Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(regulation 25G)
3.1 Subsection 5(1), after definition of contravention
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"court" has the same meaning as it has in Part 4 - 3.
3.1A Subsection 5(1), after definition of examination
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"exempt special purpose funding entity" has the same meaning as in the National Consumer Credit Protection Regulations 2010 .
3.2 Subsection 5(1), after definition of function
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"fund raising special purpose entity" means a body corporate or trust that:
(a) has the sole purpose of raising funds in order to be:
(i) a credit provider for a credit contract; or
(ii) a lessor for a consumer lease; and
(b) raises funds from persons other than natural persons; and
(c) only engages in credit activities as a credit provider under a credit contract or a lessor under a consumer lease; and
(d) does not have any employees; and
(e) is not a licensee or registered person.
3.3 Subsection 5(1), after definition of registered company auditor
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"registered person" has the meaning given by section 4 of the Transitional Act.
3.4 Subsection 5(1), after definition of representative
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"securitisation entity" means a body corporate or trust that:
(a) carries on a business consisting of managing by way of a securitisation transaction some or all of the economic risk associated with assets, liabilities or investments (whether the body corporate or trust assumes the risk from another person or creates the risk itself); and
(b) is an insolvency remote special purpose funding entity according to the criteria of an internationally recognised rating agency that are applicable to the circumstances of the body corporate or trust (regardless of whether the agency has determined that the body corporate or trust satisfies the criteria); and
(c) raises substantially all of its funds by issuing securitisation products on terms that the funds raised would be applied to the business mentioned in paragraph (a); and
(d) is a credit provider under a credit contract or a lessor under a consumer lease.
"securitisation product" means a debt instrument or an interest in a managed investment scheme (within the meaning of the Corporations Act 2001 ).
"servicing agreement" means an agreement:
(a) that is between:
(i) a special purpose funding entity; and
(ii) a licensee or registered person; and
(b) under which the licensee or registered person, on behalf of the special purpose funding entity, performs obligations, or exercises the rights of:
(i) a credit provider in relation to a credit contract or proposed credit contract; or
(ii) a lessor in relation to a consumer lease or proposed consumer lease; or
(iii) a mortgagee in relation to a mortgage or proposed mortgage; or
(iv) a person who is a beneficiary of a guarantee or proposed guarantee in relation to the guarantee or proposed guarantee.
"special purpose funding entity" means a fund raising special purpose entity or a securitisation entity.
3.5 Subsection 29(4)
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3.6 Subsection 45(1), including the subheading
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ASIC may impose, vary or revoke conditions on licensee who is party to a servicing agreement
(1) ASIC may, at any time:
(a) impose conditions or additional conditions on a licensee who is a party to a servicing agreement with a special purpose funding entity, including a condition requiring the licensee to cease engaging in a credit activity on behalf of a special purpose funding entity; and
(b) vary or revoke conditions imposed on the licensee.
3.7 Section 46
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3.8 Before section 74
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74A Definitions for this Division
In this Division:
"represented person" means a special purpose funding entity that is exempt from the requirement to be licensed under the Credit Act or exempt from the requirement to be registered under the Transitional Act.
"representative" includes a licensee or registered person who is a party to a servicing agreement with a special purpose funding entity.
3.9 Section 74
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licensee
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represented person
3.10 Section 75, heading
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75 Responsibility if representative of only one represented person
3.11 Section 75
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licensee
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represented person
3.12 Section 76, heading
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76 Representatives of multiple represented persons
3.13 Subsections 76(1) and (2)
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licensee
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represented person
3.14 Subsection 76(2)
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licensees
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represented persons
3.15 Paragraph 76(3)(a)
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licensees
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represented persons
3.16 Paragraph 76(3)(c)
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(c) the conduct is within the authority of:
(i) only one of those represented persons (the authorising represented person ); or
(ii) 2 or more of those represented persons (the authorising represented persons );
3.17 Paragraph 76(3)(d)
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authorising licensee
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authorising represented person
3.18 Paragraph 76(3)(d)
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licensee
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represented person
3.19 Paragraph 76(3)(e)
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authorising licensees
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authorising represented persons
3.21 Section 77
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licensee
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represented person
3.22 Section 78
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licensee
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represented person
3.23 Subsection 78(2)
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licensees
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represented persons
3.24 Section 112
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112 Application of this Part
This Part does not apply in relation to credit assistance provided by a licensee or registered person in relation to a credit contract if:
(a) a special purpose funding entity is or will be the credit provider under the contract; and
(b) the licensee or registered person is party to a servicing agreement with the special purpose funding entity.
3.25 Section 125
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125 Definition for this Part
In this Part:
"licensee" means a licensee or registered person.
3.26 Subsection 126(1)
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(1) As soon as practicable after it becomes apparent to an exempt special purpose funding entity that it is likely to enter a credit contract with a consumer who will be the debtor under the contract, the entity must take reasonable steps to ensure that the licensee who is a party to a servicing agreement with the entity gives the consumer the licensee's credit guide in accordance with subsection (2).
Civil penalty: 5,000 penalty units.
3.27 Subsection 127(1)
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(1) If an exempt special purpose funding entity has been assigned any rights or obligations of a credit provider under a credit contract and the licensee is acting on behalf of the entity, the entity must take reasonable steps to ensure that the licensee:
(a) gives the debtor under the contract the licensee's credit guide in accordance with subsection (2); and
(b) gives the credit guide to the debtor as soon as practicable after the entity has been assigned the rights or obligations.
Civil penalty: 5,000 penalty units.
3.28 Section 128
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A licensee
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An exempt special purpose funding entity
3.28A Section 128
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the licensee
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the exempt special purpose funding entity
3.29 Section 129
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licensee
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exempt special purpose funding entity
3.30 Section 130
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licensee
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exempt special purpose funding entity
3.31 Section 131
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licensee
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exempt special purpose funding entity
3.32 Section 132
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licensee
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exempt special purpose funding entity
3.33 Section 133
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licensee
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exempt special purpose funding entity
3.33A Sections 133DB to 133DE
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licensee
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special purpose funding entity
3.34 Section 134
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3.35 Section 135
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135 Application of this Part
This Part does not apply in relation to credit assistance provided by a licensee or registered person in relation to a consumer lease if:
(a) an exempt special purpose funding entity will be the lessor under the lease; and
(b) the licensee or registered person is party to a servicing agreement with the exempt special purpose funding entity.
3.36 Section 148
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148 Definition for this Part
In this Part:
"licensee" means a licensee or registered person.
3.37 Subsection 149(1)
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(1) As soon as practicable after it becomes apparent to an exempt special purpose funding entity that a licensee with whom it has a servicing agreement is likely to enter a consumer lease with a consumer who will be the lessee under the lease, the entity must take reasonable steps to ensure that the licensee gives the consumer the licensee's credit guide in accordance with subsection (2).
Civil penalty: 5,000 penalty units.
3.38 Subsection 150(1)
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(1) If an exempt special purpose funding entity has been assigned any rights or obligations of a lessor under a consumer lease and a licensee is acting on behalf of the entity, the entity must take reasonable steps to ensure that the licensee:
(a) gives the lessee under the lease the licensee's credit guide in accordance with subsection (2); and
(b) gives the credit guide to the lessee as soon as practicable after the entity has been assigned the rights or obligations.
Civil penalty: 5,000 penalty units.
3.39 Section 151
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A licensee
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An exempt special purpose funding entity
3.39A Section 151
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the licensee
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the exempt special purpose funding entity
3.40 Section 152
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licensee
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exempt special purpose funding entity
3.41 Section 153
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licensee
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special purpose funding entity
3.42 Section 154
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licensee
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special purpose funding entity
3.43 Section 155
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licensee
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special purpose funding entity
3.44 Section 156
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licensee
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special purpose funding entity
3.45 After section 159
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159A Application of this Part
This Part does not apply in relation to a licensee or registered person who is authorised by a credit provider or lessor to collect repayments if:
(a) the credit provider or lessor is a special purpose funding entity; and
(b) the licensee or registered person is party to a servicing agreement with the special purpose funding entity.