1ASIC Credit (Mandatory Credit Reporting) Instrument 2021/541

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ASIC Credit (Mandatory Credit Reporting) Instrument 2021/541

I, Anthony Graham, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

 

Date 11 June 2021

 

 

 

Anthony Graham

 

Contents

Part 1—Preliminary

1 Name of legislative instrument

2 Commencement

3 Authority

4 Definitions

Part 2—Determination

5 Accounts that are not eligible credit accounts

Part 3—Repeal

6 Repeal

 

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC Credit (Mandatory Credit Reporting) Instrument 2021/541.

2 Commencement

This instrument commences on the day after it 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 133CO(2) of the National Consumer Credit Protection Act 2009.

4 Definitions

In this instrument:

charge card contract has the same meaning as in subregulation 62(2) of the National Consumer Credit Protection Regulations 2010.

consumer credit has the same meaning as in subsection 6(1) of the Privacy Act 1988.

deposit product has the same meaning as in section 761A of the Corporations Act 2001.

margin lending facility has the same meaning as in section 761A of the Corporations Act 2001.

 

Part 2—Determination

5 Accounts that are not eligible credit accounts

For the purposes of paragraph 133CO(1)(c) of the National Consumer Credit Protection Act 2009, the following kinds of accounts are determined:

(a) accounts that are margin lending facilities;