38Application of Parts 3-2 and 3-7 of the National Credit Act — unlicensed carried over instrument lender

38 Application of Parts 3-2 and 3-7 of the National Credit Act — unlicensed carried over instrument lender

(1) For subitem 18 (2) of Schedule 1 to the Act, Parts 3-2 and Part 3-7 of the National Credit Act apply to an unlicensed carried over instrument lender if the lender:

(a) engages in the credit activity of being a credit provider under a credit contract; and

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

(2) Part 3-2 applies as if:

(a) all references to a licensee were references to an unlicensed carried over instrument lender; and

(b) all references to licensees were references to unlicensed carried over instrument lenders.

(3) Part 3-7 applies as if all references to this Chapter were references to Part 3-2.

(4) Each provision of Chapter 3 of the Credit Act applies to the unlicensed carried over instrument lender at the time, or for the period, that applies in accordance with that Chapter, including, if relevant, that Chapter as affected by:

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

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

Notes to the National Consumer Credit Protection (Transitional and Consequential Provisions) Regulations 2010

Note 1

Note: The National Consumer Credit Protection (Transitional and Consequential Provisions) Regulations 2010 (in force under the National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009) as shown in this compilation comprise Select Legislative Instrument 2010 No. 45 amended as indicated in the Tables below.

Note: > Note: Table of Instruments