You will require this licence if you intend to engage in credit activity in Australia. There are two broad categories of people engaged in credit activities who need to be licensed:
- Credit providers such as lenders and lessors; and
- Providers of services to credit providers, including intermediaries, agents and some business process outsourcing operations.
You may be involved in credit activity if you provide, deal in or benefit from:
- Credit contracts;
- Consumer leases;
- Mortgages and guarantees; or
- Credit assistance services (for example suggesting credit products to customers).
Some exceptions apply. Please consult the Contact Officer for more information.
A licence defines the need to obtain recognition / certification and registration to undertake a certain business activity.
To be eligible for this licence you must:
- Be a fit and proper person (or if you are a company, those responsible for managing your credit business must be fit and proper people);
- Not be subject to a banning order;
- Have a current membership of an external dispute resolution scheme;
- Have adequate professional indemnity insurance;
- Show the Agency that you can comply with all of your licensing requirements;
- Provide the Agency with any information and audit reports they request;
- Complete the required form; and
- Pay the required fee.
Please note that if you are a foreign entity that is not a registered foreign company you must appoint an Australian agent to apply for and hold this licence. Please consult the Contact Officer for more information regarding eligibility requirements.
Ongoing compliance is required for continued licensing.
Fees will vary depending on your circumstances. Please consult the Contact Officer for more information.
Australian Securities and Investments Commission
Investors and Financial Consumers
National Consumer Credit Protection Act 2009 (Australian Government)
National Consumer Credit Protection Regulations 2010 (Australian Government)
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