIO on 1 Nov 2018, allowing existing brochures, contracts and disclosure documents that mention the old schemes to remain valid until 30 June 2019.  \n\nBusinesses must still publish current AFCA information (e.g. on websites), include AFCA details in voluntary dispute‑resolution documents and internal dispute procedures so consumers can access the new scheme."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":true,"description":"The instrument was amended (Instrument 2018/665) to add explicit form exemptions (sections 7 and 8) and to amend the declarations in section 5. Those additions set out specific temporary exemptions and a clear end date, expanding the instrument’s transitional relief compared with the earlier version (see Endnote 2 and ss 5–8)."},"complexity_factors":["Transitional relief tied to precise dates (1 Nov 2018 start, 30 Jun 2019 end)","Cross‑references to multiple instruments: the Act, the Code, the Regulations and the Amending Regulations","Conditional exemptions (must both have earlier form wording and satisfy website/documentation requirements in s 6)","Narrow scope limited to specific forms and sections (Forms 5, 9, 17; ss 5–8)","Administrative compliance burden: updating websites and dispute‑resolution documentation to include AFCA information","Amendment history (2018/665) that added/changed provisions, requiring attention to versions"],"plain_english_summary":"This instrument provides temporary transitional relief for credit providers and their credit representatives as the external dispute‑resolution scheme moved to AFCA. Mechanically, it allows providers to keep pre‑1 November 2018 dispute‑resolution wording in credit guides and certain prescribed forms (Forms 5, 9 and 17) until 30 June 2019, provided they publish current AFCA information on their website, include it in dispute‑resolution documents and meet other conditions (see ss 5–8). It affects anyone required to supply those credit guides, guarantee or consumer‑lease statements."}},"importantCases":[],"_links":{"self":"/api/acts/asic-credit-afca-transition-instrument-2018-448","history":"/api/acts/asic-credit-afca-transition-instrument-2018-448/history","analysis":"/api/acts/asic-credit-afca-transition-instrument-2018-448/analysis","conflicts":"/api/acts/asic-credit-afca-transition-instrument-2018-448/conflicts","importantCases":"/api/acts/asic-credit-afca-transition-instrument-2018-448/important-cases","documents":"/api/acts/asic-credit-afca-transition-instrument-2018-448/documents"}}