Australian Securities and Investments Commission Credit (Unsuitability—Credit Cards) Instrument 2018/753 (Cth)

ASIC Credit (Unsuitability—Credit Cards) Instrument 2018/753

I, Grant Moodie, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date                28 August 2018

Grant Moodie

Contents

Part 1—Preliminary

1    Name of legislative instrument

2    Commencement

3    Authority

4    Definitions

Part 2—Determination

5    Period for determining unsuitability in respect of credit card contracts

Part 3—Transitional

6    Application

Part 1—Preliminary

1        Name of legislative instrument

This is the ASIC Credit (Unsuitability—Credit Cards) Instrument 2018/753.

2        Commencement

This instrument commences on the later of:

(a)     1 January 2019; and

(b)     the day after it is registered on the Federal Register of Legislation.

Note:    The register may be accessed at Authority

This instrument is made under subsection 160F(1) of the National Consumer Credit Protection Act 2009.

4        Definitions

In this instrument:

Act means the National Consumer Credit Protection Act 2009.

Part 2—Determination

5        Period for determining unsuitability in respect of credit card contracts

A period of three years is determined for the purposes of the following provisions of the Act:

(a)     paragraph 118(3AA)(b);

(b)     paragraph 119(3A)(b);

(c)     paragraph 123(3AA)(b);

(d)     paragraph 124(3A)(b);

(e)     paragraph 131(3AA)(b);

(f)     paragraph 133(3AA)(b).

Part 3—Transitional

6        Application

The determination in section 5 applies:

(a)     so far as the provision to which it relates applies in relation to entering a credit card contract—to credit card contracts entered into on or after 1 January 2019; and

(b)     so far as the provision to which it relates applies in relation to remaining in a credit card contract, or increasing the credit limit of a credit card contract:

(i)      to credit card contracts entered into on or after 1 January 2019; and

(ii)     to credit card contracts entered into before 1 January 2019.