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.