37Application of Chapter 3 of National Credit Act — licensee or registered person in relation to carried over instrument

37 Application of Chapter 3 of National Credit Act — licensee or registered person in relation to carried over instrument

(1) For subitem 18 (2) of Schedule 1 to the Act, Chapter 3 of the National Credit Act applies:

(a) to a licensee or registered person; and

(b) in relation to a credit activity engaged in in relation to a carried over instrument.

(2) Chapter 3 applies as if:

(a) all references to a licensee were references to a licensee or registered person; and

(b) all references to licensees were references to licensees or registered persons.

(3) Each provision of Chapter 3 of the Credit Act applies to the licensee or registered person at the time, or for the period, that applies in accordance with that Chapter, including, if relevant, that Chapter as affected by:

(a) item 19 of Schedule 1 to the Act; or

(b) item 36 of Schedule 2 to the Act.