International Law

National Credit Code registrations closing date

By David Jacobson

ASIC has issued a reminder that anyone who is currently engaged in credit activities (as defined by the National Consumer Credit Protection Act) who is yet to register must do so before 30 June 2010, and ideally, by 18 June 2010, to ensure they can continue offering credit activities after 1 July 2010.

Since registration opened on 1 April, up to 1 June, over 10,200 entities and individuals intending to engage in credit activities after 1 July 2010 have applied.

ASIC has warned that if you wait until after 18 June 2010 to apply, there is a risk that it won?t be able to make a decision on your application by the end of the registration period on 30 June.

ASIC will not accept registration applications after 30 June 2010. If you are not registered with ASIC by 30 June 2010 or acting as the authorised credit representative of someone who is registered, you must stop engaging in credit activities until you either become registered or have an Australian credit licence.

Registered persons?, and prospective licensees who are yet to register, must apply for a credit licence between 1 July 2010 and 31 December 2010, or become a representative of a registered person or a credit licensee if they wish to continue engaging in credit activities beyond 31 December 2010.

Visit our National Consumer Credit Reform site

Full post as published by Australian Regulatory Compliance Review on June 07, 2010 (boomark / email).