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Commonwealth legislation
These regulations set out detailed rules for Australia's consumer credit protection framework. They cover:
Who needs a licence: Most businesses providing credit services (loans, leases, debt management) must hold an Australian credit licence from ASIC. The regulations list many exemptions—including lawyers acting in their professional capacity, financial counsellors, insolvency practitioners, and certain supplier-arranged finance.
What licensees must do: Licensees face extensive obligations including maintaining professional indemnity insurance, keeping trust accounts, lodging annual compliance certificates, reporting changes in control to ASIC within 10 business days, and cooperating with the Australian Financial Complaints Authority (AFCA).
Responsible lending rules: Before providing credit assistance or entering credit contracts, licensees must assess whether the credit is "unsuitable" for the consumer—meaning they must make reasonable inquiries about the consumer's financial situation, requirements and objectives, and verify that information.
Disclosure requirements: Licensees and credit representatives must provide consumers with credit guides, quotes, and proposal disclosure documents explaining fees, charges, and any indirect remuneration (commissions) they receive.
Mortgage broker reforms: Recent additions prohibit "conflicted remuneration"—payments that could influence which credit products brokers recommend. This bans volume-based bonuses and campaign-based benefits, with limited exceptions.
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Direct links to the current provisions in National Consumer Credit Protection Regulations 2010.
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View on official registerSourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
Consumer protections: The regulations prescribe standard forms for key documents, set caps on fees for small amount credit contracts, require minimum repayment warnings on credit card statements, and establish rules for reverse mortgages including projections of home equity.
Debt management services: Since 2021, businesses providing debt management assistance (helping consumers negotiate with creditors or fix credit reports) must be licensed and face specific conduct obligations.
The regulations work alongside the National Consumer Credit Protection Act 2009 and the National Credit Code to protect consumers from predatory lending while ensuring credit markets function effectively.