Form 19—Consent to enter premisesForm 19—Consent to enter premises

## Form 19—Consent to enter premises subsection 179N(1) of the Code paragraph 105L(c) of the Regulations . . . . . . . . . . . . . . . Date TO: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (name of lessor) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (Australian credit licence number) FROM: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (name of occupier) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (address of occupier’s premises) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (‘the premises’) I consent to the lessor entering the premises for the purpose of taking possession of the hired goods described below. The hired goods are:\* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | IMPORTANTYOU HAVE THE RIGHT TO REFUSE CONSENT. IF YOU DO THE LESSOR MAY GO TO COURT FOR PERMISSION TO ENTER THE PREMISES. | | ------------------------------------------------------------------------------------------------------------------------- | . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (signature of occupier giving consent) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (name, address and signature of lessor’s representative by whom the consent was obtained) \* Insert brief details of the hired goods. Schedule 2—Modifications—carried over instruments (regulation 25E) 2.1 Subsection 5(1), after definition of carried on in this jurisdiction insert > carried over instrument has the meaning given by subsection 4(1) of the Transitional Act. 2.2 Subsection 5(1), after definition of prescribed State or Territory order insert > prescribed unlicensed carried over instrument lender has the meaning given by section 5A. 2.3 Subsection 5(1), after definition of registered company auditor insert > registered person has the meaning given by subsection 4(1) of the Transitional Act. 2.4 Subsection 5(1), after definition of tribunal insert > unlicensed carried over instrument lender means a credit provider or lessor who: (a) was a credit provider or lessor in relation to a carried over instrument immediately before 1 July 2010; and (b) on and after 1 July 2010 has been the credit provider or lessor in relation to the carried over instrument on a continuous basis; and (c) is not any of the following persons: (i) a licensee; (ii) a registered person; (iii) a person exempt from the requirement to hold a licence under this Act or to be a registered person under the Transitional Act. 2.5 After section 5 insert 5A Meaning of prescribed unlicensed carried over instrument lender (1) A prescribed unlicensed carried over instrument lender means a person: (a) for whom: (i) a prescribed State or Territory order is in force; or (ii) a banning or disqualification order under Division 8 of Part 7.6 of the Corporations Act 2001 is in force; or (iii) a judgement has been entered against as a result of a civil action taken by an agency of a State or Territory government under the old Credit Code in the last 10 years; or (b) who is banned from engaging in a credit activity under: (i) a law of a State or Territory; or (ii) Part 2‑4; or (c) who is disqualified from managing a corporation under Part 2D.6 of the Corporations Act 2001; or (d) who has been convicted of a serious fraud during the last 10 years; or (e) who is incapable of managing his or her affairs because of physical or mental incapacity; or (f) who is not a trustee of a trust and who is insolvent; or (g) who is or has been registered to engage in credit activities under Schedule 2 to the Transitional Act and whose registration was suspended or cancelled under item 23 of Schedule 2 to the Transitional Act, other than under paragraph 23(1)(a) or (b); or (h) who is or has been the holder of an Australian credit licence and whose licence is suspended or was cancelled under section 54, other than under paragraph 54(1)(a) or (b); or (i) who is or has been the holder of an Australian financial services licence and whose licence is suspended or was cancelled under section 915B of the Corporations Act 2001, other than under any of the following paragraphs of that Act: (i) paragraphs 915B(1)(a) or (e); (ii) paragraphs 915B(2)(a) or (d); (iii) paragraphs 915B(3)(a) or (d); (iv) paragraphs 915B(4)(a) or (d). (2) In this section person means: (a) if the person is a natural person—that person; and (b) if the person is a body corporate—each director or secretary of the body corporate; and (c) if the person is a partnership or a trustee of a trust—each partner of the partnership or each trustee of the trust. 2.6 Chapter 2, heading substitute Chapter 2—Unlicensed carried over instrument lenders 2.7 Part 2‑1, Divisions 1 and 2 omit 2.8 Section 30 omit 2.9 Subsection 31(1) omit A licensee insert An unlicensed carried over instrument lender 2.10 Sections 32 and 33 omit 2.11 Part 2‑2, heading substitute Part 2‑2—Obligations of unlicensed carried over instrument lenders 2.12 Part 2‑2, Divisions 1 to 3 omit 2.12A Part 2‑2, Division 4 heading substitute Division 4—Conditions for unlicensed carried over instrument lender 2.13 Section 45 substitute 45 Conditions for unlicensed carried over instrument lender (1) This section applies to an unlicensed carried over instrument lender who engages in a credit activity in relation to a carried over instrument. (2) The lender in relation to the credit activity in relation to the instrument is subject to the conditions prescribed in the regulations. 2.14 Section 46 omit 2.15 Part 2‑2, Division 5, heading substitute Division 5—General obligations 2.16 Section 47, heading substitute 47 General conduct obligations of unlicensed carried over instrument lender 2.17 Subsection 47(1) substitute (1) An unlicensed carried over instrument lender must: (a) do all things necessary to ensure that the credit activities engaged in in relation to the carried over instrument are engaged in efficiently, honestly and fairly; and (b) have in place adequate arrangements to ensure that its clients are not disadvantaged by any conflict of interest in relation to a carried over instrument that may arise wholly or partly in relation to credit activities engaged in by it or its representatives; and (c) ensure that its representatives are adequately trained and competent to engage in the credit activities in relation to the carried over instrument; and (d) maintain its competence to engage in the credit activities in relation to the carried over instrument; and (e) have an internal dispute resolution procedure that: (i) complies with standards and requirements made or approved by ASIC in accordance with section 48; and (ii) covers disputes in relation to the credit activities the lender engages in in relation to the carried over instrument; and (f) if the lender is not a member of the AFCA scheme: (i) keep a register of complaints in relation to carried over instruments and include the information mentioned in subsection (1A); and (ii) keep a register of applications by a debtor for changes to the terms a credit contract under section 72 of the National Credit Code and include the information mentioned in subsection (1B); and (iii) keep a register of requests by a debtor, mortgagor or guarantor to negotiate a postponement of enforcement proceedings in relation to the credit contract, mortgage or guarantee under section 94 of the National Credit Code and include the information mentioned in subsection (1C); and (g) have adequate arrangements and systems to ensure compliance with its obligations under this section, and a written plan documenting those arrangements and systems; and (h) unless the unlicensed carried over instrument lender is a body regulated by APRA: (i) have adequate resources (including financial, technological and human resources) available so it can engage in credit activities in relation to the carried over instrument and to carry out supervisory arrangements; and (ii) have adequate risk management systems. (1A) For the purposes of subparagraph (1)(f)(i), the information is: (a) the name of the person making the complaint; and (b) the date the complaint was made; and (c) details of the substance of the complaint; and (d) details of the outcome of the compliant. (1B) For the purposes of subparagraph (1)(f)(ii), the information is: (a) the name of the person making the application; and (b) the date the application was made; and (c) details of the information included in the application; and (d) details of the written notice given under subsection 72(3) of the National Credit Code. (1C) For the purposes of subparagraph (1)(f)(iii), the information is: (a) the name of the person making the request; and (b) the date the request was made; and (c) details of the information included in the request; and (d) details of the written notice given under subsection 94(2) of the National Credit Code. 2.18 Subsection 47(2) omit For the purposes of paragraphs (1)(b), (g), (k) and (l), insert For the purposes of paragraphs (1)(b), (c), (g) and (h), 2.18A Subsection 47(2) omit licensee insert unlicensed carried over instrument lender 2.19 Subsection 47(3), including subsection heading omit 2.20 Section 48 substitute 48 Standards or requirements for internal dispute resolution approved or made by ASIC (1) ASIC must take the following matters into account when considering whether to approve standards or requirements for internal dispute resolution for an unlicensed carried over instrument lender: (a) Australian/New Zealand Standard AS/NZS 10002:2014 Guidelines for complaint management in organizations published jointly by, or on behalf of, Standards Australia and Standards New Zealand, as in force or existing on 29 October 2014; (b) any other matters ASIC considers relevant. (2) ASIC may vary or revoke: (a) a standard or requirement that it has made in relation to an internal dispute resolution procedure; and (b) the operation of a standard or requirement that it has approved in its application to an internal dispute resolution procedure. 2.21 Section 49, heading substitute 49 Obligation to provide a statement or audit report 2.22 Subsections 49(1) to (3) omit each mention of licensee insert unlicensed carried over instrument lender 2.23 After subsection 49(3) insert Requirement to lodge audit report (3A) An unlicensed carried over instrument lender who is not a member of the AFCA scheme must lodge with ASIC an audit report, prepared by a suitably qualified person and in accordance with subsection (10), about whether the lender has complied with the following requirements in relation to a carried over instrument for the lender: (a) if the carried over instrument is a credit contract—the requirements mentioned in section 17 of the National Credit Code; (b) if the carried over instrument is a consumer lease—the requirements mentioned in section 174 of the National Credit Code. Civil penalty: 5,000 penalty units. 2.24 Subsections 49(5) and (6) omit each mention of licensee insert unlicensed carried over instrument lender 2.25 After subsection 49(9) insert When audit report due (10) For subsection (3A), the unlicensed carried over instrument lender must lodge the audit report with ASIC on or before 31 December 2010. ASIC may extend the day by giving written notice to the lender. 2.26 Subsections 50(1) and (2), including subsection headings and penalty substitute Requirement to give information (1) ASIC may request an unlicensed carried over instrument lender to give ASIC information about the registers the lender is required to keep under paragraph 47(1)(f). (2) If ASIC requests the lender give ASIC the information mentioned in subsection (1), the lender must give ASIC the information. Civil penalty: 5,000 penalty units. 2.26A Subsection 51(1) omit each mention of licensee insert unlicensed carried over instrument lender 2.27 Section 52 substitute 52 Obligation to lodge certain matters with ASIC Requirement to lodge report of contravention or likely contravention (1) If an unlicensed carried over instrument lender is not a member of the AFCA scheme and the lender becomes aware of a contravention, or a likely contravention, mentioned in subsection (2), the lender must lodge a written report with ASIC on the matter: (a) as soon as practicable; and (b) in any case no later than 10 business days after becoming aware of the contravention or likely contravention. Civil penalty: 5,000 penalty units. When there is a contravention or likely contravention (2) For the purposes of subsection (1), there is a contravention, or a likely contravention, if: (a) the unlicensed carried over instrument lender contravenes, or is likely to contravene, this Act, the Transitional Act or the ASIC Act; and (b) the contravention, or likely contravention, is significant having regard to the following: (i) the number and frequency of similar previous contraventions; (ii) the impact of the contravention, or likely contravention, on the lender’s ability to engage in the credit activities; (iii) the extent to which the contravention, or likely contravention, indicates that the lender’s arrangements to ensure compliance with its obligations under this Part are inadequate; (iv) the actual or potential financial loss to consumers, or the lender itself, arising from the contravention, or likely contravention. (3) For the purposes of subsection (2), an unlicensed carried over instrument lender is likely to contravene an obligation referred to in that subsection if, and only if, the person is no longer able to comply with the obligation. Offence (4) A person commits an offence if: (a) the person is subject to a requirement under subsection (1); and (b) the person engages in conduct; and (c) the conduct contravenes the requirement. Criminal penalty: 6 months imprisonment. Strict liability offence (5) A person commits an offence if: (a) the person is subject to a requirement under subsection (1); and (b) the person engages in conduct; and (c) the conduct contravenes the requirement. Criminal penalty: 20 penalty units. (6) Subsection (5) is an offence of strict liability. > Note: For strict liability, see section 6.1 of the Criminal Code. 2.28 Subsection 53(1) omit A licensee must, no later than 45 days after the licensee’s licence anniversary in each year, insert An unlicensed carried over instrument lender must, no later than 15 August in 2011 and each subsequent year, 2.29 Subsection 53(1) omit to the licensee. insert to the unlicensed carried over instrument lender. 2.30 Paragraph 53(3)(a) omit each mention of licensee insert unlicensed carried over instrument lender 2.31 Paragraph 53(3)(b) substitute (b) if the unlicensed carried over instrument lender is a body corporate—a kind of person mentioned in subsection 53(7); or 2.32 Paragraph 53(3)(c) omit licensee insert unlicensed carried over instrument lender 2.33 Subsection 53(4) omit licensee insert unlicensed carried over instrument lender 2.34 Subsection 53(7), including subsection heading substitute Kinds of persons (7) For paragraph (3)(b), the kinds of persons are: (a) if the body corporate is not an ADI: (i) the Chief Executive Officer of the body corporate; or (ii) if the body corporate does not have a Chief Executive Officer—the person who: (A) is responsible for managing the affairs of the body corporate; and (B) has authority to make decisions in relation to the allocation of resources so that the body corporate complies with the Act; and (b) if the body corporate is an ADI: (i) the Chief Executive Officer of the body corporate; or (ii) a person who satisfies the criteria to be a fit and proper person to hold a responsible person position under Prudential Standard APS 520. > Note: Prudential Standard APS 520 is in Schedule 1 to the Banking (prudential standard) determination No. 1 of 2006—Prudential Standard APS 520 Fit and Proper. 2.35 Division 6, Part 2‑2 omit 2.36 Part 2‑3, heading substitute Part 2‑3—Representatives of unlicensed carried over instrument lender 2.37 Part 2‑3, Divisions 1 and 2 omit 2.38 Section 73, including the heading and subsection headings omit each mention of licensee insert unlicensed carried over instrument lender 2.39 Part 2‑3, Division 4 substitute Division 4—Appointment of licensee or registered person to act on behalf of prescribed unlicensed carried over instrument lender 74 Obligation for prescribed unlicensed carried over instrument lender to appoint licensee or registered person (1) This section applies to a prescribed unlicensed carried over instrument lender on or after 1 July 2010. (2) The prescribed unlicensed carried over instrument lender: (a) must not engage in a credit activity in relation to a carried over instrument (other than the credit activity that is engaged in solely by the lender being the credit provider under a credit contract or the lessor under a consumer lease); and (b) must appoint, in writing, a licensee or registered person as the lender’s representative to engage in a credit activity in relation to the carried over instrument (other than the credit activity that is engaged in solely by the lender being the status of the credit provider under a credit contract or the lessor under a consumer lease) on behalf of the lender. Civil penalty: 5,000 penalty units. > Note: Having the status of a credit provider under a credit contract or a lessor under a consumer lease is itself a credit activity. Offence (3) A person commits an offence if: (a) the person is subject to a requirement under subsection (2); and (b) the person engages in conduct; and (c) the conduct contravenes the requirement. Criminal penalty: 6 months imprisonment. Strict liability offence (4) A person commits an offence if: (a) the person is subject to a requirement under subsection (2); and (b) the person engages in conduct; and (c) the conduct contravenes the requirement. Criminal penalty: 20 penalty units. (5) Subsection (4) is an offence of strict liability. > Note: For strict liability, see section 6.1 of the Criminal Code. 75 Lodgment obligations for prescribed unlicensed carried over instrument lender (1) If a licensee or registered person is appointed by a prescribed unlicensed carried over instrument lender to act on the lender’s behalf, the lender must lodge with ASIC, no later than 15 business days after the appointment is made: (a) a copy of the appointment under section 74; and (b) a document, in an approved form, setting out the following information: (i) the basis, under section 5A, on which the lender is a prescribed unlicensed carried over instrument lender; (ii) the licensee’s or registered person’s name (including the licensee’s or registered person’s principal business name if any); (iii) the postal address of the licensee or registered person; (iv) if the principal business address of the licensee or registered person is different from the postal address—the principal business address. Civil penalty: 5,000 penalty units. Offence (2) A person commits an offence if: (a) the person is subject to a requirement under subsection (1); and (b) the person engages in conduct; and (c) the conduct contravenes the requirement. Criminal penalty: 6 months imprisonment. Strict liability offence (3) A person commits an offence if: (a) the person is subject to a requirement under subsection (1); and (b) the person engages in conduct; and (c) the conduct contravenes the requirement. Criminal penalty: 20 penalty units. (4) Subsection (3) is an offence of strict liability. > Note: For strict liability, see section 6.1 of the Criminal Code. 75A Obligation for prescribed unlicensed carried over instrument lender if appointment of licensee or registered person ceases (1) This section applies if a licensee or registered person is appointed, in accordance with paragraph 74(2)(b), by a prescribed unlicensed carried over instrument lender to engage in a credit activity mentioned in that paragraph on behalf of the lender. (2) The appointment is continuous until the first of the following events occurs: (a) the licensee, or registered person dies or otherwise ceases to engage in the business; (b) the licensee, or registered person is unable to perform its duties. (3) If the licensee’s or registered person’s appointment ceases under subsection (2): (a) section 74 applies to the prescribed unlicensed carried over instrument lender as if it required the lender to appoint another licensee or registered person to engage in a credit activity, as described in paragraph 74(2)(b), on behalf of the lender no later than 15 business days after the previous appointment ceased; and (b) section 75 applies to the prescribed unlicensed carried over instrument lender in relation to the appointment. 75B Obligation if person ceases to be prescribed unlicensed carried over instrument lender (1) If a person is a prescribed unlicensed carried over instrument lender because a matter mentioned in subsection 5A(1) applies to the person and the matter ceases to apply to the person, the person must lodge with ASIC a notice, in an approved form and no later than 15 business days after the day on which the matter ceases to apply to the person, that the matter has ceased to apply to the person. Civil penalty: 5,000 penalty units. Offence (2) A person commits an offence if: (a) the person is subject to a requirement under subsection (1); and (b) the person engages in conduct; and (c) the conduct contravenes the requirement. Criminal penalty: 6 months imprisonment. Strict liability offence (3) A person commits an offence if: (a) the person is subject to a requirement under subsection (1); and (b) the person engages in conduct; and (c) the conduct contravenes the requirement. Criminal penalty: 20 penalty units. (4) Subsection (3) is an offence of strict liability. > Note: For strict liability, see section 6.1 of the Criminal Code. 76 Lodgement obligation for licensee or registered person acting on behalf of prescribed unlicensed carried over instrument lender (1) If a licensee or registered person is appointed by a prescribed unlicensed carried over instrument lender to act on the lender’s behalf, the licensee or registered person must lodge with ASIC a notice, in an approved form, of the appointment no later than 15 business days after the appointment. Civil penalty: 5,000 penalty units. Offence (2) A person commits an offence if: (a) the person is subject to a requirement under subsection (1); and (b) the person engages in conduct; and (c) the conduct contravenes the requirement. Criminal penalty: 6 months imprisonment. Strict liability offence (3) A person commits an offence if: (a) the person is subject to a requirement under subsection (1); and (b) the person engages in conduct; and (c) the conduct contravenes the requirement. Criminal penalty: 20 penalty units. (4) Subsection (3) is an offence of strict liability. > Note: For strict liability, see section 6.1 of the Criminal Code. 2.39B Part 2‑4 omit 2.39C Part 2‑5, heading substitute Part 2‑5—Financial records and audit reports 2.40 Section 87 omit 2.40A Subsection 88(1) omit A licensee insert An unlicensed carried over instrument lender 2.40B Subsection 88(1) omit licensee. insert lender. 2.40C Paragraph 88(2)(c) omit 2.40D Subsection 88(4) omit A licensee insert An unlicensed carried over instrument lender 2.40E Subsection 88(4) omit licensee. insert lender. 2.41 Sections 90 to 92 omit each mention of licensee insert unlicensed carried over instrument lender 2.42 Section 94, heading substitute 94 Financial records taken to be made with unlicensed carried over instrument lender’s authority 2.43 Section 94 omit licensee. insert unlicensed carried over instrument lender. 2.44 Subsection 95(1) omit A licensee insert An unlicensed carried over instrument lender 2.45 Subsection 96(2) omit each mention of licensee insert unlicensed carried over instrument lender 2.46 Part 2‑5, Division 3 omit 2.47 Subsection 102(1) substitute (1) An auditor (the auditor) who prepares an audit report required under subsection 49(3) or 49(3A) in relation to an unlicensed carried over instrument lender has a right of access at all reasonable times to the financial records or other credit books of the lender for purposes relating to the audit report. 2.48 Subsections 102(2) and (3) omit each mention of licensee insert unlicensed carried over instrument lender 2.49 Section 103 omit each mention of licensee insert unlicensed carried over instrument lender 2.50 Paragraph 104(1)(b) omit licensee insert unlicensed carried over instrument lender 2.51 Paragraph 104(2)(a) omit licensee to meet the licensee’s obligations as a licensee; or insert unlicensed carried over instrument lender to meet its obligations under section 47 or the National Credit Code; or 2.52 Paragraph 104(2)(b) substitute (b) constitutes or may constitute a contravention of section 47 or Division 2; or 2.53 Section 105 omit each mention of licensee insert unlicensed carried over instrument lender 2.53A Paragraph 106(b) omit Schedule 3—Modifications—special purpose funding entity (regulation 25G) 3.1 Subsection 5(1), after definition of contravention insert > court has the same meaning as it has in Part 4‑3. 3.1A Subsection 5(1), after definition of examination insert > exempt special purpose funding entity has the same meaning as in the National Consumer Credit Protection Regulations 2010. 3.2 Subsection 5(1), after definition of function insert > fund raising special purpose entity means a body corporate or trust that: (a) has the sole purpose of raising funds in order to be: (i) a credit provider for a credit contract; or (ii) a lessor for a consumer lease; and (b) raises funds from persons other than natural persons; and (c) only engages in credit activities as a credit provider under a credit contract or a lessor under a consumer lease; and (d) does not have any employees; and (e) is not a licensee or registered person. 3.3 Subsection 5(1), after definition of registered company auditor insert > registered person has the meaning given by section 4 of the Transitional Act. 3.4 Subsection 5(1), after definition of representative insert > securitisation entity means a body corporate or trust that: (a) carries on a business consisting of managing by way of a securitisation transaction some or all of the economic risk associated with assets, liabilities or investments (whether the body corporate or trust assumes the risk from another person or creates the risk itself); and (b) is an insolvency remote special purpose funding entity according to the criteria of an internationally recognised rating agency that are applicable to the circumstances of the body corporate or trust (regardless of whether the agency has determined that the body corporate or trust satisfies the criteria); and (c) raises substantially all of its funds by issuing securitisation products on terms that the funds raised would be applied to the business mentioned in paragraph (a); and (d) is a credit provider under a credit contract or a lessor under a consumer lease. > securitisation product means a debt instrument or an interest in a managed investment scheme (within the meaning of the Corporations Act 2001). > servicing agreement means an agreement: (a) that is between: (i) a special purpose funding entity; and (ii) a licensee or registered person; and (b) under which the licensee or registered person, on behalf of the special purpose funding entity, performs obligations, or exercises the rights of: (i) a credit provider in relation to a credit contract or proposed credit contract; or (ii) a lessor in relation to a consumer lease or proposed consumer lease; or (iii) a mortgagee in relation to a mortgage or proposed mortgage; or (iv) a person who is a beneficiary of a guarantee or proposed guarantee in relation to the guarantee or proposed guarantee. > special purpose funding entity means a fund raising special purpose entity or a securitisation entity. 3.5 Subsection 29(4) omit 3.6 Subsection 45(1), including the subheading substitute ASIC may impose, vary or revoke conditions on licensee who is party to a servicing agreement (1) ASIC may, at any time: (a) impose conditions or additional conditions on a licensee who is a party to a servicing agreement with a special purpose funding entity, including a condition requiring the licensee to cease engaging in a credit activity on behalf of a special purpose funding entity; and (b) vary or revoke conditions imposed on the licensee. 3.7 Section 46 omit 3.8 Before section 74 insert in Division 4 74A Definitions for this Division In this Division: > represented person means a special purpose funding entity that is exempt from the requirement to be licensed under the Credit Act or exempt from the requirement to be registered under the Transitional Act. > representative includes a licensee or registered person who is a party to a servicing agreement with a special purpose funding entity. 3.9 Section 74 omit licensee insert represented person 3.10 Section 75, heading substitute 75 Responsibility if representative of only one represented person 3.11 Section 75 omit each mention of licensee insert represented person 3.12 Section 76, heading substitute 76 Representatives of multiple represented persons 3.13 Subsections 76(1) and (2) omit each mention of licensee insert represented person 3.14 Subsection 76(2) omit licensees insert represented persons 3.15 Paragraph 76(3)(a) omit licensees insert represented persons 3.16 Paragraph 76(3)(c) substitute (c) the conduct is within the authority of: (i) only one of those represented persons (the authorising represented person); or (ii) 2 or more of those represented persons (the authorising represented persons); 3.17 Paragraph 76(3)(d) omit authorising licensee insert authorising represented person 3.18 Paragraph 76(3)(d) omit licensee insert represented person 3.19 Paragraph 76(3)(e) omit authorising licensees insert authorising represented persons 3.21 Section 77 omit each mention of licensee insert represented person 3.22 Section 78 omit each mention of licensee insert represented person 3.23 Subsection 78(2) omit licensees insert represented persons 3.24 Section 112 substitute 112 Application of this Part This Part does not apply in relation to credit assistance provided by a licensee or registered person in relation to a credit contract if: (a) a special purpose funding entity is or will be the credit provider under the contract; and (b) the licensee or registered person is party to a servicing agreement with the special purpose funding entity. 3.25 Section 125 substitute 125 Definition for this Part In this Part: > licensee means a licensee or registered person. 3.26 Subsection 126(1) substitute (1) As soon as practicable after it becomes apparent to an exempt special purpose funding entity that it is likely to enter a credit contract with a consumer who will be the debtor under the contract, the entity must take reasonable steps to ensure that the licensee who is a party to a servicing agreement with the entity gives the consumer the licensee’s credit guide in accordance with subsection (2). Civil penalty: 5,000 penalty units. 3.27 Subsection 127(1) substitute (1) If an exempt special purpose funding entity has been assigned any rights or obligations of a credit provider under a credit contract and the licensee is acting on behalf of the entity, the entity must take reasonable steps to ensure that the licensee: (a) gives the debtor under the contract the licensee’s credit guide in accordance with subsection (2); and (b) gives the credit guide to the debtor as soon as practicable after the entity has been assigned the rights or obligations. Civil penalty: 5,000 penalty units. 3.28 Section 128 omit A licensee insert An exempt special purpose funding entity 3.28A Section 128 omit the licensee insert the exempt special purpose funding entity 3.29 Section 129 omit each mention of licensee insert exempt special purpose funding entity 3.30 Section 130 omit each mention of licensee insert exempt special purpose funding entity 3.31 Section 131 omit each mention of licensee insert exempt special purpose funding entity 3.32 Section 132 omit each mention of licensee insert exempt special purpose funding entity 3.33 Section 133 omit each mention of licensee insert exempt special purpose funding entity 3.33A Sections 133DB to 133DE omit each mention of licensee insert special purpose funding entity 3.34 Section 134 omit 3.35 Section 135 substitute 135 Application of this Part This Part does not apply in relation to credit assistance provided by a licensee or registered person in relation to a consumer lease if: (a) an exempt special purpose funding entity will be the lessor under the lease; and (b) the licensee or registered person is party to a servicing agreement with the exempt special purpose funding entity. 3.36 Section 148 substitute 148 Definition for this Part In this Part: > licensee means a licensee or registered person. 3.37 Subsection 149(1) substitute (1) As soon as practicable after it becomes apparent to an exempt special purpose funding entity that a licensee with whom it has a servicing agreement is likely to enter a consumer lease with a consumer who will be the lessee under the lease, the entity must take reasonable steps to ensure that the licensee gives the consumer the licensee’s credit guide in accordance with subsection (2). Civil penalty: 5,000 penalty units. 3.38 Subsection 150(1) substitute (1) If an exempt special purpose funding entity has been assigned any rights or obligations of a lessor under a consumer lease and a licensee is acting on behalf of the entity, the entity must take reasonable steps to ensure that the licensee: (a) gives the lessee under the lease the licensee’s credit guide in accordance with subsection (2); and (b) gives the credit guide to the lessee as soon as practicable after the entity has been assigned the rights or obligations. Civil penalty: 5,000 penalty units. 3.39 Section 151 omit A licensee insert An exempt special purpose funding entity 3.39A Section 151 omit the licensee insert the exempt special purpose funding entity 3.40 Section 152 omit each mention of licensee insert exempt special purpose funding entity 3.41 Section 153 omit licensee insert special purpose funding entity 3.42 Section 154 omit each mention of licensee insert special purpose funding entity 3.43 Section 155 omit each mention of licensee insert special purpose funding entity 3.44 Section 156 omit licensee insert special purpose funding entity 3.45 After section 159 insert 159A Application of this Part This Part does not apply in relation to a licensee or registered person who is authorised by a credit provider or lessor to collect repayments if: (a) the credit provider or lessor is a special purpose funding entity; and (b) the licensee or registered person is party to a servicing agreement with the special purpose funding entity. Schedule 4—Modifications—responsible lending conduct (regulation 28M) 4.1 Subsection 5(1), definition of licensee substitute > licensee means: (a) a person who holds a licence; or (b) a person who has applied for a licence before 1 January 2011 in an application on which ASIC has not made a decision. 4.2 After paragraph 114(1)(e) insert (ea) the licensee is not required to give the consumer a quote in the circumstances prescribed by the regulations; and 4.3 After subsection 114(2) insert (2A) The regulations may prescribe circumstances where a licensee is not required to give the consumer a quote in accordance with subsection (2). 4.4 After subsection 114(4) insert No demanding payment if no quote given (4A) The licensee must not request or demand payment of an amount for the licensee’s credit assistance if the licensee has not given the consumer a quote in accordance with subsection (2). Civil penalty: 5,000 penalty units. 4.5 Paragraph 121(2)(e) omit made. insert made; 4.6 After paragraph 121(2)(e) insert (f) any other information prescribed by the regulations. 4.7 After subsection 121(3) insert (3A) The regulations may prescribe information that need not be included in the credit proposal disclosure document, despite subsection (2). 4.8 After paragraph 137(1)(d) insert (da) the licensee is not required to give the consumer a quote in the circumstances prescribed by the regulations; and 4.9 After subsection 137(2) insert (2A) The regulations may prescribe circumstances in which a licensee is not required to give the consumer a quote in accordance with subsection (2). 4.10 After subsection 137(4) insert No demanding payment if no quote given (4A) The licensee must not request or demand payment of an amount for the licensee’s credit assistance if the licensee has not given the consumer a quote in accordance with subsection (2). Civil penalty: 5,000 penalty units. 4.11 Paragraph 144(2)(d) omit lease. insert lease; 4.12 After paragraph 144(2)(d) insert (e) any other information prescribed by the regulations. 4.13 After subsection 144(3) insert (3A) The regulations may prescribe information that need not be included in the lease proposal disclosure document, despite subsection (2). Schedule 5—Key Facts Sheets for standard home loans Note: See regulation 28LB.