15Activities exempt from being credit activities

15 Activities exempt from being credit activities
[see Note 2]

(1) For paragraphs 42 (b) and (c) of Schedule 2 to the Act, this regulation:

(a) exempts certain credit activities, or classes of credit activities, from all of the provisions to which Part 5 of Schedule 2 to the Act applies; and

(b) modifies specified provisions for the purposes of the exemption mentioned in paragraph (a).

(2) Subject to subregulation (3), the following credit activities are exempted:

(a) the providing of credit assistance by a lawyer in his or her professional capacity in relation to matters of law, legal interpretation or the application of the law to any facts;

(b) the providing of any credit assistance not mentioned in paragraph (a) by a lawyer in the ordinary course of activities as a lawyer that is reasonably regarded as a necessary part of those activities.

(3) For subregulation (2), the credit activity is exempted only if the lawyer providing the credit assistance does not hold out or advertise to consumers that he or she is able to provide credit services.

(4) A credit activity (other than the provision of credit assistance mentioned in subregulation (2)) is exempted if it is engaged in by a lawyer in the following circumstances:

(a) the lawyer is acting:

(i) on the instructions of a client, an associate of the client or a relative of the client; and

(ii) in his or her professional capacity; and

(iii) in the ordinary course of his or her activities as a lawyer;

(b) the credit activity can reasonably be regarded as a necessary part of those activities;

(c) the lawyer has not received, and will not receive, from the client or from another person on behalf of the client a benefit in connection with those activities other than the following:

(i) the payment of professional charges in relation to those activities;

(ii) reimbursement for expenses incurred or payment on account of expenses to be incurred on behalf of the client, an associate of the client or a relative of the client;

(d) the lawyer does not hold out or advertise to consumers that he or she is able to provide credit services.

(5) A credit activity is exempted if:

(a) it is engaged in by a tax agent in the following circumstances:

(i) the tax agent is registered under Part 2 of the Tax Agent Services Act 2009;

(ii) the tax agent engages in the credit activity in the ordinary course of activities as a tax agent; and

(b) it is a credit activity mentioned in item 2 of the table in subsection 6 (1) of the National Credit Act; and