If you have a servicing agreement with a securitisation funder, and are, or have registered as, a credit licensee, Regulation 9A of the National Consumer Credit Protection Amendment Regulations 2010 (No. 3) adds the following notification obligations to your other statutory licence conditions:
1. if the servicing agreement was made before 1 July 2010 you must notify ASIC within 30 business days after 1 July 2010;
2. if the servicing agreement was entered into on or after 1 July 2010, you must notify ASIC no later than 20 business days after the servicing agreement was entered into;
3. You must notify ASIC within 15 business days after you cease to be a party to a servicing agreement;
4. You must notify ASIC within 15 business days of any action taken by a natural person in a position to control or influence the
securtisation funder that has or may have the effect of directing you to act inconsistently with your licence obligations, or the credit legislation generally.
If you are part of a securtisation program and are unsure whether you must be licensed or how to deal with your past loans under the National Credit Act, contact Bright Law.