National Consumer Credit Protection (Transitional and Consequential Provisions) Regulations 2010
35Application of Schedule 2 to the Act if not credit provider or lessor for carried over instrument before 1 July 2010
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35 Application of Schedule 2 to the Act if not credit provider or lessor for carried over instrument before 1 July 2010
(1) For subitem 20 (2) of Schedule 1 to the Act, Schedule 2 to the 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 42 (c) of Schedule 2 to the Act, item 4 of that Schedule applies as if it were modified by adding the following subitem after subitem (4):
(5) For the purposes of subitems (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].
(3) For paragraph 42 (c) of Schedule 2 to the Act, item 6 of that Schedule applies as if they were modified by adding the following subitem after subitem (4):
(5) For the purposes of subitems (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].