How to register for an Australian Credit Licence

8 January 2010

See the one page mind map which summarises the when, who, how and what of the registration process. Click on the diagram to download it.

The mind map summarises the credit legislation and ASIC’s guidance regarding registration. The National Consumer Protection (Transitional and Consequential Provisions) Act 2009 and the National Consumer Protection (Transitional and Consequential Provisions) Regulations 2009 deal with how a person becomes registered, the obligations of registered persons, and the suspension and cancellation of registrations. ASIC’s Regulatory Guide 202: Credit registration and transition helps fill in some of the gaps.

Don’t forget!

Applications for registration must be lodged with ASIC between 1 April 2010 and 30 June 2010.

Applications must be

In the approved form provided by ASIC; and
lodged electronically.

Before you apply:

Make sure that:

you are a member of an approved EDR scheme (FOS or Credit Ombudsmen Service; and
all of your details on the ASIC register are up to date.

Once registered, you must:

ensure that you engage in credit activities efficiently, honestly and fairly; and
comply with any conditions on the registration; and
comply with the credit legislation; and
take reasonable steps to ensure that its representatives comply with the credit legislation; and
take reasonable steps to ensure that your clients are not disadvantaged by any conflict of interest that arises wholly or partly in relation to credit activities engaged in by you or your representatives.