ASIC has remade ÷ÈÓ°Ö±²¥ Class Order [CO 10/381] relating to notification requirements for unlicensed carried over instrument (COI) lenders which was due to end on 1 October 2020.
The new instrument, ÷ÈÓ°Ö±²¥ Credit (Notice Requirements for Unlicensed Carried Over Instrument Lenders) Instrument 2020/834, continues to impose an obligation on unlicensed COI lender to notify ÷ÈÓ°Ö±²¥ when they become an unlicensed COI lender.
ASIC has also remade ÷ÈÓ°Ö±²¥ Class Order [10/1230] relating to credit disclosure obligations which was due to end on 1 April 2021.
The new instrument, ÷ÈÓ°Ö±²¥ Credit (Electronic Precontractual Disclosure) Instrument 2020/835, continues relief allowing credit providers to give pre-contractual disclosure in the same manner as they give other disclosure documents under regulation 28L of the National Consumer Credit Protection Regulations 2010.ÌýÌý
The relief was remade following public consultation through Consultation Paper 331 Remaking ÷ÈÓ°Ö±²¥ class orders on unlicensed COI lenders and credit disclosure obligations (CP 331), issued in July 2020. ÷ÈÓ°Ö±²¥ did not receive any submissions in response to CP 331.
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Under the Legislation Act 2003, legislative instruments such as class orders sunset after 10 years unless action is taken to exempt or preserve them. This ensures that legislative instruments like class orders are kept up to date and only remain in force while they are fit for purpose and relevant.Ìý
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