Regulatory Guide 209 - Amendments and Enhancements to Responsible Lending Obligations Guidance for RG209 course completed prior 2015
The guide sets out the context of ASIC's expectations for "credit licensees" and representatives to meet their responsible lending conduct obligations in Chapter 3 of the National Consumer Credit Protection Act 2009 (National Credit Act).
The guide covers a number of amendments and enhancements made to the legislation, such as:
• when making reasonable enquiries and verifications;
• when making a preliminary and final assessment that a credit contract is "not unsuitable" for a consumer; and
• Your obligations relating to documents required to be provided to consumers.
Additional responsible lending requirements for reverse mortgages and small amount credit contracts imposed by ASIC have also been included in the guide. These additional responsible lending obligations apply to the information required to be provided to consumers by credit providers and credit assistance providers.