The National Consumer Credit Protection Act (NCCP) has changed the requirements for individuals and businesses providing credit services. Under this legislation anyone providing credit related services to consumers is required to hold an Australian Credit Licence (ACL) or be appointed as an authorised representative under a Credit Licence.
Licensing attracts a number of significant obligations and requires the implementation of formalised systems and procedures. These systems and procedures need to compliant with Australian Securities and Investments Commission (ASIC) RG 206 guidelines. While most participants in the industry have most of these requirements in some form, compiling them in a format acceptable to ASIC can be a major challenge. This challenge can be compounded with the time pressures of running a successful business while trying to create and compile systems to comply.
ASIC regulates and enforces the new licensing regime under the National Consumer Credit Protection act (NCCP) . Among other things, it will have the power to suspend or cancel a credit licence with or without a hearing (depending on the circumstances), to make orders banning any person from engaging in credit activities and to make adverse publicity orders.
CreditLicencing.com.au support packages can assist your business with registration, licensing and meeting the obligations imposed under the new and existing Australian Credit Licence laws and regulations, including responsible lending requirements and disclosure obligations.
CreditLicencing.com.au is a joint venture between Mortgage Broking Training and Compliance expert Walker & Miller and AFS Licence and Risk Services specialist My Dealer Services.
Our combined expertise is equipped to help your business engaged in credit activities to meet its obligations under the new national consumer credit laws which commenced on 1 July 2010. All State and Territory credit laws and the Uniform Consumer Credit Code have been replaced by the National Consumer Credit Protection Act 2009.
Criminal penalties of up to five years imprisonment and civil penalties of up to $220,000 for an individual and $1.1 million for a corporation will also apply to certain breaches of the ACL regime, but more importantly non compliance can put you out of business instantly.
Contact Us today to ensure that your business is ready in time.