Regulatory Guide 203 - Do I need a Credit License? CPD
If you engage in credit activities you will generally need an Australian credit licence (credit licence) or an authorisation from a credit licensee before commencing business.
‘Credit activity’ is defined in the National Consumer Credit Protection Act 2009 (National Credit Act) and includes activities relating to the provision of credit contracts and consumer leases, securing payment obligations by related mortgages and guarantees, and the provision of credit services. You will only be engaging in credit activities if your activities are in relation to credit contracts or consumer leases to which the National Credit Code applies.
Not everyone engaging in credit activities regulated under the National Credit Act will need a credit licence. If you are authorised to engage in credit activities on behalf of a licensee, you will not need a credit licence for those activities. Your credit activities may also be exempt from the licensing requirements under regulations or you may be exempted by ASIC.
National licensing regime
RG 203.1 Since 1 July 2010 a national licensing scheme has applied for people who engage in credit activities in relation to consumers under the National Credit Act.
RG 203.2 If you are involved in the provision of credit or consumer leases to consumers, you need to be aware of whether you need to be licensed. It is an offence under s29 of the National Credit Act to engage in credit activities while unlicensed. If you hold a licence to engage in credit activities, you also need to be aware of whether any other person with whom you conduct business needs to be licensed. It is an offence under s31 of the National Credit Act for a licensee to conduct business with unlicensed persons.
Note: All section references in this guide relate to the National Credit Act unless specified as relating the National Credit Code. The Code is contained in Sch 1 of the National Credit Act.
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