5Definitions

5 Definitions

In this instrument:

Act means the National Consumer Credit Protection Act 2009.

Chapter 5 body corporate has the same meaning as in the Corporations Act 2001.

eligible credit activity means a credit activity that:

(a) is covered by item 1 or 2 of the table in subsection 6(1) of the Act; and
(b) has a related credit contract, or proposed credit contract, (the relevant contract);

if each of the following paragraphs applies to the relevant contract: (c) the relevant contract is not a reverse mortgage or a small amount credit contract; (d) none of the amount of credit that may be provided under the relevant contract is secured by a charge or lien over a consumer’s household property covered by subsection 27(1) of the Bankruptcy Regulations 2021 (worked out as if the consumer were a bankrupt); (e) the credit limit of the relevant contract is more than $2,000 but does not exceed $25,000; (f) the term of the relevant contract does not exceed 4 years.

eligible person, for an eligible credit activity, means a person who:

(a) is none of the following:
(i) a person authorised by a licence to engage in the eligible credit activity;
(ii) a credit representative of a licensee for engaging in the eligible credit activity;
(iii) a related body corporate of a body corporate covered by subparagraph (i) or (ii);
(iv) a natural person who is neither an Australian citizen, nor a permanent resident, within the meaning of the Australian Citizenship Act 2007; and
(b) if the person is a foreign company—is registered under Division 2 of Part 5B.2 of the Corporations Act 2001.

provider has the meaning given by section 6.

testing period has the meaning given by section 7.