This is a compilation of the National Consumer Credit Protection Act 2009 that shows the text of the law as amended and in force on 10 June 2025 (the compilation date).
The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.
Uncommenced amendments
The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.
Application, saving and transitional provisions for provisions and amendments
If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.
Editorial changes
For more information about any editorial changes made in this compilation, see the endnotes.
Modifications
If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.
Self‑repealing provisions
If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.
Contents
Chapter 1—Introduction
Part 1‑1—Introduction
1 Short title
2 Commencement
3 The National Credit Code
Part 1‑2—Definitions
Division 1—Introduction
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
Division 1—Introduction
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
Division 1—Introduction
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
Division 1—Introduction
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
47 General conduct obligations of licensees
48 Requirements for compensation arrangements
Subdivision B—Providing information and assistance to ASIC
49 Obligation to provide a statement or obtain an audit report if directed by ASIC
50 Obligation to give ASIC information required by the regulations
50A What are reportable situations?
50B Obligation to lodge a report—reportable situations in relation to the licensee
50C Obligation to lodge a report—reportable situations in relation to other licensees
50D ASIC must publish details of certain reports
51 Obligation to provide ASIC with assistance if reasonably requested
Subdivision C—Notifying and remediating consumers affected by reportable situations
51A Reporting to consumers affected by a reportable situation
51B Obligation to investigate reportable situations that may affect consumers
51C Obligation to keep records of compliance
Subdivision D—Miscellaneous
52 Obligation to cite Australian credit licence number
53 Obligation to lodge annual compliance certificate
53A Obligation to notify ASIC of change in control
53B Obligation to notify ASIC if licensee does not engage in credit activities
53C Knowledge and recklessness
Division 6—When a licence can be suspended, cancelled or varied
Subdivision A—Suspensions and cancellations
54 Suspension or cancellation without hearing
55 Suspension or cancellation after offering a hearing
56 Suspension and cancellation—special procedures for APRA‑regulated bodies
Subdivision B—Variations
57 Varying licences
Subdivision C—Miscellaneous rules about suspensions, cancellations and variations
58 Effect of suspension
59 Revocation of suspension
60 Date of effect, notice and publication of variation, cancellation or suspension etc.
61 Statement of reasons
62 ASIC may allow licence to continue in force
Part 2‑3—Credit representatives and other representatives of licensees
Division 1—Introduction
63 Guide to this Part
Division 2—Authorisation of credit representatives
64 Licensee may authorise credit representatives
65 Credit representative that is a body corporate may sub‑authorise natural persons as credit representatives
66 Credit representative of 2 or more licensees
67 A person cannot be a credit representative in relation to credit activities authorised by a person’s licence
68 Variation and revocation of authorisations and sub‑authorisations
69 Obligation not to give authorisation that has no effect
70 Obligation to vary or revoke authorisation that ceases to have effect
71 Obligation to notify ASIC etc. about credit representatives
72 Credit representative numbers
Division 3—Information about representatives
73 ASIC may give licensee information about representatives
Division 4—Liability of licensees for representatives
74 Application of this Division
75 Responsibility if representative of only one licensee
76 Representatives of multiple licensees
77 Responsibility extends to loss or damage suffered by client
78 Effect of this Division
Part 2‑4—Banning or disqualification of persons from engaging in credit activities
Division 1—Introduction
79 Guide to this Part
Division 2—Banning orders
80 ASIC’s power to make a banning order
81 What a banning order prohibits
82 Effect of banning orders
83 Variation or cancellation of banning orders
84 Date of effect, notice and publication of banning order, variation or cancellation
85 Statement of reasons
Division 3—Disqualification by the court
86 Disqualification by the court
Part 2‑5—Financial records, trust accounts and audit reports
Division 1—Introduction
87 Guide to this Part
Division 2—Financial records of licensees
88 Obligation to keep financial records
89 How financial records are to be kept
90 Language of financial records
91 Location of financial records
92 Information to be shown in financial records
93 Regulations may impose additional requirements
94 Financial records taken to be made with licensee’s authority
95 Obligation to retain financial records for 7 years
96 Financial records are prima facie evidence of matters
Division 3—Trust accounts of credit service licensees
97 Application of this Division
98 Obligation for credit service licensees to maintain trust account
99 Obligations in relation to trust account money
100 Obligation to lodge trust account statement and trust account audit report
101 Time of lodgment of trust account statement and trust account audit report
Division 4—Matters relating to audit reports
102 Auditor’s right of access to records, information etc.
103 Auditor’s fees and expenses
104 Auditor to report on certain matters
105 Qualified privilege for auditor etc.
106 Regulations in relation to audit reports etc.
Part 2‑6—Exemptions and modifications relating to this Chapter
Division 1—Introduction
107 Guide to this Part
Division 2—Exemptions and modifications relating to this Chapter
108 Provisions to which this Part applies
109 Exemptions and modifications by ASIC
110 Exemptions and modifications by the regulations
Chapter 3—Responsible lending conduct
Part 3‑1—Licensees that provide credit assistance in relation to credit contracts
Division 1—Introduction
111 Guide to this Part
112 Application of this Part
Division 2—Credit guide of credit assistance providers
113 Credit guide of credit assistance providers
Division 3—Quote for providing credit assistance etc. in relation to credit contracts
114 Quote for providing credit assistance etc.
Division 4—Obligations of credit assistance providers before providing credit assistance for credit contracts
115A Scope of this Division
115 Obligations of credit assistance providers before providing credit assistance for credit contracts
116 Preliminary assessment of unsuitability of the credit contract
117 Reasonable inquiries etc. about the consumer
118 When the credit contract must be assessed as unsuitable—entering contract or increasing the credit limit
119 When the credit contract must be assessed as unsuitable—remaining in credit contract
120 Providing the consumer with the preliminary assessment
Division 5—Fees, indirect remuneration etc. relating to credit contracts
121 Fees, indirect remuneration etc. relating to credit contracts
122 No profiting from fees etc. paid to third parties
Division 6—Prohibition on suggesting, or assisting with, unsuitable credit contracts
123 Prohibition on suggesting or assisting consumers to enter, or increase the credit limit under, unsuitable credit contracts
124 Prohibition on suggesting to consumers to remain in unsuitable credit contracts
Division 7—Special rules for short‑term and small amount credit contracts
124A Prohibition on providing credit assistance in relation to short‑term credit contracts
124B Licensee who makes representations about credit assistance in relation to small amount credit contracts must display and give information
124C Written documentation required in relation to the preliminary assessment for a small amount credit contract
Part 3‑2—Licensees that are credit providers under credit contracts: general rules
Division 1—Introduction
125 Guide to this Part
Division 2—Credit guide of credit providers
126 Credit guide of credit providers
127 Credit guide of credit providers who are assignees
Division 3—Obligation to assess unsuitability
128 Obligation to assess unsuitability
129 Assessment of unsuitability of the credit contract
130 Reasonable inquiries etc. about the consumer
131 When credit contract must be assessed as unsuitable
132 Giving the consumer the assessment
Division 4—Prohibition on entering, or increasing the credit limit of, unsuitable credit contracts
133 Prohibition on entering, or increasing the credit limit of, unsuitable credit contracts
Part 3‑2A—Licensees that are credit providers under credit contracts: additional rules relating to standard home loans
Division 1—Introduction
133A Guide to this Part
Division 2—Key Facts Sheets for standard home loans
133AA What is a standard home loan?
133AB What is a Key Facts Sheet for a standard home loan?
133AC Credit provider’s website to provide capacity to generate Key Facts Sheet
133AD Credit provider to provide Key Facts Sheet in other situations
133AE What if more information is needed from the consumer?
133AF Defences to obligation to provide a Key Facts Sheet
Part 3‑2B—Licensees that are credit providers under credit contracts: additional rules relating to credit card contracts
Division 1—Introduction
133B Guide to this Part
Division 2—Credit card contracts and related concepts
133BA Meaning of credit card contract etc.
Division 3—Key Facts Sheets for credit card contract
133BB What is a Key Facts Sheet for a credit card contract?
133BC Application form for credit card contract to include up‑to‑date Key Facts Sheet
133BD Credit provider not to enter into credit card contract unless Key Facts Sheet has been provided etc.
Division 4—Offers etc. to increase, and entitlement to reduce, credit limit of credit card contract
133BE Credit provider not to offer etc. to increase credit limit of credit card contract
133BF Credit provider not to enter into credit card contract unless it allows credit limit to be reduced
133BFA Credit provider to provide online capacity to request reduction of credit limit
133BFB Credit provider not to suggest the consumer not reduce the credit limit
133BFC Credit provider to give effect to request to reduce credit limit
Division 5—Use of credit card in excess of credit limit
133BH Credit provider to notify consumer of use of credit card in excess of credit limit
133BI Credit provider not to impose fees etc. because credit card used in excess of credit limit
133BJ Records of consents and withdrawals to be kept
Division 6—Order of application of payments made under credit card contracts
133BO Credit provider to apply payments in accordance with this Division
133BP Agreement to apply payment against particular amount owed
133BQ Application of payment against last statement balance, with higher interest debts to be discharged first
133BR Application of any remaining part of the relevant payment
Division 7—Calculation of interest under credit card contracts
133BS Credit provider not to impose retrospective interest charges
Division 8—Ending credit card contracts
133BT Credit provider not to enter into credit card contract unless it allows for termination of contracts
133BU Credit provider to provide online capacity to request termination of credit card contract
133BV Credit provider not to suggest the consumer not terminate the credit card contract
133BW Credit provider to give effect to request to terminate credit card contract
Part 3‑2BA—Licensees that are credit providers under credit contracts: additional rules relating to low cost credit contracts
Division 1—Introduction
133BX Guide to this Part
133BXA Scope of this Part
Division 2—Unsuitable low cost credit contracts
133BXB When inquiries etc. must be made
133BXC When inquiries etc. are reasonable
133BXD Assessments etc. in relation to larger contracts
133BXE Assessments of low cost credit contracts—presumptions where credit limit of contract not above threshold amount
133BXF Prohibition on entering unsuitable low cost credit contracts etc.—presumptions where credit limit of contract not above threshold amount
Division 3—Unsuitability assessment policies
133BXG Licensee must have an unsuitability assessment policy
Part 3‑2C—Licensees that are credit providers under credit contracts: additional rules relating to short‑term and small amount credit contracts
Division 1—Introduction
133C Guide to this Part
Division 2—Short‑term and small amount credit contracts
133CA Prohibition on entering, or increasing the credit limit of, short‑term credit contracts
133CB Licensee who makes representations in relation to small amount credit contracts must display and give information
133CC Licensee must not enter into a small amount credit contract if the repayments do not meet the prescribed requirements
133CD Licensee must not enter into a small amount credit contract if repayment amounts and intervals are not equal
133CE Written documentation required in relation to the assessment for a small amount credit contract
133CF Licensee not to make certain unsolicited communications in relation to a small amount credit contract
Part 3‑2CA—Licensees supplying credit information to credit reporting bodies etc.
Division 1—Introduction
133CM Guide to this Part
133CN Meanings of eligible licensee and eligible credit reporting body