ASIC guidance on responsible lending disclosure obligations

ASIC has published Information Sheet 146 Responsible lending disclosure obligations: Overview for credit licensees and representatives relating to the disclosure obligations commencing on 2 October 2011.

The 9 page Information Sheet covers:
• the obligations of licensees
• the different types of disclosure documents licensees may have to give to consumers
• the circumstances that trigger a requirement to give those disclosure documents
• special requirements and exemptions that apply to some entities, or licensees that engage in credit activities through those entities
• the type of information that needs to be included in the disclosure documents, and
• instances where these documents can be combined.

The following table is a useful summary provided in the Information Sheet.

Table 1: What credit disclosure documents do I need to provide?

I am a:

Credit guide

Quote

Proposal document

Written assessment

Credit provider, assignee or lessor

YES

(see s126, 127 and 149)

N/A

 

N/A

 

YES

(Final assessment: see s132 and 155)

Credit assistance provider

YES

(see s113 and 136)

YES

(see s114 and 137)

YES

(see s121 and 144)

YES

(Preliminary assessment: see s120 and 143)

Credit representative

YES (see s158)

 

N/A

 

N/A

 

N/A

 

Debt collector (if a licensee or credit representative)

YES (see s160)

 

N/A

 

N/A

 

N/A

 

Note: All references in the table are to the National Credit Act.
There are some exemptions that may apply in certain situations: see Table 2.

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