36Application of Chapter 3 of the National Credit Act

36 Application of Chapter 3 of the National Credit Act When all of Chapter 3 (responsible lending conduct) applies to all registered persons (1) Chapter 3 (which deals with responsible lending conduct) of the National Credit Act applies during the period that: (a) starts on the Chapter 3 start day; and as if: (c) all references to a licensee were references to a registered person or licensee; and (d) all references to licensees were references to registered persons or licensees. Note: The Chapter 3 start day is 1 January 2011 (or later prescribed day). That day is when Chapter 3 of the National Credit Act starts to apply. However, under subitem (2) of this item, certain provisions of Chapter 3 apply before then to some registered persons. When certain provisions of Chapter 3 apply earlier for some registered persons (2) Despite subitem (1), sections 112, 115, 116, 117, 118, 119, 122, 123, 124, 128, 129, 130, 131, 133, 135, 138, 139, 140, 141, 142, 145, 146, 147, 151, 152, 153, 154, 156, 162, 163 and 164 (which deal with the main responsible lending conduct rules) of the National Credit Act apply, in relation to a registered person who is neither an ADI nor a registrable corporation, during the period referred to in subitem 19(2) of Schedule 1 as if: (a) all references to a licensee were references to a registered person or licensee; and (b) all references to licensees were references to registered persons or licensees. Note: The period referred to in subitem 19(2) of Schedule 1 starts on commencement and ends immediately before the Chapter 3 start day. Some provisions of Chapter 3 never apply to registered persons (3) Despite subitem (1), the following provisions of Chapter 3 of the National Credit Act do not apply in relation to registered persons: (a) paragraphs 113(2)(d), 126(2)(d), 127(2)(d), 136(2)(d), 149(2)(d), 150(2)(d) and 160(3)(d) (which deal with including Australian credit licence numbers in credit guides); (b) subparagraphs 113(2)(h)(i), 126(2)(e)(i), 127(2)(e)(i), 136(2)(h)(i), 149(2)(e)(i), 150(2)(e)(i) and 160(3)(f)(i) (which deal with including information about internal dispute resolution procedures in credit guides). Application of Chapter 3 in relation to contracts or other instruments (4) Despite subitem 20(1) of Schedule 1, sections 120, 132, 143 and 155 of the National Credit Act do not apply in relation to a contract or other instrument that was made before the Chapter 3 start day. Note: Subitem 20(1) of Schedule 1 provides that this Schedule applies in relation to contracts or other instruments made after commencement. However, sections 120, 132, 143 and 155 of the National Credit Act, which apply in relation to registered persons because of subitem (1) of this item, do not apply in relation to contracts or other instruments made before the Chapter 3 start day. (5) This item is subject to subitem 20(2) of Schedule 1 (which deals with regulations that provide for the application of this Schedule in relation to contracts or other instruments made before commencement).