ASIC Credit (Mandatory Credit Reporting) Instrument 2021/541

Administered by Department of the Treasury

Legislation au F2021L00750 In force Legislative Instrument

Legislation content

ASIC Credit (Mandatory Credit Reporting) Instrument 2021/541

 

made under subsection 133CO(2) of the National Consumer Credit Protection Act 2009.

Compilation No. 1

 

Compilation date: 10/06/2026

Includes amendments up to: F2026L00689

About this compilation

This compilation

This is a compilation of the ASIC Credit (Mandatory Credit Reporting) Instrument 2021/541 that shows the text of the law as amended and in force on 10/06/2026 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au).

Application, saving and transitional provisions

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. Any modifications affecting the law are accessible on the Register.

Self‑repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

Contents

Part 1—Preliminary

1 Name of legislative instrument

3 Authority

4 Definitions

Part 2—Determination

5 Accounts that are not eligible credit accounts

Part 3—Repeal

6 Repeal

Endnotes

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

 

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC Credit (Mandatory Credit Reporting) Instrument 2021/541.

3 Authority

This instrument is made under subsection 133CO(2) of the National Consumer Credit Protection Act 2009.

4 Definitions

In this instrument:

Act means the National Consumer Credit Protection Act 2009.

charge card contract has the same meaning as in subregulation 62(2) of the National Consumer Credit Protection Regulations 2010.

consumer credit has the same meaning as in subsection 6(1) of the Privacy Act 1988.

deposit product has the same meaning as in section 9 of the Corporations Act 2001.

margin lending facility has the same meaning as in subsection 761EA(1) of the Corporations Act 2001.

Part 2—Determination

5 Accounts that are not eligible credit accounts

For the purposes of paragraph 133CO(1)(c) of the Act, the following kinds of accounts are determined:

(a) accounts that are margin lending facilities;

(b) accounts that are deposit products and relate to the provision, or possible provision, of consumer credit if, in each case, the holder of the account has not expressly agreed to the provision, or possible provision, of the consumer credit;

(c) accounts of a kind no longer offered by a credit provider that is a member of a banking group if the number of those accounts held with the credit provider:

(i) is less than 10,000; and

(ii) is less than 3% of the total number of all the accounts held with the banking group that relate to the provision, or possible provision, of consumer credit;

(d) accounts created to give effect to deeds of novation if, in each case:

(i) the deed of novation is between an employee, employer and a credit provider at the time it was entered into, and involves the transfer of some or all of the rights and obligations under a lease; and

(ii) the account is held by the employee;

(e) accounts that provide for the provision of consumer credit under a charge card contract that is entered into by a credit provider that is specified in subregulation 62(1) of the National Consumer Credit Protection Regulations 2010;

(f) accounts that are created for the sole purpose of testing a new product by a credit provider if, in each case:

(i) the account is not offered or made available to the general public; and

(ii) the account is only offered to individuals involved in testing the product with the credit provider; and

(iii) the account is one of no more than 250 accounts created as part of the product testing; and

(iv) the term of the account is for a period of no more than 6 months.

Part 3—Repeal

6 Repeal

This instrument is repealed at the start of 1 October 2031.

 

 

 

Endnotes 

Endnote 1—About the endnotes

The endnotes provide information about this compilation and the compiled law.

The following endnotes are included in every compilation:

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Abbreviation key—Endnote 2

The abbreviation key sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history—Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Misdescribed amendments

A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.

If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and “(md not incorp)” is added to the amendment history.

 

Endnote 2—Abbreviation key

ad = added or inserted

orig = original

 

 

am = amended

p = page(s)

 

 

amdt = amendment

para = paragraph(s)/subparagraph(s)

 

 

C[x] = Compilation No. x

/sub‑subparagraph(s)

 

 

ch = Chapter(s)

pres = present

 

 

cl = clause(s)

prev = previous

 

 

cont. = continued

(prev…) = previously

 

 

def = definition(s)

pt = Part(s)

 

 

Dict = Dictionary

r = regulation(s)/Court rule(s)

 

 

disallowed = disallowed by Parliament

reloc = relocated

 

 

div = Division(s)

renum = renumbered

 

 

exp = expires/expired or ceases/ceased to have

rep = repealed

 

 

effect

rs = repealed and substituted

 

 

gaz = gazette

s = section(s)/subsection(s)

 

 

LA = Legislation Act 2003

/rule(s)/subrule(s)/order(s)/suborder(s)

 

 

LIA = Legislative Instruments Act 2003

sch = Schedule(s)

 

 

(md not incorp) = misdescribed amendment

SLI = Select Legislative Instrument

 

 

cannot be given effect

SR = Statutory Rules

 

 

mod = modified/modification

sub ch = Sub‑Chapter(s)

 

 

No. = Number(s)

sub div = Subdivision(s)

 

 

Ord = Ordinance

sub pt = Subpart(s)

 

 

 

underlining = whole or part not

 

 

 

commenced or to be commenced

 

 

 

 

Endnote 3—Legislation history

Name

Registration

Commencement

Application, saving and transitional provisions

2021/541

15/06/2021 (see F2021L00750)

16/06/2021

 

 

2026/64

09/06/2026 (see F2026L00689)

10/06/2026

-

 

 

Endnote 4—Amendment history

Provision affected

How affected

Section 2

Section 4

Section 4 (definition of deposit product)

Section 4 (definition of margin lending facility)

Section 5

Paragraph 5(c)

Paragraph 5(e)

At the end of Section 5

Section 6

rep. s48D LA

ad. 2026/64

am. 2026/64

am. 2026/64

am. 2026/64

ad. 2026/64

am. 2026/64

ad. 2026/64

am. 2026/64

 

 

 

 

 

Overview

The ASIC Credit (Mandatory Credit Reporting) Instrument 2021/541 was enacted to address the need for comprehensive and accurate credit reporting within the Australian financial services sector. This legislative instrument is made under the authority of subsection 133CO(2) of the National Consumer Credit Protection Act 2009, and it seeks to establish specific categories of credit accounts that are exempt from mandatory credit reporting requirements. The instrument aims to refine the scope of credit reporting to ensure that only relevant and necessary data is shared, thereby improving the efficiency and effectiveness of credit assessments while protecting consumer privacy. This regulation plays a crucial role in maintaining a balanced approach to credit reporting, supporting informed lending decisions while safeguarding consumer interests.

Scope and Application

The ASIC Credit (Mandatory Credit Reporting) Instrument 2021/541 applies to credit providers operating within Australia under the authority of the National Consumer Credit Protection Act 2009. This legislative instrument outlines specific accounts that are not eligible for mandatory credit reporting, including accounts that are margin lending facilities, deposit products not agreed upon by account holders for consumer credit, accounts no longer offered by credit providers that meet certain numerical criteria, accounts created for product testing with strict limitations, and charge card accounts under specific regulations. The instrument also details accounts related to deeds of novation involving employees, employers, and credit providers. The geographic reach of this legislation is nationwide, applying uniformly across all states and territories of Australia. The instrument does not specify any exclusions or exemptions, but rather, it defines specific exclusions based on account types and conditions. The application and enforcement of this legislation may be further extended or restricted through subordinate instruments, although the primary instrument itself does not provide specific details on such extensions. The compiled law includes amendments up to a specified date, with details of uncommenced amendments accessible on the legislative register.

Key Provisions

The ASIC Credit (Mandatory Credit Reporting) Instrument 2021/541, under the National Consumer Credit Protection Act 2009, identifies specific accounts that are not considered eligible credit accounts for the purposes of mandatory credit reporting. These accounts include margin lending facilities (section 5(a)), deposit products that relate to consumer credit but where the account holder has not expressly agreed to the provision of such credit (section 5(b)), accounts that are no longer offered by a credit provider but meet certain criteria (section 5(c)), accounts created under a deed of novation (section 5(d)), accounts that provide consumer credit under a charge card contract (section 5(e)), and accounts created for product testing purposes (section 5(f)). The instrument imposes obligations on credit providers to ensure they do not include these specified accounts in their mandatory credit reporting. For instance, credit providers must exclude margin lending facilities, certain deposit products, accounts no longer offered by the provider, accounts created under deeds of novation, charge card accounts, and accounts used solely for product testing. These exclusions are aimed at ensuring that only eligible credit accounts are reported, thereby maintaining the integrity and relevance of credit data for consumer protection and regulatory oversight. Failure to comply with the provisions of this instrument may result in significant consequences. While specific offences and penalties are not detailed within the provided text, under the National Consumer Credit Protection Act 2009, breaches of credit reporting obligations can lead to civil penalties for individuals and corporations. For corporations, the maximum penalty can be substantial, often expressed as a significant multiple of the benefits obtained from the breach, or, if such benefits cannot be determined, a fixed penalty amount. Additionally, officers of corporations found in breach may face personal penalties. These enforcement measures underscore the importance of adherence to the specified reporting requirements and the potential legal ramifications for non-compliance.

Legal classification tags

Area of Law
Consumer Law
Instrument
Legislative Instrument
Concepts
Definitions & Interpretation
Repeal & Amendment
Reporting & Disclosure Obligations

Interactions

Authorises

All Versions

Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.