Regulations issued on 24 November 2010 give some relief from the responsible lending obligations commencing 1 January 2011 in the situation where the application is received before that date.
If the application for a credit contract or consumer lease is received between 1 October 2010 and 31 December 2010, you are not required to conduct a suitability assessment or provide a credit guide to the applicant.
The exemption only applies to the credit provider or lessor – it does not apply to credit assistants.
And not all credit providers and lessors are exempt. The exemption only applies if you are an authorised deposit taking institution (ADI) or a registrable corporation under the Financial Sector (Collection of Data) Act 2001.
The exemption ends on 1 April 2011.