National Consumer Credit Protection Amendment Regulations 2010 (No. 1) (Cth)

National Consumer Credit Protection Amendment Regulations 2010 (No. 1)¹

Select Legislative Instrument 2010 No. 59

I, QUENTIN BRYCE, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the National Consumer Credit Protection Act 2009.

Dated 24 March 2010

QUENTIN BRYCE

Governor-General

By Her Excellency’s Command

CHRIS BOWEN

Minister for Financial Services, Superannuation and Corporate Law

Name of Regulations

These Regulations are the National Consumer Credit Protection Amendment Regulations 2010 (No. 1).

Commencement

These Regulations commence on 1 July 2010.

Amendment of National Consumer Credit Protection Regulations 2010

Schedule 1 amends the National Consumer Credit Protection Regulations 2010.

Schedule 1 Amendments

(regulation 3)

[1] After regulation 25

insert

25AModifications — credit representatives

For paragraph 110 (c) of the Act, section 67 of the Act applies as if it were modified by adding the following subsections after subsection 67 (2):

‘(3)However, if:

(a)a person (person 1) purports to authorise a registered person (within the meaning of the Transitional Act) to engage in a credit activity as a credit representative under subsection 64(1) or 65(1); and

(b)at the time of making the purported authorisation, person 1 reasonably believes that the registered person will engage in the credit activity only as a credit representative;

the authorisation has effect when it is given and is taken not to contravene subsection (1).

(4)If the registered person does not request the cancellation of the registered person’s registration within 15 business days after the day on which the authorisation is given, the authorisation mentioned in subsection (3) ceases to have effect at the end of the 15 business days.’.

[2] After regulation 65

insert

65AIndigenous Business Australia — exemption from certain provisions of Code

The Code, other than sections 72 to 81, does not apply to Indigenous Business Australia.

Note 1 Section 203B of the Code provides, among other things, that the regulations may exempt a person or a class of persons from all or specified provisions of the Code.

Note 2 Indigenous Business Australia is the former Aboriginal and Torres Strait Islander Commercial Development Corporation, renamed in accordance with subsection 145 (1) of the Aboriginal and Torres Strait Islander Act 2005.

Note

All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See