{"id":"F2026L00364","name":"ASIC Credit (Updated Details for Prescribed Disclosure) Instrument 2026/122","slug":"asic-credit-updated-details-for-prescribed-disclosure-instrument-2026-122","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":107969,"registerId":"commonwealth-F2026L00364-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Credit (Updated Details for Prescribed Disclosure) Instrument 2026/122","content":"![Commonwealth Coat of Arms and ASIC logo](image.001.png)\n\nASIC Credit (Updated Details for Prescribed Disclosure) Instrument 2026/122\n\nI, Nathan Bourne, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\nDate 24 March 2026\n\nNathan Bourne\n\nContents\n\nPart 1—Preliminary 3\n\n1 Name of legislative instrument....................................3\n\n2 Commencement...............................................3\n\n3 Authority....................................................3\n\n4 Schedules....................................................3\n\n5 Simplified outline of this instrument...............................3\n\n6 Definitions...................................................3\n\nPart 2—Declaration 3\n\n7 Update to information in reverse mortgage information statements.......3\n\nPart 3—Repeal 4\n\n8 Repeal.......................................................4\n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Credit (Updated Details for Prescribed Disclosure) Instrument 2026/122.\n\n2 Commencement\n\nThis instrument commences on the day after it is registered on the Federal Register of Legislation.\n\n> Note: The register may be accessed at www.legislation.gov.au.\n\n3 Authority\n\nThis instrument is made under paragraph 163(3)(d) of the National Consumer Credit Protection Act 2009.\n\n4 Schedules\n\nEach instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its term.\n\n5 Simplified outline of this instrument\n\nThis instrument modifies the Act to remove outdated content from a reverse mortgage information statement.\n\n6 Definitions\n\nIn this instrument:\n\nAct means the National Consumer Credit Protection Act 2009.\n\nRegulations means the National Consumer Credit Protection Regulations 2010.\n\nPart 2—Declaration\n\n7 Update to information in reverse mortgage information statements\n\nThe provisions to which Part 3-7 of the Act applies in relation to a licensee as if Schedule 5A to the Regulations were modified or varied to omit the last paragraph under the heading “SOURCES OF OTHER INFORMATION”, including Note 3.\n\n> Note: The provisions to which Part 3-7 of the Act applies are set out in section 162 of the Act.\n\nPart 3—Repeal\n\n8 Repeal\n\nThis instrument is repealed at the start of 1 April 2031.\n\n  \n\nSchedule 1—Repeals\n\nASIC Credit (Updated details for prescribed disclosure) Instrument 2016/200\n\n1 The whole of the instrument\n\nRepeal the instrument.","sortOrder":0}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"The instrument remains tightly focused on its original purpose: updating disclosure requirements for reverse mortgages. The scope has not expanded beyond this narrow technical amendment."},"complexity_factors":["Very short instrument (8 sections plus Schedule)","Only 2 defined terms ('Act' and 'Regulations')","Single substantive change — removal of one paragraph and note from existing regulations","Minimal cross-referencing (only references to Part 3-7 and section 162 of the Act, and Schedule 5A of the Regulations)","No nested conditions or exceptions","Straightforward repeal mechanism with automatic sunset clause (1 April 2031)"],"plain_english_summary":"This instrument updates mandatory disclosures for reverse mortgages by removing an outdated paragraph from the reverse mortgage information statement, streamlining the guidance lenders must give to prospective borrowers. It affects lenders (who must update disclosure documents) and older homeowners considering reverse mortgages, helping ensure information is current and relevant.\n\nIt’s a short-term, housekeeping measure—repealing a 2016 instrument and expiring on 1 April 2031."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"The instrument does not broaden who is regulated; it narrows the content required in the prescribed reverse mortgage information statement by omitting a specific paragraph (s7). It also repeals the earlier 2016 instrument (Schedule 1) and sets a repeal date (s8), but does not extend regulatory coverage beyond existing licence holders subject to Part 3-7 of the Act."},"complexity_factors":["Narrow, textual amendment: omits a single paragraph (including Note 3) from a prescribed disclosure document (s7).","Legal cross-references to the National Consumer Credit Protection Act 2009 (application of Part 3-7) and to ASIC’s delegated power (paragraph 163(3)(d)).","Interaction with existing Regulations and Schedule 5A terminology affects how licensees apply the change to their disclosure templates.","Administrative actions: affected credit licensees must update disclosure materials and compliance processes on short notice (commencement clause).","Repeal and sunset mechanics: the instrument repeals a prior 2016 instrument (Schedule 1) and itself is repealed on 1 April 2031 (s8), creating temporal compliance planning.","Low technical regulatory complexity but potential operational compliance costs for many licensees that distribute reverse mortgage statements."],"plain_english_summary":"This instrument requires that a specific paragraph (including Note 3) under the heading “SOURCES OF OTHER INFORMATION” be removed from the prescribed reverse mortgage information statement used by credit licensees (s7). Made by an ASIC delegate, it takes effect the day after registration and requires affected licensees to update their disclosure. The instrument also repeals a 2016 ASIC instrument and expires on 1 April 2031."},"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"}},"importantCases":[],"_links":{"self":"/api/acts/asic-credit-updated-details-for-prescribed-disclosure-instrument-2026-122","history":"/api/acts/asic-credit-updated-details-for-prescribed-disclosure-instrument-2026-122/history","analysis":"/api/acts/asic-credit-updated-details-for-prescribed-disclosure-instrument-2026-122/analysis","conflicts":"/api/acts/asic-credit-updated-details-for-prescribed-disclosure-instrument-2026-122/conflicts","importantCases":"/api/acts/asic-credit-updated-details-for-prescribed-disclosure-instrument-2026-122/important-cases","documents":"/api/acts/asic-credit-updated-details-for-prescribed-disclosure-instrument-2026-122/documents"}}