31Application of Part

31 Application of Part

This Part applies to a person who engages in a credit activity in relation to a carried over instrument.

32 Application of Chapter 2 of National Credit Act to credit provider or lessor for carried over instrument before 1 July 2010

For subitem 18 (2) of Schedule 1 to the Act, Chapter 2 (not including section 29) of the National Credit Act applies to the person in relation to a credit activity engaged in in relation to the carried over instrument if the person:

(a) was the credit provider, lessor, mortgagee or beneficiary of a guarantee in relation to the instrument immediately before 1 July 2010; and

(b) applies for a licence under section 36 of the National Credit Act.

Note Under subitem 3 (2) of Schedule 1 to the Act, the National Credit Code applies in relation to a carried over instrument.

33 Application of Chapter 2 of National Credit Act if not credit provider or lessor for carried over instrument before 1 July 2010

(1) For subitem 18 (2) of Schedule 1 to the Act, Chapter 2 of the National Credit Act applies to the person in relation to the credit activity engaged in in relation to the carried over instrument if the person was not the credit provider, lessor, mortgagee or beneficiary of a guarantee in relation to the instrument immediately before 1 July 2010.

Note Under subitem 3 (2) of Schedule 1 to the Act, the National Credit Code applies in relation to a carried over instrument.

(2) For paragraph 110 (c) of the National Credit Act, section 29 of the Act applies as if it were modified by adding the following subsection after subsection (4):

(5) For the purposes of subsections (1) and (2), it is a defence if:

(d) the principal has notified ASIC in accordance with subitem 19A(2) of Schedule 2 to the Act as modified by ASIC Class Order [CO 10/381].