19. August 2010 10:44
Since 30 June 2010, ASIC has issued 65 licences under the new National Consumer Credit Protection Act 2009.
Under that Act, anyone that engages in credit activities must be licensed, or the authorised representative of a license holder.
Registration for existing businesses intending to be licensed closed on 30 June 2010, with ASIC receiving approximately 14,760 registrations. ASIC has commenced processing the license applications.
Registered parties have until 31 December 2010 to apply for a license. If a party has not registered, they should cease to engage in credit activities until they are registered or the authorised representative of a license holder.
For up-to-date commentary regarding the sweeping changes to the consumer credit regime, subscribers are referred to Australian Consumer Credit Law. Applications for a license may be made, and further information is available, at the official ASIC site.