International Law

Registering under the National Consumer Credit Protection Act

By David Jacobson

If you currently carry on a credit activity you must register under the National Consumer Credit Protection Act by 30 June 2010. If you are not registered by that date, you must stop engaging in credit activities from 1 July 2010.

The registration period is a three-month period from 1 April 2010 to 30 June 2010.

ASIC Regulatory Guide 202 explains how to make an application for registration. It also gives some guidance on the obligations of registered persons, and the transition from registration to holding an Australian credit licence. If you wait until late in the registration period to apply, there is a risk that ASIC won?t make a decision on your application until after 30 June 2010.

Langes have prepared a checklist of things that you must do to get ready for registration and licensing.

It can be downloaded here.

Full post as published by Australian Regulatory Compliance Review on January 10, 2010 (boomark / email).