36Application of section 213 and Chapter 2 of National Credit Act

36 Application of section 213 and Chapter 2 of National Credit Act

(1) For subitem 18 (2) of Schedule 1 to the Act, this regulation applies to the person if the person:

(a) immediately before 1 July 2010, was a credit provider or lessor in relation to a carried over instrument; and

(b) on or 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 who is exempt from a requirement to hold a licence under the National Credit Act or to be a registered person under the Act.

(2) Section 213 of the National Credit Act and Chapter 2 of the National Credit Act apply to the person in relation to a credit activity engaged in in relation to the carried over instrument.

Note Under subitem 3 (2) of Schedule 1 to the Act, the National Credit Code applies in relation to a carried over instrument. Schedule 2 to the National Consumer Credit Protection Regulations 2010 also makes arrangements for carried over instruments.