ASIC has released the second package of regulatory guidance on the implementation of the National Consumer Credit regime.

It has been developed to help industry prepare their credit licence applications and also understand ASIC’s expectations in relation to their obligations as credit licensees.

Separate guidance has been developed to specifically assist small business operators make a credit licence application. ASIC has also updated regulatory guides on applications for relief and when it will issue no-action letters under the National Credit Act.

ASIC has released the following new publications:

Regulatory Guide 204 Credit licensing: Applying for and varying a credit licence (RG 204)

Regulatory Guide 205 Credit licensing: General conduct obligations (RG 205)

Regulatory Guide 206 Credit licensing: Competence and training (RG 206)

Regulatory Guide 207 Credit licensing: Financial requirements (RG 207)

Regulatory Guide 208 How ASIC charges fees for credit relief applications (RG 208)

INFO 97 Guidance for small credit businesses (INFO 97)

ASIC has also updated two existing regulatory guides to accommodate the National Consumer Credit regime:

Regulatory Guide 51 Applications for relief (RG 51)

Regulatory Guide 108 No Action letters (RG 108)

The following guides are expected to be issued in early 2010:

Regulatory Guide 209: Responsible lending (RG 209)

Regulatory Guide 139: Approval of external complaints resolution schemes (RG 139)

Regulatory Guide 165: Licensing: Internal and external dispute resolution (RG 165)

Regulatory Guide 210: Compensation and insurance arrangements for credit licensees (RG 210)

ASIC has released its first package of regulatory guidance to help entities and individuals prepare for the proposed National Consumer Credit regime.

ASIC has released:

• Information Sheet 96 Getting ready for credit (INFO 96), which explains how the national credit regime applies and what people can do to start getting ready for credit;
• Regulatory Guide 203 Do I need a credit licence? (RG 203), which is designed to help people who engage in credit activities understand whether they need to be licensed; and
• Regulatory Guide 202 Credit registration and transition (RG 202), which outlines the process for registering with ASIC and the transition from registration to licensing.

Persons who engage in credit activities can apply to ASIC to be registered from 1 April 2010 until 30 June 2010. Registered persons will then have six months to apply for an Australian Credit Licence, between 1 July 2010 and 31 December 2010.