1ASIC Corporations (Product Intervention Order—Short Term Credit) Instrument 2019/917

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ASIC Corporations (Product Intervention Order—Short Term Credit) Instrument 2019/917

I, Emma Curtis, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

 

Date 12 September 2019

 

 

Emma Curtis

 

Contents

Part 1—Preliminary

1 Name of legislative instrument

2 Commencement

3 Authority

4 Definitions

Part 2—Order

5 Short term credit facilities

6 Application

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC Corporations (Product Intervention Order—Short Term Credit) Instrument 2019/917.

2 Commencement

This instrument commences on a day that is the second day after the instrument is registered on the Federal Register of Legislation.

Note: The register may be accessed at www.legislation.gov.au.

3 Authority

This instrument is made under subsection 1023D(3) of the Corporations Act 2001.

4 Definitions

In this instrument:

Act means the Corporations Act 2001.

associate, in relation to a primary person that is a short term credit provider, has the meaning given by sections 11 and 15 of the Act.

collateral contract, in relation to a short term credit facility, means a separate contract between a retail client and a short term credit provider or an associate in relation to the short term credit facility.

collateral fees and charges means fees and charges imposed or provided for under a collateral contract.

National Credit Code has the same meaning as in subsection 5(1) of the National Consumer Credit Protection Act 2009.

short term credit facility means a financial product covered by both: