Part 1Introduction

Chapter 1—Introduction Part 1‑1—Introduction 1 Short title 2 Commencement 3 The National Credit Code Part 1‑2—Definitions 4 Guide to this Part Division 2—The Dictionary 5 The Dictionary Division 3—Definitions relating to the meaning of credit activity 6 Meaning of credit activity 7 Meaning of credit service 8 Meaning of credit assistance 9 Meaning of acts as an intermediary 10 Assignees of credit providers, lessors, mortgagees and beneficiaries of a guarantee Division 4—Other definitions 12 When a business is carried on in this jurisdiction 13 Meaning of misleading 14 Meaning of person—generally includes a partnership 15 Meaning of person—generally includes multiple trustees 15A Meaning of associate 15B Meaning of mortgage broker 15C Meaning of mortgage intermediary 16 Qualified privilege 16A Meaning of control 16B Meaning of Registrar Part 1‑3—Application of this Act and the Transitional Act 17 Guide to this Part Division 2—Constitutional basis and application of this Act and the Transitional Act 18 Constitutional basis for this Act and the Transitional Act 19 Meaning of referring State 20 Meaning of referred credit matter 21 General application of this Act and the Transitional Act 22 When Acts bind Crown Division 3—Interaction between the Commonwealth credit legislation and State and Territory laws 23 Concurrent operation intended 24 When Commonwealth credit legislation does not apply 25 Avoiding direct inconsistency between Commonwealth and State and Territory laws 26 Regulations to deal with interaction between laws Chapter 2—Licensing of persons who engage in credit activities Part 2‑1—Requirement to be licensed to engage in credit activities 27 Guide to this Part Division 2—Engaging in credit activities without a licence 28 Application of this Division 29 Prohibition on engaging in credit activities without a licence Division 3—Other prohibitions relating to the requirement to be licensed 30 Prohibitions on holding out and advertising etc. 31 Prohibition on conducting business with unlicensed persons 32 Prohibition on charging a fee etc. Part 2‑2—Australian credit licences 34 Guide to this Part Division 2—Australian credit licences 35 Australian credit licences Division 3—How to get an Australian credit licence 36 Applying for a licence 37 When a licence may be granted—applicants other than ADIs 37A Fit and proper person test 37B Fit and proper person test—matters to which ASIC must have regard 38 When a licence may be granted—ADIs 39 Regulations may prescribe streamlined process for other applicants 40 Licences must not be granted to certain applicants 41 Applicant must be given hearing before refusal of licence 42 Notice of grant or refusal of licence and date of effect 43 Australian credit licence numbers 44 Basis on which licence is granted Division 4—Conditions on an Australian credit licence 45 The conditions on the licence 46 Licence conditions—special procedures for APRA‑regulated bodies 46A ASIC may request information etc. in relation to an application for conditions to be varied Division 5—Obligations of licensees Subdivision A—General obligations