Regulatory Guide 202 - Credit registration and transition CPD
If you currently engage in credit activities under state or territory legislation, and you want to continue to engage in credit activities from 1 July 2010, you must be registered with ASIC: see RG 202.1–RG 202.7.
If you are not registered with ASIC by 1 July 2010, you must stop engaging in credit activities until you either become registered or have an Australian credit licence.
Credit licensees and authorised credit representatives must belong to an ASIC recognised EDR Scheme.
The Financial Ombudsman Service
The Credit and Investments Ombudsman
Background checks need to be undertaken on any people involved in your business. Download free copy of Standards Australia Handbook here:
Div2 S64 – NCCP Act 2009. Licensee may authorise credit representatives. See useful templates for this form.
Div2 S65 – NCCP Act 2009. Credit representative that is a body corporate may sub-authorise natural persons as credit representatives.
Div2 S66 – NCCP Act 2009. Credit representatives of two or more licensees.
Please see the rest of Div2 NCCP Act 2009 for further information in this area.
How to authorise a credit representative?
RG 202.110 You can only authorise another person as a credit representative after you have been registered. Once you are registered, you can start to authorise other people as credit representatives during the registration period. However the authorisation, and your obligations under the credit legislation in relation to these credit representatives, will be taken to start on 1 July 2010.
RG 202.111 To authorise a person as a credit representative, you must give them a written notice that specifies the credit activities they can engage in on your behalf. You also need to make sure that the person you authorise meets the requirements set out in the credit legislation. For example, the person must be a member of an approved EDR scheme and they must not be a person that is banned from engaging in credit activities. The person must meet these requirements by the date that they are authorised (or by 1 July 2010 for credit representatives that are authorised during the registration period).
Note: For more information on the requirements that must be met by a person for them to be eligible for authorisation as a credit representative, see s64(5) and 65(6) of the National Credit Act.