NCCP ACT 2009

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National Consumer Credit Protection

Act 2009

Act No. 134 of 2009 as amended

This compilation was prepared on 29 March 2011taking into account amendments up to Act No. 5 of 2011

The text of any of those amendments not in forceon that date is appended in the Notes section

The operation of amendments that have been incorporated may beaffected by application provisions that are set out in the Notes section

Prepared by the Office of Legislative Drafting and Publishing,Attorney-Generals Department, Canberra

ComLaw Authoritative Act C2011C00150

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National Consumer Credit Protection Act 2009 iii

Contents

Chapter 1Introduction 1Part 1-1Introduction 1

1 Short title [see Note 1]....................................................................... 12 Commencement ................................................................................. 13 The National Credit Code.................................................................. 2

Part 1-2Definitions 3Division 1Introduction 3

4 Guide to this Part ............................................................................... 3Division 2The Dictionary 4

5 The Dictionary................................................................................... 4Division 3Definitions relating to the meaning of credit activity 15

6 Meaning ofcredit activity................................................................ 157 Meaning ofcredit service ................................................................ 168 Meaning ofcredit assistance ........................................................... 169 Meaning ofacts as an intermediary ................................................ 1710 Assignees of credit providers, lessors, mortgagees and

beneficiaries of a guarantee ............................................................. 17Division 4Other definitions 19

11 Meaning ofapproved external dispute resolution scheme............... 1912 When a business is carried on in this jurisdiction .................... ....... 1913 Meaning ofmisleading .................................................................... 1914 Meaning ofpersongenerally includes a partnership ................... . 2015 Meaning ofpersongenerally includes multiple trustees............... 2016 Qualified privilege........................................................................... 22

Part 1-3Application of this Act and the Transitional Act 23Division 1Introduction 23

17 Guide to this Part ............................................................................. 23Division 2Constitutional basis and application of this Act and

the Transitional Act 2418 Constitutional basis for this Act and the Transitional Act ............... 2419 Meaning ofreferring State .............................................................. 2520 Meaning ofreferred credit matter................................................... 2921 General application of this Act and the Transitional Act

................. 2922 When Acts bind Crown ................................................................... 30

Division 3Interaction between the Commonwealth credit

legislation and State and Territory laws 3123 Concurrent operation intended ........................................................ 31


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24 When Commonwealth credit legislation does not apply.................. 3125 Avoiding direct inconsistency between Commonwealth and

State and Territory laws................................................................... 3226 Regulations to deal with interaction between laws ...................... .... 33

Chapter 2Licensing of persons who engage in credit activities 35Part 2-1Requirement to be licensed to engage in credit

activities 35Division 1Introduction 35

27 Guide to this Part ............................................................................. 35Division 2Engaging in credit activities without a licence 36

28 Application of this Division ............................................................ 3629 Prohibition on engaging in credit activities without a licence ......... 36

Division 3Other prohibitions relating to the requirement to belicensed and to credit activities 3830 Prohibitions on holding out and advertising etc.................... ........... 3831 Prohibition on conducting business with unlicensed persons .......... 3932 Prohibition on charging a fee etc. .................................................... 3933 Prohibition on giving misleading information etc. ...................... .... 40

Part 2-2Australian credit licences 41Division 1Introduction 41

34 Guide to this Part ............................................................................. 41Division 2Australian credit licences 42

35 Australian credit licences................................................................. 42Division 3How to get an Australian credit licence 43

36 Applying for a licence ..................................................................... 4337 When a licence may be grantedapplicants other than ADIs......... 4338 When a licence may be grantedADIs........................................... 4539 Regulations may prescribe streamlined process for other

applicants......................................................................................... 4640 Licences must not be granted to certain applicants...................... .... 4641 Applicant must be given hearing before refusal of licence .............. 4642 Notice of grant or refusal of licence and date of effect................... . 4743 Australian credit licence numbers.................................................... 4744 Basis on which licence is granted.................................................... 47

Division 4Conditions on an Australian credit licence 4945 The conditions on the licence .......................................................... 4946 Licence conditionsspecial procedures for APRA-regulated

bodies .............................................................................................. 50


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Division 5Obligations of licensees 5247 General conduct obligations of licensees......................................... 5248 Requirements for compensation arrangements

..................... ........... 5349 Obligation to provide a statement or obtain an audit report if

directed by ASIC ............................................................................. 5450 Obligation to give ASIC information required by the

regulations ....................................................................................... 5651 Obligation to provide ASIC with assistance if reasonably

requested.......................................................................................... 5752 Obligation to cite Australian credit licence number .................... .... 5753 Obligation to lodge annual compliance certificate.................... ....... 58

Division 6When a licence can be suspended, cancelled or

varied 60Subdivision ASuspensions and cancellations 60

54 Suspension or cancellation without hearing ..................... ............... 6055 Suspension or cancellation after offering a hearing ..................... .... 6156 Suspension and cancellationspecial procedures for

APRA-regulated bodies ................................................................... 62Subdivision BVariations 63

57 Varying licences .............................................................................. 63Subdivision CMiscellaneous rules about suspensions,

cancellations and variations 6358 Effect of suspension ........................................................................ 6359 Revocation of suspension ................................................................ 6360 Date of effect, notice and publication of variation,

cancellation or suspension etc. ........................................................ 6361 Statement of reasons........................................................................ 6462 ASIC may allow licence to continue in force ................... ............... 64

Part 2-3Credit representatives and other representatives of

licensees 65Division 1Introduction 65

63 Guide to this Part ............................................................................. 65Division 2Authorisation of credit representatives 66

64 Licensee may authorise credit representatives ...................... ........... 6665 Credit representative that is a body corporate may

sub-authorise natural persons as credit representatives................... . 6766 Credit representative of 2 or more licensees..................... ............... 6867 A person cannot be a credit representative in relation to

credit activities authorised by a persons licence ...................... ....... 6968 Variation and revocation of authorisations and

sub-authorisations............................................................................ 6969 Obligation not to give authorisation that has no effect ................... . 70


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70 Obligation to vary or revoke authorisation that ceases tohave effect ....................................................................................... 70

71 Obligation to notify ASIC etc. about credit representatives ............ 7172 Credit representative numbers ......................................................... 73

Division 3Information about representatives 7473 ASIC may give licensee information about representatives ............ 74

Division 4Liability of licensees for representatives 7774 Application of this Division ............................................................ 7775 Responsibility if representative of only one licensee...................... . 7776 Representatives of multiple licensees .............................................. 7777 Responsibility extends to loss or damage suffered by client ........... 7878 Effect of this Division ..................................................................... 78

Part 2-4Banning or disqualification of persons from

engaging in credit activities80

Division 1Introduction 8079 Guide to this Part ............................................................................. 80

Division 2Banning orders 8180 ASICs power to make a banning order........................................... 8181 What is a banning order? ................................................................ 8282 Effect of banning orders .................................................................. 8383 Variation or cancellation of banning orders...................... ............... 8384 Date of effect, notice and publication of banning order,

variation or cancellation .................................................................. 8485 Statement of reasons........................................................................ 85

Division 3Disqualification by the court86

86 Disqualification by the court ........................................................... 86Part 2-5Financial records, trust accounts and audit reports 87

Division 1Introduction 8787 Guide to this Part ............................................................................. 87

Division 2Financial records of licensees 8888 Obligation to keep financial records ................................................ 8889 How financial records are to be kept ............................................... 8990 Language of financial records ......................................................... 8991 Location of financial records ........................................................... 8992 Information to be shown in financial records ................... ............... 9093 Regulations may impose additional requirements .................... ....... 9094 Financial records taken to be made with licensees authority .......... 9195 Obligation to retain financial records for 7 years...................... ....... 9196 Financial records are prima facie evidence of matters.................... . 91


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Division 3Trust accounts of credit service licensees 9397 Application of this Division ............................................................ 9398 Obligation for credit service licensees to maintain trustaccount ............................................................................................ 9399 Obligations in relation to trust account money ..................... ........... 94100 Obligation to lodge trust account statement and trust account

audit report ...................................................................................... 95101 Time of lodgment of trust account statement and trust

account audit report ......................................................................... 96Division 4Matters relating to audit reports 98

102 Auditors right of access to records, information etc. ..................... . 98103 Auditors fees and expenses ............................................................ 99104 Auditor to report on certain matters................................................. 99105 Qualified privilege for auditor etc. ................................................ 100106 Regulations in relation to audit reports etc. ...................... ............. 101

Part 2-6Exemptions and modifications relating to this

Chapter 102Division 1Introduction 102

107 Guide to this Part ........................................................................... 102Division 2Exemptions and modifications relating to this

Chapter 103108 Provisions to which this Part applies ............................................. 103109 Exemptions and modifications by ASIC........................................ 103110 Exemptions and modifications by the regulations .................... ..... 105

Chapter 3Responsible lending conduct 106Part 3-1Licensees that provide credit assistance in relation to

credit contracts 106Division 1Introduction 106

111 Guide to this Part ........................................................................... 106112 Application of this Part.................................................................. 107

Division 2Credit guide of credit assistance providers 108113 Credit guide of credit assistance providers .................... ................ 108

Division 3Quote for providing credit assistance etc. in relation

to credit contracts 111114 Quote for providing credit assistance etc....................... ................ 111

Division 4Obligations of credit assistance providers before

providing credit assistance for credit contracts 113115 Obligations of credit assistance providers before providing

credit assistance for credit contracts .............................................. 113


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116 Preliminary assessment of unsuitability of the credit contract....... 114117 Reasonable inquiries etc. about the consumer ...................... ......... 114118 When the credit contract must be assessed as unsuitable

entering contract or increasing the credit limit ..................... ......... 115119 When the credit contract must be assessed as unsuitable

remaining in credit contract ........................................................... 116120 Providing the consumer with the preliminary assessment ............. 117

Division 5Fees, commissions etc. relating to credit contracts 119121 Fees, commissions etc. relating to credit contracts...................... .. 119122 No profiting from fees etc. paid to third parties.................... ......... 120

Division 6Prohibition on suggesting, or assisting with,

unsuitable credit contracts 121123 Prohibition on suggesting or assisting consumers to enter, or

increase the credit limit under, unsuitable credit contracts ............ 121124 Prohibition on suggesting to consumers to remain inunsuitable credit contracts ............................................................. 122

Part 3-2Licensees that are credit providers under credit

contracts 125Division 1Introduction 125

125 Guide to this Part ........................................................................... 125Division 2Credit guide of credit providers 126

126 Credit guide of credit providers ..................................................... 126127 Credit guide of credit providers who are assignees ..................... .. 127

Division 3Obligations of credit providers before entering

credit contracts or increasing credit limits 129128 Obligations of credit providers before entering credit

contracts or increasing credit limits ............................................... 129129 Assessment of unsuitability of the credit contract .................... ..... 129130 Reasonable inquiries etc. about the consumer ...................... ......... 129131 When credit contract must be assessed as unsuitable .................... 130132 Giving the consumer the assessment ............................................. 131

Division 4Prohibition on entering, or increasing the credit

limit of, unsuitable credit contracts 133133 Prohibition on entering, or increasing the credit limit of,

unsuitable credit contracts ............................................................. 133Part 3-3Licensees that provide credit assistance in relation to

consumer leases 135Division 1Introduction 135

134 Guide to this Part ........................................................................... 135135 Application of this Part.................................................................. 136


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Division 2Credit guide of credit assistance providers 137136 Credit guide of credit assistance providers .................... ................ 137

Division 3Quote for providing credit assistance etc. in relationto consumer leases 140

137 Quote for providing credit assistance etc....................... ................ 140Division 4Obligations of credit assistance providers before

providing credit assistance for consumer leases 142138 Obligations of credit assistance providers before providing

credit assistance for consumer leases ............................................. 142139 Preliminary assessment of unsuitability of the consumer

lease............................................................................................... 143140 Reasonable inquiries etc. about the consumer ...................... ......... 143141 When the consumer lease must be assessed as unsuitable

entering lease ................................................................................. 144142 When the consumer lease must be assessed as unsuitable

remaining in lease.......................................................................... 145143 Providing the consumer with the preliminary assessment ............. 146

Division 5Fees, commissions etc. relating to consumer leases 148144 Fees, commissions etc. relating to consumer leases .................... .. 148145 No profiting from fees etc. paid to third parties.................... ......... 149

Division 6Prohibition on suggesting, or assisting with,

unsuitable consumer leases 150146 Prohibition on suggesting, or assisting with, unsuitable

consumer leases ............................................................................. 150147 Prohibition on suggesting to consumers to remain in

unsuitable consumer leases ............................................................ 151Part 3-4Licensees that are lessors under consumer leases 154

Division 1Introduction 154148 Guide to this Part ........................................................................... 154

Division 2Credit guide of lessors 155149 Credit guide of lessors ................................................................... 155150 Credit guide of lessors who are assignees...................... ................ 156

Division 3Obligations of lessors before entering consumer

leases 158151 Obligations of lessors before entering consumer leases................. 158152 Assessment of unsuitability of the consumer lease...................... .. 158153 Reasonable inquiries etc. about the consumer ...................... ......... 158154 When consumer lease must be assessed as unsuitable ................... 159155 Giving the consumer the assessment ............................................. 160


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Division 4Prohibition on entering unsuitable consumer leases 162156 Prohibition on entering unsuitable consumer leases .................... .. 162

Part 3-5Credit representatives 164Division 1Introduction 164

157 Guide to this Part ........................................................................... 164Division 2Credit guide of credit representatives 165

158 Credit guide of credit representatives ............................................ 165Part 3-6Debt collectors 168


Division 2Credit guide of debt collectors 169160 Credit guide of debt collectors....................................................... 169

Part 3-7Exemptions and modifications relating to this


161 Guide to this Part ........................................................................... 171Division 2Exemptions and modifications relating to this

Chapter 172162 Provisions to which this Part applies ............................................. 172163 Exemptions and modifications by ASIC........................................ 172164 Exemptions and modifications by the regulations .................... ..... 173

Chapter 4Remedies 174Part 4-1Civil penalty provisions 174


Division 2Declarations and pecuniary penalty orders for

contraventions of civil penalty provisions 175166 Declaration of contravention of civil penalty provision................. 175167 Court may order person to pay pecuniary penalty for

contravening civil penalty provision.............................................. 175Division 3General provisions relating to civil penalty

provisions 177168 Contravening a civil penalty provision is not an offence............... 177169 Involvement in contravention treated in same way as actual

contravention ................................................................................. 177170 Civil evidence and procedure rules for proceedings relating

to civil penalty provisions.............................................................. 177


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171 Criminal proceedings before civil proceedings .................... ......... 177172 Criminal proceedings during civil proceedings .................... ......... 177173 Criminal proceedings after civil proceedings ................... ............. 178174 Evidence given in proceedings for pecuniary penalty not

admissible in criminal proceedings................................................ 178175 Civil double jeopardy .................................................................... 178

Part 4-2Power of the court to grant remedies 179Division 1Introduction 179

176 Guide to this Part ........................................................................... 179Division 2Power of the court to grant remedies 180

177 Injunctions ..................................................................................... 180178 Compensation orders ..................................................................... 181179 Other orders to compensate loss or damage ..................... ............. 182180 Orders in relation to unlawful credit activities

...................... ......... 184181 Preference must be given to compensate consumers ..................... 185182 Adverse publicity orders................................................................ 186183 Relief from liability for contravention of civil penalty

provision........................................................................................ 186184 Multiple remedies may be granted................................................. 187

Part 4-3Jurisdiction and procedure of courts 188Division 1Introduction 188

185 Guide to this Part ........................................................................... 188Division 2Civil proceedings 189

Subdivision AApplication of this Division 189186 Application of this Division .......................................................... 189

Subdivision BConferral of civil jurisdiction 189187 Civil jurisdiction of courts ............................................................. 189188 Jurisdictiondecisions to prosecute and related criminal

justice process decisions made by Commonwealth officers .......... 190189 Cross-jurisdictional appeals........................................................... 192190 Courts to act in aid of each other ................................................... 192

Subdivision CTransfers between courts 193191 Transfersapplication of Subdivision .......................................... 193192 Transfersexercise of transfer power ........................................... 193193 Transferscriteria for transfer ...................................................... 194194 Transfershow initiated ............................................................... 195195 Transfersdocuments and procedure ........................................... 195196 Transfersconduct of proceedings ............................................... 195197 Transfersentitlement to practise as a lawyer ..................... ......... 196198 Transferslimitation on appeals................................................... 196


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Subdivision DOther matters 196199 Plaintiffs may choose small claims procedure ...................... ......... 196200 Costs only if proceedings brought vexatiously etc.

..................... .. 200201 Civil proceedings not to be stayed................................................. 201202 Standard of proof in civil proceedings........................................... 201

Division 3Criminal proceedings 202Subdivision AApplication of this Division 202

203 Application of this Division .......................................................... 202Subdivision BConferral of criminal jurisdiction 202

204 Criminal jurisdiction of courts....................................................... 202205 Criminal proceedingslaws to be applied .................... ................ 205206 Criminal proceedingshow taken ................................................ 205207 Certain persons to assist in prosecutions ....................................... 206208 Privilege against self-incrimination not available to bodies

corporate in criminal proceedings.................................................. 207Division 4Proceedings generally 208

209 ASICs power to intervene in proceedings .................... ................ 208210 Evidence of contravention ............................................................. 208211 Power of court to punish for contempt of court .................... ......... 209

Chapter 5Administration 210Part 5-1Registers relating to credit activities 210


Division 2Registers relating to credit activities 211213 Credit registers .............................................................................. 211214 Inspection and public availability of credit registers ..................... 212

Part 5-2Documents lodged with ASIC or required by this Act 213Division 1Introduction 213

215 Guide to this Part ........................................................................... 213Division 2Lodgment of documents with ASIC 214

216 When documents are lodged with ASIC........................................ 214217 Approved forms for documents to be lodged with ASIC............... 214218 ASIC may refuse to receive document etc..................... ................ 215

Division 3ASICs register of documents 217219 Register of documents lodged with ASIC ..................... ................ 217220 ASIC may require person to give information for document

registers ......................................................................................... 217221 Written document setting out information from document

registers is prima facie evidence of matters ...................... ............. 218


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Division 4Other provisions relating to documents lodged with

ASIC or required under this Act 219222 Certified copy or extract of document lodged with ASIC isadmissible in evidence................................................................... 219223 ASIC may destroy or dispose of certain documents .................... .. 219224 Court may order lodgment of document etc. .................... ............. 219225 Offences relating to documents lodged with ASIC etc. ................. 220

Part 5-3Concealment or falsification of credit books 223Division 1Introduction 223

226 Guide to this Part ........................................................................... 223Division 2Prohibitions relating to the concealment or

falsification of credit books 224227 Concealing etc. of credit books ..................................................... 224228 Falsification of credit books .......................................................... 225229 Precautions against falsification of credit books................... ......... 226

Part 5-4Fees imposed by the National Consumer Credit

Protection (Fees) Act 2009 227Division 1Introduction 227

230 Guide to this Part ........................................................................... 227Division 2Fees imposed by the National Consumer Credit

Protection (Fees) Act 2009 228231 Fees are payable to the Commonwealth ........................................ 228232 Lodgment of document without payment of fee ................... ......... 228233 Doing act without payment of fee.................................................. 228234 Effect of sections 232 and 233....................................................... 228235 Waiver and refund of fees ............................................................. 229236 Debts due to the Commonwealth................................................... 229237 Payment of fee does not give right to inspect or search................. 229

Part 5-5Other administrative matters 230Division 1Introduction 230

238 Guide to this Part ........................................................................... 230Division 2Other administrative matters 231

239 ASIC has general administration of this Act .................... ............. 231240 Obstructing or hindering ASIC etc. ............................................... 231241 Approved codes of conduct ........................................................... 231242 ASIC may arrange for use of computer programs to make

decisions ........................................................................................ 232243 Qualified privilege for information given to ASIC...................... .. 233244 ASIC certificate is prima facie evidence of matters..................... .. 233


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245 Operator of approved external dispute resolution schememay give information to ASIC ...................................................... 234

Chapter 6Compliance and enforcement 235Part 6-1Investigations 235


Division 2Investigations 236247 General powers of investigation .................................................... 236248 Minister may direct investigations................................................. 236249 Interim report on investigation ...................................................... 237250 Final report on investigation.......................................................... 238251 Distribution of report..................................................................... 238

Part 6-2Examination of persons 240Division 1Introduction 240

252 Guide to this Part ........................................................................... 240Division 2Examination of persons 241

253 Notice requiring appearance for examination................... ............. 241254 Proceedings at examination ........................................................... 241255 Requirements made of examinee................................................... 241256 Examination to take place in private.............................................. 242257 Examinees lawyer may attend ...................................................... 242258 Record of examination................................................................... 243259 Giving to other persons copies of record ....................................... 243260 Copies given subject to conditions ................................................ 244261 Record to accompany report.......................................................... 244

Part 6-3Inspection of books and audit information-gathering

powers 245Division 1Introduction 245

262 Guide to this Part ........................................................................... 245Division 2Inspection of books and audit information-gathering

powers 246263 When certain powers may be exercised......................................... 246264 ASIC may inspect books without charge....................................... 246265 Notice to auditors concerning information and books ................... 247266 Notice to produce books about credit activities .................... ......... 248267 Notice to produce documents in persons possession .................... 248268 ASIC may authorise persons to require production of books,

giving of information etc. .............................................................. 249269 Application for warrant to seize books not produced .................... 250


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270 Grant of warrant ............................................................................ 250271 Powers if books produced or seized .............................................. 251272 Powers if books not produced........................................................ 252

Part 6-4Proceedings after an investigation 254Division 1Introduction 254

273 Guide to this Part ........................................................................... 254Division 2Proceedings after an investigation 255

274 ASIC may prosecute...................................................................... 255275 ASIC may bring civil proceedings................................................. 256

Part 6-5Hearings 257Division 1Introduction 257

276 Guide to this Part ........................................................................... 257Division 2Hearings 258

277 Power to hold hearings .................................................................. 258278 General discretion to hold hearing in public or private.................. 258279 Request by person appearing at hearing that it take place in

public ............................................................................................. 258280 Certain hearings to take place in private........................................ 259281 ASIC may restrict publication of certain material .................... ..... 259282 Who may be present when hearing takes place in private ............. 259283 Involvement of person entitled to appear at hearing.................... .. 260284 Power to summon witnesses and take evidence.................... ......... 261285 Proceedings at hearings ................................................................. 262286 ASIC to take account of evidence and submissions..................... .. 262287 Reference to court of question of law arising at hearing................ 263288 Protection of ASIC members etc. .................................................. 263

Part 6-6Offences 264Division 1Introduction 264

289 Guide to this Part ........................................................................... 264Division 2Offences 265

290 Contraventions of requirements made under this Chapter ............. 265291 False information........................................................................... 266292 Obstructing person executing a warrant under this Chapter .......... 266293 Disrupting hearings ....................................................................... 267294 Concealing books relevant to investigation ...................... ............. 267295 Self-incrimination.......................................................................... 268296 Legal professional privilege .......................................................... 269297 Powers of court relating to contraventions of this Chapter............ 270


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Part 6-7ASICs powers in relation to contraventions of this


298 Guide to this Part ........................................................................... 271Division 2ASICs powers in relation to contraventions of this

Chapter 272299 Application of this Part.................................................................. 272300 Orders by ASIC relating to credit contracts, mortgages,

guarantees or consumer leases ....................................................... 272301 Orders under this Part .................................................................... 273

Part 6-8Evidentiary use of certain material 274Division 1Introduction 274

302 Guide to this Part ........................................................................... 274Division 2Evidentiary use of certain material 275

303 Statements made at an examination: proceedings againstexaminee........................................................................................ 275

304 Statements made at an examination: other proceedings................. 275305 Weight of evidence admitted under section 304 ................... ......... 276306 Objection to admission of statements made at examination .......... 277307 Copies of, or extracts from, certain books ..................... ................ 278308 Report under Part 6-1 .................................................................... 278309 Exceptions to admissibility of report ............................................. 279310 Material otherwise admissible ....................................................... 280

Part 6-9Miscellaneous provisions relating to compliance and

enforcement 281Division 1Introduction 281

311 Guide to this Part ........................................................................... 281Division 2Miscellaneous provisions relating to compliance and

enforcement 282312 Requirement made of a body corporate ......................................... 282313 Evidence of authority .................................................................... 282314 Giving documents to natural persons............................................. 282315 Place and time for production of books ......................................... 283316 Application of Crimes Act and Evidence Act................... ............. 283317 Allowances and expenses .............................................................. 283318 Expenses of investigation under Part 6-1....................................... 283319 Recovery of expenses of investigation .......................................... 284320 Compliance with this Chapter ....................................................... 285321 Effect of this Chapter..................................................................... 285322 Enforcement of undertakings......................................................... 285


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Chapter 7Miscellaneous 286Part 7-1Miscellaneous 286


Division 2Liability of persons for conduct of their agents etc. 287324 Liability for bodies corporate for conduct of their agents,

employees etc. ............................................................................... 287325 Liability of persons (other than bodies corporate) for the

conduct of their agents, employees etc. ......................................... 288326 Regulations for the purposes of this Division................... ............. 289

Division 3Review of ASICs decisions 290327 Review by Administrative Appeals Tribunal of decisions by

ASIC under this Act ...................................................................... 290328 Notice of reviewable decision and review rights ...................... ..... 291

Division 4Regulations 292329 Regulations.................................................................................... 292330 Regulationswhere proceedings may be brought ...................... .. 292331 Regulationsinfringement notices ............................................... 292

Division 5Other miscellaneous provisions 293332 Civil penalty provisions contravened or offences committed

partly in and partly out of this jurisdiction..................... ................ 293333 Contravention of Act does not generally affect validity of

transactions etc. ............................................................................. 293334 Contracting out etc. ....................................................................... 293335 Indemnities .................................................................................... 294336 Acquisition of property.................................................................. 295337 Minister may delegate prescribed functions and powers

under this Act ................................................................................ 295Schedule 1National Credit Code 296Part 1Preliminary 296

1 Short title ....................................................................................... 2962 Interpretation generally.................................................................. 2963 Meaning ofcreditand amount of credit........................................ 2964 Meaning ofcredit contract............................................................ 2975 Provision of credit to which this Code applies ..................... ......... 2976 Provision of credit to which this Code does not apply................... 2987 Mortgages to which this Code applies ........................................... 3028 Guarantees to which this Code applies .......................................... 3029 Goods leases with option to purchase to be regarded as sale

by instalments................................................................................ 302


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10 Deciding application of Code to particular contracts for thesale of land by instalments............................................................. 304

11 Deciding application of Code to particular contracts for the

sale of goods by instalments.......................................................... 30512 Deciding application of Code to particular contracts for the

sale of goods by instalments under related contracts ..................... 30613 Presumptions relating to application of Code ................... ............. 306

Part 2Credit contracts 308Division 1Negotiating and making credit contracts 308

14 Credit contract to be in form of written contract document ........... 30815 Other forms of contract.................................................................. 30816 Precontractual disclosure............................................................... 30917 Matters that must be in contract document .................... ................ 30918 Form and expression of contract document ...................... ............. 31519 Alteration of contract document .................................................... 31520 Copy of contract for debtor ........................................................... 31521 When debtor may terminate contract............................................. 31522 Offence for noncompliance ........................................................... 316

Division 2Debtors monetary obligations 31723 Prohibited monetary obligations .................................................... 31724 Offences related to prohibited monetary obligations ..................... 31725 Loan to be in money or equivalent ................................................ 31826 Early payments and crediting of payments .................... ................ 31826A Regulations about residential investment property ...................... .. 319

Division 3Interest charges 32027 Definitions relating to interest

....................................................... 32028 Limit on interest charges ............................................................... 32029 Early debit or payment of interest charges prohibited ................... 32130 Default interest .............................................................................. 32130A Regulations about residential investment property ...................... .. 322

Division 4Fees and charges 32331 Prohibited credit fees or charges.................................................... 32332 Fees or charges passed on to other parties ..................... ................ 323

Division 5Credit providers obligation to account 32433 Statements of account.................................................................... 32434 Information to be contained in statements of account.................... 32535 Opening balance must not exceed closing balance of

previous statement ......................................................................... 32736 Statement of amount owing and other matters...................... ......... 32837 Court may order statement to be provided..................... ................ 32938 Disputed accounts.......................................................................... 329


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39 Dating and adjustment of debits and credits in accounts ............... 330Division 6Certain transactions not to be treated as contracts 331

40 Deferrals, waivers and changes under contracts ................... ......... 331Part 3Related mortgages and guarantees 332

Division 1Mortgages 33241 Application of Division ................................................................. 33242 Form of mortgage .......................................................................... 33243 Copy of mortgage for mortgagor................................................... 33244 Mortgages over all property void................................................... 33345 Restriction on mortgage of future property ...................... ............. 33346 Mortgages and continuing credit contracts .................... ................ 33347 All accounts mortgages ................................................................. 33348 Third party mortgages prohibited .................................................. 33449 Maximum amount which may be secured ..................... ................ 33450 Prohibited securities ...................................................................... 33551 Assignment or disposal of mortgaged property by mortgagor....... 33652 Conditions on consent to assignment or disposal of property

subject to mortgage........................................................................ 33753 Offence for noncompliance ........................................................... 337

Division 2Guarantees 33954 Application of Division ................................................................. 33955 Form of guarantee.......................................................................... 33956 Disclosure...................................................................................... 33957 Copies of documents for guarantor................................................ 33958 Guarantor may withdraw before credit is provided ..................... .. 34059 Extension of guarantee .................................................................. 34060 Limitation of guarantors liability.................................................. 34161 Increase in guarantors liabilities................................................... 34262 Offence for noncompliance ........................................................... 342

Part 4Changes to obligations under credit contracts,

mortgages and guarantees 344Division 1Unilateral changes by credit provider 344

63 Application of Division ................................................................. 34464 Interest rate changes ...................................................................... 34465 Repayment changes ....................................................................... 34666 Credit fees and charges changes .................................................... 34767 Changes to credit limits etc. in continuing credit contracts ........... 34868 Other unilateral changes by credit provider ...................... ............. 34869 Particulars of matters as changed only required to be given

under this Division in certain cases ............................................... 34970 Prohibited increases in liabilities ................................................... 349


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xx National Consumer Credit Protection Act 2009

Division 2Changes by agreement of parties 35071 Changes by agreement................................................................... 350

Division 3Changes on grounds of hardship and unjusttransactions 351

72 Changes on grounds of hardship.................................................... 35173 Notice of change............................................................................ 35274 Changes by court ........................................................................... 35375 Credit provider may apply for variation of change ...................... .. 35376 Court may reopen unjust transactions............................................ 35377 Orders on reopening of transactions .............................................. 35678 Court may review unconscionable interest and other charges ....... 35779 Applications by ASIC.................................................................... 35880 Time limit ...................................................................................... 35881 Joinder of parties ........................................................................... 358

Part 5Ending and enforcing credit contracts, mortgages and

guarantees 360Division 1Ending of credit contract by debtor 360

82 Debtors or guarantors right to pay out contract ...................... ..... 36083 Statement of pay out figure ........................................................... 36084 Court may determine pay out figure if credit provider does

not provide a pay out figure ........................................................... 36185 Surrender of mortgaged goods and goods subject to sale by

instalments..................................................................................... 36186 Compensation to debtor or mortgagor ........................................... 36487 One-off notice to be given the first time a direct debit default

occurs............................................................................................ 364

Division 2Enforcement of credit contracts, mortgages and

guarantees 36688 Requirements to be met before credit provider can enforce

credit contract or mortgage against defaulting debtor ormortgagor ...................................................................................... 366

89 Defaults may be remedied ............................................................. 36990 Requirements to be met before credit provider can enforce

guarantee against guarantor ........................................................... 36991 Requirements to be met before credit provider can repossess

mortgaged goods ........................................................................... 37092 Acceleration clauses ...................................................................... 37093 Requirements to be met before credit provider can enforce

an acceleration clause .................................................................... 371Division 3Postponement of enforcement proceedings 373

94 Postponement of exercise of rights ................................................ 37395 Effect of negotiated postponement ................................................ 374


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National Consumer Credit Protection Act 2009 xxi

96 Postponement by court .................................................................. 37497 Credit provider may apply for variation of postponement

order .............................................................................................. 375Division 4Enforcement procedures for goods mortgaged 376

98 Information as to location of mortgaged goods .................... ......... 37699 Entry to residential property to take possession of goods .............. 376100 Court may order entry ................................................................... 377101 Order for possession ...................................................................... 377102 Procedures to be followed by credit provider after taking

possession of goods ....................................................................... 377103 Mortgagor may nominate purchaser of goods taken by credit

provider ......................................................................................... 378104 Sale of goods by credit provider .................................................... 379105 Matters for which account can be debited after mortgagee

sale of goods .................................................................................. 380106 Compensation to mortgagor .......................................................... 380

Division 5Enforcement expenses 381107 Recovery of enforcement expenses ............................................... 381

Division 6Mortgagors remedies 382108 Mortgagor may apply to regain possession of mortgaged

goods ............................................................................................. 382109 Order for possession for mortgagor............................................... 382110 Ancillary or consequential orders .................................................. 383

Part 6Penalties for defaults of credit providers 384Division 1Penalties for breach of key disclosure and other

requirements384

111 Key requirements........................................................................... 384112 Application for order relating to key requirements...................... .. 385113 Penalty may be imposed for contravention of key

requirement.................................................................................... 385114 Penalty if application made by debtor or guarantor ..................... .. 387115 Payment of penalty to debtor or guarantor .................... ................ 387116 Penalty if application made by a credit provider or ASIC ............. 388117 Payment of penalty ........................................................................ 388118 Compensation for debtor or guarantor........................................... 388119 General provisions relating to applications by credit

providers or ASIC.......................................................................... 389120 ASIC may represent interests of debtors ....................................... 389121 Directions pending courts decision .............................................. 389122 Offences ........................................................................................ 390123 Time limit for application for orders under this Division .............. 390


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xxii National Consumer Credit Protection Act 2009

Division 2Other penalties 391124 Civil effect of other contraventions ............................................... 391

Part 7Related sale contracts 392Division 1Interpretation and application 392

125 Meaning ofsale contract............................................................... 392126 Sale contracts to which this Part applies........................................ 392127 Linked credit providers and tied credit contracts...................... ..... 392

Division 2Liability of credit providers for suppliers

misrepresentations 394128 Credit provider liable with respect to suppliers

misrepresentations etc. about tied credit contract ..................... ..... 394Division 3Liability of credit providers in relation to goods 395

129 Right to damages under sale contract against both supplier

and linked credit provider (cf. section 73 of the TradePractices Act 1974) ....................................................................... 395

130 Limits on debtors right of action against linked creditprovider (cf. section 73 of the Trade Practices Act 1974) ............. 396

131 Liability of supplier to linked credit provider (cf. section 73of the Trade Practices Act 1974)................................................... 398

132 Interest may be awarded (cf. section 73 of the TradePractices Act 1974) ....................................................................... 399

133 Subrogation of credit provider (cf. section 73 of the TradePractices Act 1974) ....................................................................... 399

Division 4Termination of related transactions 400134 Termination of sale contract which is conditional on

obtaining credit.............................................................................. 400135 Termination of (or recredit under) tied credit contract if sale

contract terminated ........................................................................ 400136 Termination of linked maintenance services contract if credit

contract terminated ........................................................................ 402137 Termination of contract under this Part to be in writing ................ 403138 Powers of court with respect to termination of contract under

this Part.......................................................................................... 403139 Part 5 not to apply to termination of contract under this Part ........ 403

Division 5Other provisions 404140 Requirement as to source of credit for goods or services .............. 404141 Prohibition on payment for goods or services by postdated

bills of exchange or notes which exceed cash price of goods

or services...................................................................................... 404Part 8Related insurance contracts 405

142 Interpretation and application ........................................................ 405


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National Consumer Credit Protection Act 2009 xxiii

143 Requirement to take out insurance or to insure withparticular insurer or on particular terms......................................... 405

144 Financing of insurance premiums over mortgaged property.......... 406145 Commission for consumer credit insurance...................... ............. 407146 Supply of copy of credit-related insurance contract by

insurer............................................................................................ 407147 Rejection of debtors proposal for insurance .................... ............. 408148 Termination of consumer credit insurance contract if credit

contract terminated ........................................................................ 408149 Termination of insurance contract over mortgaged property

if credit contract terminated........................................................... 409Part 9Advertising and related conduct 411

150 Advertising .................................................................................... 411151 Persons liable for advertisements .................................................. 412152 Defence.......................................................................................... 412153 Interest rates which may be disclosed............................................ 412154 False or misleading representations............................................... 413155 Harassment .................................................................................... 413156 Canvassing of credit at home......................................................... 413

Part 10Comparison rates 414Division 1Preliminary 414

157 Object of Part................................................................................. 414158 Part not to apply to continuing credit contracts .................... ......... 414159 Definitions ..................................................................................... 414

Division 2Comparison rate in credit advertising 416160 Comparison rate mandatory in advertisements containingannual percentage rate ................................................................... 416161 The relevant comparison rate......................................................... 416162 Information about comparison rate................................................ 416163 Warning about comparison rate..................................................... 417164 Other requirements for comparison rate ........................................ 417

Division 3Comparison rate in other documents 418165 Comparison rates in documents other than credit advertising ....... 418

Division 4Miscellaneous 419166 Calculation of comparison rates .................................................... 419167 Compliance grace period following changes in interest or

fees ................................................................................................ 419168 Regulationsexemptions and other matters .................... ............. 419

Part 11Consumer leases 420Division 1Interpretation and application 420

169 Meaning ofconsumer lease ........................................................... 420


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xxiv National Consumer Credit Protection Act 2009

170 Consumer leases to which this Part applies ...................... ............. 420171 Consumer leases to which this Part does not apply ..................... .. 421172 Presumptions relating to application of this Part ...................... ..... 422

Division 2Form of and information to be included in consumer

leases 423173 Form of consumer lease................................................................. 423174 Disclosures in consumer leases ..................................................... 423175 Copy of lease etc. for lessee .......................................................... 424176 Further goods and deferrals or waivers under consumer

leases ............................................................................................. 424Division 3Other provisions applicable to consumer leases 426

177 Application of certain Code provisions to consumer leases .......... 426178 Notice of repossession................................................................... 426179 Termination of lease ...................................................................... 427

Part 12Miscellaneous 428Division 1Tolerances and assumptions 428

180 Tolerances and assumptions relating to information ..................... 428181 Tolerances relating to contracts and other documents ................... 429182 Regulations.................................................................................... 429

Division 2Documentary provisions 430183 Form of notices.............................................................................. 430184 Legibility and language ................................................................. 430185 Copies of contracts and other documents ...................... ................ 431186 Signing of documents .................................................................... 431187 Electronic transactions and documents.......................................... 432

Division 3General provisions 433188 Assignment by credit provider....................................................... 433189 Assignment by debtor, mortgagor or guarantor .................... ......... 433190 Appropriation of payments ............................................................ 433191 Contracting out .............................................................................. 434192 Indemnities .................................................................................... 434193 Effect of noncompliance................................................................ 435194 Giving notice or other document ................................................... 435195 Manner of giving notice or other document ..................... ............. 437196 Date of notice or other document .................................................. 438197 Extensions of time ......................................................................... 438198 Orders of court

............................................................................... 438199 Conduct of agents and related matters........................................... 438

Division 4Provisions relating to offences 440200 Offences by officers, agents or employees .................... ................ 440201 Offences by corporations............................................................... 440


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National Consumer Credit Protection Act 2009 xxv

202 Limitations .................................................................................... 440203 Application of section 4K of the Crimes Act 1914 ...................... .. 440

Division 5Exemptions from this Code 441203A Exemptions by ASIC..................................................................... 441203B Exemptions by the regulations....................................................... 441

Part 13Principal definitions 442204 Principal definitions....................................................................... 442

Part 14Miscellaneous provisions relating to interpretation 451Division 1Preliminary 451

205 Displacement of Part by contrary intention ...................... ............. 451Division 2General 452

206 Material that is, and is not, part of this Code .................... ............. 452207 References to particular Acts and to enactments ...................... ..... 452208 Compliance with forms ................................................................. 452

Division 3Terms and references 454209 Provisions relating to defined terms and gender and number ........ 454210 Meaning ofmay and mustetc. ....................................................... 454211 Effect of express references to bodies corporate and

individuals ..................................................................................... 454212 Reference to certain provisions of Code ........................................ 455213 Reference to provisions of this Code or an Act is inclusive .......... 455

Division 4Functions and powers 456214 Power to make instrument or decision includes power to

amend or repeal ............................................................................. 456215 Matters for which statutory instruments may make provision ....... 456216 Presumption of validity and power to make ..................... ............. 457217 Exercise of powers between enactment and commencement ........ 458

Division 5Distance, time and age 461218 Matters relating to distance, time and age ..................... ................ 461

Notes 463


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National Consumer Credit Protection Act 2009 1

An Act relating to credit, and for related purposes

Chapter 1Introduction

Part 1-1Introduction

1 Short title [see Note 1]

This Act may be cited as theNational Consumer Credit ProtectionAct 2009.

2 Commencement

(1) Each provision of this Act specified in column 1 of the tablecommences, or is taken to have commenced, in accordance withcolumn 2 of the table. Any other statement in column 2 has effectaccording to its terms.

Commencement information

Column 1 Column 2 Column 3

Provision(s) Commencement Date/Details

1. Sections 1 and

2 and anything inthis Act not

elsewhere covered

by this table

The day on which this Act receives the

Royal Assent.

15 December

2009

2. Sections 3 to

337 and

Schedule 1

A single day to be fixed by Proclamation.

However, if any of the provision(s) do not

commence within the period of 6 months

beginning on the day on which this Act

receives the Royal Assent, they commence

on the first day after the end of that period.

1 April 2010

(see

F2010L00301)

Note: This table relates only to the provisions of this Act as originallypassed by both Houses of the Parliament and assented to. It will not beexpanded to deal with provisions inserted in this Act after assent.

(2) Column 3 of the table contains additional information that is notpart of this Act. Information in this column may be added to oredited in any published version of this Act.


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Chapter 1 Introduction

Part 1-1 Introduction

Section 3

2 National Consumer Credit Protection Act 2009

3 The National Credit Code

Schedule 1 (which is the National Credit Code) has effect as a lawof the Commonwealth.


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Introduction Chapter 1

Definitions Part 1-2

Introduction Division 1

Section 4


Part 1-2DefinitionsDivision 1Introduction

4 Guide to this Part

This Part is about the terms that are defined in this Act (other thanthe National Credit Code). (For the terms that are defined in theNational Credit Code, see section 204 of that Code.)

Division 2 has the Dictionary (see section 5). The Dictionary is a

list of every term that is defined in this Act (other than the NationalCredit Code). A term will either be defined in the Dictionary itself,or in another provision of this Act. If another provision defines theterm, the Dictionary will have a signpost to that definition.

Division 3 has definitions relating to the meaning of credit activity.

Division 4 has some other definitions that apply across this Act(other than the National Credit Code).


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Part 1-2 Definitions

Division 2 The Dictionary

Section 5


Division 2The Dictionary

5 The Dictionary

(1) In this Act (other than the National Credit Code):

acts as an intermediary: see section 9.

ADIhas the same meaning as in subsection 5(1) of theBanking Act1959.

adverse publicity order: see section 182.

affairs, in relation to a person that is a body corporate, has thesame meaning as in Part 3 of the ASIC Act.

affidavit includes affirmation.

ancillary offence, in relation to another offence, means:

(a) an offence against section 6 of the Crimes Act 1914; or

(b) an ancillary offence within the meaning of the CriminalCode;

that relates to the other offence.

appealincludes:

(a) an application for a new trial; and

(b) proceedings to review or call in question the proceedings,decision or jurisdiction of a court or judge.

approved external dispute resolution scheme: see section 11.

APRA means the Australian Prudential Regulation Authority.

ASICmeans the Australian Securities and InvestmentsCommission.

ASIC Act means theAustralian Securities and InvestmentsCommission Act 2001, and includes instruments made under that

Act.ASIC member means a member of ASIC within the meaning of theASIC Act.


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The Dictionary Division 2

Section 5


ASIC staff member means a staff member within the meaning ofsubsection 5(1) of the ASIC Act.

Australia, when used in a geographical sense, does not include anexternal Territory.

Note: Paragraph 17(a) of theActs Interpretation Act 1901 would otherwiseprovide thatAustralia included the Territory of Christmas Island andthe Territory of Cocos (Keeling) Islands.

Australian credit licence: see subsection 35(1).

Australian credit licence number means the number given to alicence under section 43.

Australian financial services licence has the same meaning as in

section 761A of the Corporations Act 2001.authorised, in relation to a credit activity: see subsection 35(2).

banker has the same meaning as in section 9 of the CorporationsAct 2001.

banned from engaging in a credit activity under a law of a State

or Territory: a person isbanned from engaging in a credit activityunder a law of a State or Territory if:

(a) the person holds a State or Territory credit licence that issuspended (otherwise than by request of the person); or

(b) the person has held a State or Territory credit licence that hasbeen cancelled within the last 7 years (otherwise than by thepersons request); or

(c) an order of a court made under a law of a State or Territoryprohibits the person from engaging in a credit activity; or

(d) the person is otherwise prohibited under a law of a State orTerritory from engaging in a credit activity.

banning order: see subsection 81(1).

beneficiary of a guarantee means a person who is a party to aguarantee and who has the benefit of the guarantee, and includes aperson who is a beneficiary of a guarantee because of section 10.

body regulated by APRA has the same meaning as in subsection3(2) of theAustralian Prudential Regulation Authority Act 1998.


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Section 5


book includes:

(a) a register; and

(b) any other record of information; and(c) financial reports or financial records, however compiled,

recorded or stored; and

(d) a document.

business day has the same meaning as in section 204 of theNational Credit Code.

carried on in this jurisdiction has a meaning affected bysection 12.

civil penalty provision: a subsection of this Act (or a section of this

Act that is not divided into subsections) is acivil penalty provisionif:

(a) the words civil penalty and one or more amounts in penaltyunits are set out at the foot of the subsection (or section); or

(b) another provision of this Act specifies that the subsection (orsection) is a civil penalty provision.

coastal sea:

(a) in relation to Australiameans:

(i) the territorial sea of Australia; and

(ii) the sea on the landward side of the territorial sea ofAustralia and not within the limits of a State or internalTerritory;

and includes the airspace over, and the sea-bed and subsoilbeneath, any such sea; and

(b) in relation to a State or Territorymeans so much of thecoastal sea of Australia as is within the area described inSchedule 1 to the Offshore Petroleum and Greenhouse GasStorage Act 2006under the heading that refers to that Stateor Territory.

commission includes any financial or other benefit in the nature ofa commission.

Commonwealth credit legislation means this Act and theTransitional Act.

consumer means a natural person or a strata corporation.


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Section 5


consumer lease means a consumer lease to which Part 11 of theNational Credit Code applies.

contravention, in relation to a Commonwealth law, includes anancillary offence relating to an offence against that law.

credit has the same meaning as in subsection 3(1) of the NationalCredit Code.

credit activity: see section 6.

credit assistance: see section 8.

credit book:see subsection 227(4).

credit contract has the same meaning as in section 4 of the

National Credit Code.

credit legislation means:

(a) this Act; and

(b) the Transitional Act; and

(c) Division 2 of Part 2 of the ASIC Act and regulations madefor the purpose of that Division; and

(d) any other Commonwealth, State or Territory legislation thatcovers conduct relating to credit activities (whether or not italso covers other conduct), but only in so far as it coversconduct relating to credit activities.

credit limit of a credit contract means the maximum amount ofcredit that may be provided under the contract.

credit provider has the same meaning as in section 204 of theNational Credit Code, and includes a person who is a creditprovider because of section 10.

credit registers: see section 213.

credit representative: see subsections 64(2) and 65(2).

credit representative number means the number given to a credit

representative under section 72.credit service: see section 7.

criminal procedure: see section 205.


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Section 5


debtor has the same meaning as in section 204 of the NationalCredit Code.

director has the same meaning as in section 9 of the CorporationsAct 2001.

disqualification order means an order of the court undersection 86.

document registers: see section 219.

engage in conduct means:

(a) do an act; or

(b) omit to perform an act.

examination, when used in Chapter 6 (which deals withcompliance and enforcement), means an examination of a personpursuant to a requirement made under section 253.

expenses, in relation to an investigation under Part 6-1, includescosts and expenses incurred by ASIC in relation to proceedingsbrought under section 275 as a result of the investigation.

Federal Courtmeans the Federal Court of Australia.

financial records: see subsection 88(2).

financial year: see subsection 100(6).

function includes a duty.

give:

(a) when used in Chapter 6 (which deals with compliance andenforcement) in relation to a documenthas a meaningaffected by section 314; and

(b) when used in relation to information, includes:

(i) explaining or stating a matter; and

(ii) identifying a person, matter or thing; and

(iii) disclosing information; and

(iv) answering a question.guarantee means a guarantee to which the National Credit Codeapplies.


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Section 5


hearing, when used in Chapter 6 (which deals with complianceand enforcement), means a hearing before ASIC and, in

sections 278, 280, 281 and 282 (which are in that Chapter),includes part of such a hearing.

initial National Credit Code: see subsection 20(2).

insolvent means:

(a) in the case of a natural persona person who is an insolventunder administration (within the meaning of theCorporations Act 2001); or

(b) in the case of a body corporatea body corporate that is anexternally-administered body corporate (within the meaningof the Corporations Act 2001); or

(c) in the case of a partnershipa partnership against which acreditors petition or a debtors petition is presented underDivision 2 or 3 of Part IV of theBankruptcy Act 1966.

investigate, in relation to ASIC, means investigate in the course ofperforming any of ASICs functions or exercising any of ASICspowers.

involved in: a person is involved in a contravention of a provisionof legislation if, and only if, the person:

(a) has aided, abetted, counselled or procured the contravention;or

(b) has induced the contravention, whether by threats orpromises or otherwise; or

(c) has been in any way, by act or omission, directly orindirectly, knowingly concerned in or party to thecontravention; or

(d) has conspired with others to effect the contravention.

judgment means a judgment, decree or order, whether final orinterlocutory.

law of a referring Stateor a Territorymeans a law of, or in forcein, a referring State or a Territory but does not include a law of the

Commonwealth in force in the referring State or the Territory.

law of a Stateor Territorymeans a law of, or in force in, a State orTerritory but does not include a law of the Commonwealth in forcein the State or Territory.


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Section 5


lawyer means a person who is admitted to the legal profession by afederal court or a Supreme Court of a State or Territory.

lessee means the lessee under a consumer lease.

lessor means the lessor under a consumer lease, and includes aperson who is a lessor because of section 10.

licence means an Australian credit licence.

licensee means a person who holds a licence.

licensing anniversary: see subsection 53(7).

lodge with ASIC:see section 216.

lower court means:(a) the Federal Magistrates Court; or

(b) a court of a State or Territory that is not a superior court.

malice: see subsection 16(2).

matter includes an act, an omission, a body, a person or a thing.

misleading: see section 13.

mortgagemeans a mortgage to which the National Credit Codeapplies.

mortgagee means the mortgagee under a mortgage, and includes aperson who is a mortgagee because of section 10.

mortgagor means the mortgagor under a mortgage.

National Credit Code means Schedule 1 to this Act, and includes:

(a) regulations made under section 329 for the purposes of thatSchedule; and

(b) instruments made under that Schedule.

officer of the Commonwealth has the same meaning as inparagraph 75(v) of the Constitution.

penalty unit has the same meaning as in section 4AA of the CrimesAct 1914.


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Section 5


person has a meaning affected by section 14 (which deals withpartnerships) and section 15 (which deals with multiple trustees).

power includes an authority.

premises includes:

(a) a structure, building, aircraft, vehicle or vessel; and

(b) any land or place (whether enclosed or built in or not); and

(c) a part of a structure, building, aircraft, vehicle, vessel or ofsuch a place.

prescribed State or Territory order means an order under a law ofa State or Territory, being an order of a kind prescribed by theregulations.

proceedings:

(a) when used in Chapter 6 (which deals with compliance andenforcement)has the same meaning as the definition of

proceeding in subsection 5(1) of the ASIC Act; and

(b) otherwisemeans proceedings, whether criminal or civil,before a court.

qualified privilege has a meaning affected by section 16.

receiving court: see section 191.

record, when used in Chapter 6 (which deals with compliance and

enforcement) in relation to an examination, means the whole orpart of a record made under section 258 of statements made at theexamination.

referred credit matter: see subsection 20(1).

referring State: see section 19.

registered company auditor has the same meaning as in section 9of the Corporations Act 2001.

related body corporate has the same meaning as in section 9 of theCorporations Act 2001.

related criminal justice process decision: see section 188.

relevant

NCCP ACT 2009

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