Professional Development Australia-regulatory guide 204 applying for and varying a credit license

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Regulatory Guide 204 - Applying for and varying a Credit License CPD

Your first step is to decide whether you need a credit licence. You should read 'Regulatory Guide 203 Do I need a credit licence?' to help you make this decision: RG 204.3–RG 204.9.

If you need a credit licence you should apply online at: Australian Securities and Investments Commission

The information you will be asked to provide in your application will be tailored depending on whether you are a ‘standard’ applicant, a ‘streamlined’ applicant, an AFS licensee and/or a body regulated by APRA.

ASIC will only grant you a credit licence if you meet the requirements in the National Consumer Credit Act 2009.

Section D 204 – Questions you will be asked about compliance with general conduct obligations.
• Do you have arrangements and system for compliance with general conduct?
• Are you a fit and proper person to engage in credit activities?
   - B3 – Supervising and training representatives
   - B4 – Adequacy of resources
   - B5 – Dispute resolution and hardship applications
   - B6 – Risk management
   - B7 – Compensation arrangements
   - Responsible managers
   - Background checks:
      - Australian Credit Licence Financial Police Report
      - National Personal Insolvency Index Bankruptcy Report (valid for 12 months)
      - VEDA Credit Check
      - Background check on people involved in business
If ASIC refuse your application, you cannot engage in credit activities.

If there are changes to your business after your credit licence is granted, you may need to apply for a variation of your licence.






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