We get a lot of queries from clients about when you have to start publishing your Australian Credit Licence (ACL) number.
The requirement only commences on 1 April 2012. See section 52(1) of the National Consumer Credit Protection Act (NCCP Act), which says that this applies from the date that is 2 years after the day when section 3 of the NCCP Act commences (that was 1 April 2010).
The documents that are covered are set out in reg. 13 of the National Consumer Credit Protection Regulations:
- a document that is required to be created or produced in accordance with Chapter 3 (Responsible lending conduct) of the NCCP Act – e.g. the credit guide, suitability assessment, and (if applicable) credit quote and credit proposal disclosure document;
- a printed advertisement that relates to the provision of credit to which the National Credit Code (Code) would apply – only printed advertisements are covered, and this only refers to “credit” to which the Code applies, not consumer leases;
- a document that is required to be created, produced, given or published by a provision of the Code – this would include a credit contract, consumer lease, mortgage, guarantee, statements of account, notices, etc.; and
- a document lodged with ASIC that relates to the provision of credit to which the Code would apply.
You have to include the ACL number and also identify in the document that the number is your ACL number (for example by the words Australian Credit Licence Number before the number).