15Condition—notifying consumers while engaging in an exempt credit activity

15 Condition—notifying consumers while engaging in an exempt credit activity

The condition in this section is met for an eligible credit activity if, when engaging in the credit activity with one or more consumers, the provider: (a) notifies each of those consumers in writing within 10 business days after the happening of any of the following events: (i) the provider has ceased to engage in credit activities; (ii) the provider has become a Chapter 5 body corporate, or under a foreign law has started to be in a similar position to a Chapter 5 body corporate; (iii) the provider has become bankrupt, or has applied to take the benefit of any law for the relief of bankrupt or insolvent debtors; (iv) the provider has compounded with the provider’s creditors, or has made an assignment of the provider’s remuneration for the benefit of the provider’s creditors; (v) the provider has become authorised by an Australian credit licence to engage in the credit activity; (vi) the provider has become a credit representative of a licensee for engaging in the credit activity; (vii) the provider has ceased to rely on an exemption provided under the National Consumer Credit Protection (FinTech Sandbox Australian Credit Licence Exemption) Regulations 2020; (viii) the credit activity has materially changed; (ix) the credit activity is no longer being offered to new consumers; and (b) notifies ASIC in writing within 10 business days after the happening of any of the events referred to in paragraph (a) (other than the events in subparagraphs (a)(v) and (vi)).