Commonwealth Consolidated Regulations

NATIONAL CONSUMER CREDIT PROTECTION REGULATIONS 2010 - REG 22

  (1)   For the purposes of paragraph   110(1)(a) of the Act, this regulation exempts certain persons engaging in a credit activity from:

  (a)   section   29 of the Act; and

  (b)   definitions in the Act, as they apply to references in the provisions mentioned in paragraph   (a); and

  (c)   instruments made for the purposes of any of the provisions mentioned in paragraphs   (a) and (b).

Note:   Section   29 of the Act provides that a person must not engage in a credit activity if the person does not hold a licence authorising the person to engage in the credit activity.

  Subsection   29(3) provides, among other things, that it is a defence if the person is a credit representative of a person who holds a licence.

  (2)   The person is exempted only to the extent that the person is engaging in the specified credit activity.

Note:   If the person also engages in a credit activity that is not the subject of an exemption under the Act, the person is not exempted in relation to that credit activity.

  (3)   A person is exempted if:

  (a)   the person engages in a credit activity by selling, storing or transporting property of a debtor, lessor, mortgagor or guarantor on behalf of:

  (i)   a credit provider who is a licensee, registered person or exempt special purpose funding entity; or

  (ii)   a mortgagee who is a licensee, registered person or exempt special purpose funding entity; or

  (iii)   a person who is the beneficiary of a guarantee who is a licensee, registered person or exempt special purpose funding entity; or

  (iv)   a lessor who is a licensee, registered person or exempt special purpose funding entity; or

  (b)   the person engages in a credit activity by giving or sending to a debtor, lessee, mortgagor or guarantor, on behalf of:

  (i)   a credit provider who is a licensee, registered person or exempt special purpose funding entity; or

  (ii)   a mortgagee who is a licensee, registered person or exempt special purpose funding entity; or

  (iii)   a person who is the beneficiary of a guarantee who is a licensee, registered person or exempt special purpose funding entity; or

  (iv)   a lessor who is a licensee, registered person or exempt special purpose funding entity;

    a notice or document that the person mentioned in subregulation   (i), (ii), (iii) or (iv) is obliged by law to give or send to the debtor, lessee, mortgagor or guarantor.