Credit Act deadlines approach

Credit licence applications
If you currently conduct consumer credit activity and you have registered with ASIC, in order for you to continue from 1 January 2011 the deadline for lodging fully complete and accepted applications with ASIC is 31 December 2010.

As ASIC is closed from Christmas Day to 3 January 2011 you should submit your application as soon as possible so that requisitions for further information can be answered.

At 7 December, ASIC had issued 1702 credit licences and received 4605 applications.

Responsible lending
From 1 January 2011, the responsible lending provisions of the National Credit Act apply to authorised deposit-taking institutions (ADIs), and registered finance companies.

The responsible lending provisions for other credit providers and representatives, including finance brokers, intermediaries, and smaller lenders came into effect on 1 July 2010.

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