ASIC has published Regulatory Guide 281 Low cost credit contracts for Australian credit licensees who provide a category of credit known as low cost credit contracts. Background.
Most buy now, pay later contracts fall into this category.
It sets out ASIC’s guidance on how the credit regime applies to low cost credit contracts, including the modified responsible lending obligations in Chapter 3 of the National Consumer Credit Protection Act 2009 (National Credit Act).
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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
