Commonwealth: National Consumer Credit Protection Act 2009 (Cth)

National Consumer Credit Protection Act 2009 No. 134, 2009 Compilation No. 49 Compilation date: 11 December 2024 Includes amendments: Act No. 138, 2024 This compilation is in 2 volumes Volume 1: sections 1–322 Volume 2: sections 323–337 Schedule 1 Endnotes Each volume has its own contents About this compilation This compilation This is a compilation of the National Consumer Credit Protection Act 2009 that shows the text of the law as amended and in force on 11 December 2024 (the compilation date). The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law. Uncommenced amendments The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law. Application, saving and transitional provisions for provisions and amendments If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes. Editorial changes For more information about any editorial changes made in this compilation, see the endnotes. Modifications If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law. Self‑repealing provisions If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes. Contents Chapter 1—Introduction Part 1‑1—Introduction 1 Short title 2 Commencement 3 The National Credit Code Part 1‑2—Definitions Division 1—Introduction 4 Guide to this Part Division 2—The Dictionary 5 The Dictionary Division 3—Definitions relating to the meaning of credit activity 6 Meaning of credit activity 7 Meaning of credit service 8 Meaning of credit assistance 9 Meaning of acts as an intermediary 10 Assignees of credit providers, lessors, mortgagees and beneficiaries of a guarantee Division 4—Other definitions 12 When a business is carried on in this jurisdiction 13 Meaning of misleading 14 Meaning of person—generally includes a partnership 15 Meaning of person—generally includes multiple trustees 15A Meaning of associate 15B Meaning of mortgage broker 15C Meaning of mortgage intermediary 16 Qualified privilege 16A Meaning of control 16B Meaning of Registrar Part 1‑3—Application of this Act and the Transitional Act Division 1—Introduction 17 Guide to this Part Division 2—Constitutional basis and application of this Act and the Transitional Act 18 Constitutional basis for this Act and the Transitional Act 19 Meaning of referring State 20 Meaning of referred credit matter 21 General application of this Act and the Transitional Act 22 When Acts bind Crown Division 3—Interaction between the Commonwealth credit legislation and State and Territory laws 23 Concurrent operation intended 24 When Commonwealth credit legislation does not apply 25 Avoiding direct inconsistency between Commonwealth and State and Territory laws 26 Regulations to deal with interaction between laws Chapter 2—Licensing of persons who engage in credit activities Part 2‑1—Requirement to be licensed to engage in credit activities Division 1—Introduction 27 Guide to this Part Division 2—Engaging in credit activities without a licence 28 Application of this Division 29 Prohibition on engaging in credit activities without a licence Division 3—Other prohibitions relating to the requirement to be licensed 30 Prohibitions on holding out and advertising etc. 31 Prohibition on conducting business with unlicensed persons 32 Prohibition on charging a fee etc. Part 2‑2—Australian credit licences Division 1—Introduction 34 Guide to this Part Division 2—Australian credit licences 35 Australian credit licences Division 3—How to get an Australian credit licence 36 Applying for a licence 37 When a licence may be granted—applicants other than ADIs 37A Fit and proper person test 37B Fit and proper person test—matters to which ASIC must have regard 38 When a licence may be granted—ADIs 39 Regulations may prescribe streamlined process for other applicants 40 Licences must not be granted to certain applicants 41 Applicant must be given hearing before refusal of licence 42 Notice of grant or refusal of licence and date of effect 43 Australian credit licence numbers 44 Basis on which licence is granted Division 4—Conditions on an Australian credit licence 45 The conditions on the licence 46 Licence conditions—special procedures for APRA‑regulated bodies 46A ASIC may request information etc. in relation to an application for conditions to be varied Division 5—Obligations of licensees Subdivision A—General obligations 47 General conduct obligations of licensees 48 Requirements for compensation arrangements Subdivision B—Providing information and assistance to ASIC 49 Obligation to provide a statement or obtain an audit report if directed by ASIC 50 Obligation to give ASIC information required by the regulations 50A What are reportable situations? 50B Obligation to lodge a report—reportable situations in relation to the licensee 50C Obligation to lodge a report—reportable situations in relation to other licensees 50D ASIC must publish details of certain reports 51 Obligation to provide ASIC with assistance if reasonably requested Subdivision C—Notifying and remediating consumers affected by reportable situations 51A Reporting to consumers affected by a reportable situation 51B Obligation to investigate reportable situations that may affect consumers 51C Obligation to keep records of compliance Subdivision D—Miscellaneous 52 Obligation to cite Australian credit licence number 53 Obligation to lodge annual compliance certificate 53A Obligation to notify ASIC of change in control 53B Obligation to notify ASIC if licensee does not engage in credit activities 53C Knowledge and recklessness Division 6—When a licence can be suspended, cancelled or varied Subdivision A—Suspensions and cancellations 54 Suspension or cancellation without hearing 55 Suspension or cancellation after offering a hearing 56 Suspension and cancellation—special procedures for APRA‑regulated bodies Subdivision B—Variations 57 Varying licences Subdivision C—Miscellaneous rules about suspensions, cancellations and variations 58 Effect of suspension 59 Revocation of suspension 60 Date of effect, notice and publication of variation, cancellation or suspension etc. 61 Statement of reasons 62 ASIC may allow licence to continue in force Part 2‑3—Credit representatives and other representatives of licensees Division 1—Introduction 63 Guide to this Part Division 2—Authorisation of credit representatives 64 Licensee may authorise credit representatives 65 Credit representative that is a body corporate may sub‑authorise natural persons as credit representatives 66 Credit representative of 2 or more licensees 67 A person cannot be a credit representative in relation to credit activities authorised by a person's licence 68 Variation and revocation of authorisations and sub‑authorisations 69 Obligation not to give authorisation that has no effect 70 Obligation to vary or revoke authorisation that ceases to have effect 71 Obligation to notify ASIC etc. about credit representatives 72 Credit representative numbers Division 3—Information about representatives 73 ASIC may give licensee information about representatives Division 4—Liability of licensees for representatives 74 Application of this Division 75 Responsibility if representative of only one licensee 76 Representatives of multiple licensees 77 Responsibility extends to loss or damage suffered by client 78 Effect of this Division Part 2‑4—Banning or disqualification of persons from engaging in credit activities Division 1—Introduction 79 Guide to this Part Division 2—Banning orders 80 ASIC's power to make a banning order 81 What a banning order prohibits 82 Effect of banning orders 83 Variation or cancellation of banning orders 84 Date of effect, notice and publication of banning order, variation or cancellation 85 Statement of reasons Division 3—Disqualification by the court 86 Disqualification by the court Part 2‑5—Financial records, trust accounts and audit reports Division 1—Introduction 87 Guide to this Part Division 2—Financial records of licensees 88 Obligation to keep financial records 89 How financial records are to be kept 90 Language of financial records 91 Location of financial records 92 Information to be shown in financial records 93 Regulations may impose additional requirements 94 Financial records taken to be made with licensee's authority 95 Obligation to retain financial records for 7 years 96 Financial records are prima facie evidence of matters Division 3—Trust accounts of credit service licensees 97 Application of this Division 98 Obligation for credit service licensees to maintain trust account 99 Obligations in relation to trust account money 100 Obligation to lodge trust account statement and trust account audit report 101 Time of lodgment of trust account statement and trust account audit report Division 4—Matters relating to audit reports 102 Auditor's right of access to records, information etc. 103 Auditor's fees and expenses 104 Auditor to report on certain matters 105 Qualified privilege for auditor etc. 106 Regulations in relation to audit reports etc. Part 2‑6—Exemptions and modifications relating to this Chapter Division 1—Introduction 107 Guide to this Part Division 2—Exemptions and modifications relating to this Chapter 108 Provisions to which this Part applies 109 Exemptions and modifications by ASIC 110 Exemptions and modifications by the regulations Chapter 3—Responsible lending conduct Part 3‑1—Licensees that provide credit assistance in relation to credit contracts Division 1—Introduction 111 Guide to this Part 112 Application of this Part Division 2—Credit guide of credit assistance providers 113 Credit guide of credit assistance providers Division 3—Quote for providing credit assistance etc. in relation to credit contracts 114 Quote for providing credit assistance etc. Division 4—Obligations of credit assistance providers before providing credit assistance for credit contracts 115 Obligations of credit assistance providers before providing credit assistance for credit contracts 116 Preliminary assessment of unsuitability of the credit contract 117 Reasonable inquiries etc. about the consumer 118 When the credit contract must be assessed as unsuitable—entering contract or increasing the credit limit 119 When the credit contract must be assessed as unsuitable—remaining in credit contract 120 Providing the consumer with the preliminary assessment Division 5—Fees, indirect remuneration etc. relating to credit contracts 121 Fees, indirect remuneration etc. relating to credit contracts 122 No profiting from fees etc. paid to third parties Division 6—Prohibition on suggesting, or assisting with, unsuitable credit contracts 123 Prohibition on suggesting or assisting consumers to enter, or increase the credit limit under, unsuitable credit contracts 124 Prohibition on suggesting to consumers to remain in unsuitable credit contracts Division 7—Special rules for short‑term and small amount credit contracts 124A Prohibition on providing credit assistance in relation to short‑term credit contracts 124B Licensee who makes representations about credit assistance in relation to small amount credit contracts must display and give information 124C Written documentation required in relation to the preliminary assessment for a small amount credit contract Part 3‑2—Licensees that are credit providers under credit contracts: general rules Division 1—Introduction 125 Guide to this Part Division 2—Credit guide of credit providers 126 Credit guide of credit providers 127 Credit guide of credit providers who are assignees Division 3—Obligation to assess unsuitability 128 Obligation to assess unsuitability 129 Assessment of unsuitability of the credit contract 130 Reasonable inquiries etc. about the consumer 131 When credit contract must be assessed as unsuitable 132 Giving the consumer the assessment Division 4—Prohibition on entering, or increasing the credit limit of, unsuitable credit contracts 133 Prohibition on entering, or increasing the credit limit of, unsuitable credit contracts Part 3‑2A—Licensees that are credit providers under credit contracts: additional rules relating to standard home loans Division 1—Introduction 133A Guide to this Part Division 2—Key Facts Sheets for standard home loans 133AA What is a standard home loan? 133AB What is a Key Facts Sheet for a standard home loan? 133AC Credit provider's website to provide capacity to generate Key Facts Sheet 133AD Credit provider to provide Key Facts Sheet in other situations 133AE What if more information is needed from the consumer? 133AF Defences to obligation to provide a Key Facts Sheet Part 3‑2B—Licensees that are credit providers under credit contracts: additional rules relating to credit card contracts Division 1—Introduction 133B Guide to this Part Division 2—Credit card contracts and related concepts 133BA Meaning of credit card contract etc. Division 3—Key Facts Sheets for credit card contract 133BB What is a Key Facts Sheet for a credit card contract? 133BC Application form for credit card contract to include up‑to‑date Key Facts Sheet 133BD Credit provider not to enter into credit card contract unless Key Facts Sheet has been provided etc. Division 4—Offers etc. to increase, and entitlement to reduce, credit limit of credit card contract 133BE Credit provider not to offer etc. to increase credit limit of credit card contract 133BF Credit provider not to enter into credit card contract unless it allows credit limit to be reduced 133BFA Credit provider to provide online capacity to request reduction of credit limit 133BFB Credit provider not to suggest the consumer not reduce the credit limit 133BFC Credit provider to give effect to request to reduce credit limit Division 5—Use of credit card in excess of credit limit 133BH Credit provider to notify consumer of use of credit card in excess of credit limit 133BI Credit provider not to impose fees etc. because credit card used in excess of credit limit 133BJ Records of consents and withdrawals to be kept Division 6—Order of application of payments made under credit card contracts 133BO Credit provider to apply payments in accordance with this Division 133BP Agreement to apply payment against particular amount owed 133BQ Application of payment against last statement balance, with higher interest debts to be discharged first 133BR Application of any remaining part of the relevant payment Division 7—Calculation of interest under credit card contracts 133BS Credit provider not to impose retrospective interest charges Division 8—Ending credit card contracts 133BT Credit provider not to enter into credit card contract unless it allows for termination of contracts 133BU Credit provider to provide online capacity to request termination of credit card contract 133BV Credit provider not to suggest the consumer not terminate the credit card contract 133BW Credit provider to give effect to request to terminate credit card contract Part 3‑2C—Licensees that are credit providers under credit contracts: additional rules relating to short‑term and small amount credit contracts Division 1—Introduction 133C Guide to this Part Division 2—Short‑term and small amount credit contracts 133CA Prohibition on entering, or increasing the credit limit of, short‑term credit contracts 133CB Licensee who makes representations in relation to small amount credit contracts must display and give information 133CC Licensee must not enter into a small amount credit contract if the repayments do not meet the prescribed requirements 133CD Licensee must not enter into a small amount credit contract if repayment amounts and intervals are not equal 133CE Written documentation required in relation to the assessment for a small amount credit contract 133CF Licensee not to make certain unsolicited communications in relation to a small amount credit contract Part 3‑2CA—Licensees supplying credit information to credit reporting bodies etc. Division 1—Introduction 133CM Guide to this Part 133CN Meanings of eligible licensee and eligible credit reporting body 133CO Meaning of eligible credit account 133CP Meaning of mandatory credit information 133CQ Meaning of supply requirements Division 2—Supplying credit information to credit reporting bodies etc. Subdivision A—Initial bulk supplies of credit information 133CR Requirement to supply 133CS Exception if credit reporting body not complying with information security requirements 133CT Licensee must give notice if credit reporting body later complies with information security requirements Subdivision B—Ongoing supplies of credit information 133CU Requirement to supply 133CV Exception if credit reporting body not complying with information security requirements 133CW Licensee must give notice if credit reporting body later complies with information security requirements Subdivision C—Offences 133CX Offence relating to initial bulk supplies 133CY Offence relating to ongoing supplies 133CZ Offence relating to giving notice if credit reporting body later complies with information security requirements Division 3—Conditions on credit reporting bodies on‑disclosing credit information 133CZA On‑disclosing information supplied under Division 2 etc. 133CZB Offence Division 4—Reporting to the Minister 133CZC Reports about initial bulk supplies of credit information 133CZD Auditors 133CZE Offence Division 5—Assisting ASIC 133CZF Meaning of Part 3‑2CA body 133CZG Obligation to provide a statement or obtain an audit report if directed by ASIC 133CZH Obligation to give ASIC information required by the regulations 133CZI Obligation to provide ASIC with assistance if reasonably requested 133CZJ Extended application of Division 4 of Part 2‑5 Division 6—Miscellaneous 133CZK This Part does not limit the Privacy Act 1988 133CZL Review of the operation of this Part 133CZM Main constitutional basis 133CZN Other constitutional bases Part 3‑2D—Licensees and reverse mortgages 133DA Guide to this Part 133DB Giving projections of equity before providing credit assistance or entering credit contract 133DC Making reverse mortgage information statement available on website of credit provider or credit assistance provider 133DD Making reverse mortgage information statement available in other situations 133DE Representations that use the term "reverse mortgage" etc. Part 3‑3—Licensees that provide credit assistance in relation to consumer leases Division 1—Introduction 134 Guide to this Part 135 Application of this Part Division 2—Credit guide of credit assistance providers 136 Credit guide of credit assistance providers Division 3—Quote for providing credit assistance etc. in relation to consumer leases 137 Quote for providing credit assistance etc. Division 4—Obligations of credit assistance providers before providing credit assistance for consumer leases 138 Obligations of credit assistance providers before providing credit assistance for consumer leases 139 Preliminary assessment of unsuitability of the consumer lease 140 Reasonable inquiries etc. about the consumer 141 When the consumer lease must be assessed as unsuitable—entering lease 142 When the consumer lease must be assessed as unsuitable—remaining in lease 143 Providing the consumer with the preliminary assessment Division 5—Fees, indirect remuneration etc. relating to consumer leases 144 Fees, indirect remuneration etc. relating to consumer leases 145 No profiting from fees etc. paid to third parties Division 6—Prohibition on suggesting, or assisting with, unsuitable consumer leases 146 Prohibition on suggesting, or assisting with, unsuitable consumer leases 147 Prohibition on suggesting to consumers to remain in unsuitable consumer leases Division 7—Special rules for consumer leases for household goods 147A Licensee who makes representations about credit assistance in relation to consumer leases for household goods must display and give information 147B Written documentation required in relation to the preliminary assessment for a consumer lease for household goods Part 3‑4—Licensees that are lessors under consumer leases Division 1—Introduction 148 Guide to this Part Division 2—Credit guide of lessors 149 Credit guide of lessors 150 Credit guide of lessors who are assignees Division 3—Obligation to assess unsuitability 151 Obligation to assess unsuitability 152 Assessment of unsuitability of the consumer lease 153 Reasonable inquiries etc. about the consumer 154 When consumer lease must be assessed as unsuitable 155 Giving the consumer the assessment Division 4—Prohibition on entering unsuitable consumer leases 156 Prohibition on entering unsuitable consumer leases Division 5—Special rules for consumer leases for household goods 156A Licensee who makes representations about consumer leases for household goods must display and give information 156B Licensee must not enter into a consumer lease for household goods if the payments do not meet the prescribed requirements 156C Written documentation required in relation to the assessment for a consumer lease for household goods Part 3‑5—Credit representatives Division 1—Introduction 157 Guide to this Part Division 2—Credit guide of credit representatives 158 Credit guide of credit representatives Part 3‑5A—Mortgage brokers and mortgage intermediaries Division 1—Introduction Subdivision A—Guide to this Part 158K Guide to this Part Subdivision B—Interpretation 158KA Doing acts 158KB Circumstances in which a secondary representative is taken to be acting within actual or apparent authority 158KC Obligations under this Part in addition to other obligations Division 2—Best interests obligations Subdivision A—Licensees that provide credit assistance in relation to credit contracts 158L Application of this Subdivision 158LA Licensee must act in the best interests of the consumer 158LB Conflict between consumer's interests and those of the licensee etc. Subdivision B—Credit representatives that provide credit assistance in relation to credit contracts 158LD Application of this Subdivision 158LE Credit representative must act in the best interests of the consumer 158LF Conflict between consumer's interests and those of the credit representative etc. Division 4—Conflicted remuneration Subdivision A—What is conflicted remuneration? 158N Conflicted remuneration 158NA Regulations may further define conflicted remuneration Subdivision B—Ban on accepting conflicted remuneration 158NB Licensee must not accept conflicted remuneration 158NC Credit representative must not accept conflicted remuneration Subdivision C—Ban on giving conflicted remuneration 158ND Employer must not give employees conflicted remuneration 158NE Credit provider must not give conflicted remuneration 158NF Mortgage intermediary must not give conflicted remuneration Division 6—Miscellaneous 158T Anti‑avoidance Part 3‑6—Debt collectors Division 1—Introduction 159 Guide to this Part Division 2—Credit guide of debt collectors 160 Credit guide of debt collectors Part 3‑6A—Miscellaneous rules Division 1—Introduction 160A Guide to this Part Division 2—Representations 160B "Independent", "impartial" or "unbiased" etc. 160C "Financial counsellor" etc. Division 2A—Use or disclosure of certain documents and information 160CA Application of this Division 160CB Prohibition on use or disclosure of certain documents and information Division 3—Giving misleading information 160D Prohibition on giving misleading information etc. Division 4—Giving authorisation for deductions by employer of debtor or lessee 160E Requirements for giving authorisation to employer Division 5—Periods for determining unsuitability in respect of credit card contracts 160F Periods for determining unsuitability in respect of credit card contracts Division 6—Proscribed referrals 160G Prohibition on proscribed referrals Part 3‑7—Exemptions and modifications relating to this Chapter Division 1—Introduction 161 Guide to this Part Division 2—Exemptions and modifications relating to this Chapter 162 Provisions to which this Part applies 163 Exemptions and modifications by ASIC 164 Exemptions and modifications by the regulations Chapter 4—Remedies Part 4‑1—Civil penalty provisions Division 1—Introduction 165 Guide to this Part Division 2—Declarations and pecuniary penalty orders for contraventions of civil penalty provisions 166 Declaration of contravention of civil penalty provision 167 Court may order person to pay pecuniary penalty for contravening civil penalty provision 167A Maximum pecuniary penalty 167B Pecuniary penalty applicable 167C Relinquishing the benefit derived from contravening a civil penalty provision 167D Meaning of benefit derived and detriment avoided because of a contravention of a civil penalty provision Division 3—General provisions relating to civil penalty provisions 168 Contravening a civil penalty provision is not an offence 169 Attempt and involvement in contravention treated in same way as actual contravention 170 Civil evidence and procedure rules for proceedings relating to civil penalty provisions 171 Criminal proceedings before civil proceedings 172 Criminal proceedings during civil proceedings 173 Criminal proceedings after civil proceedings 174 Evidence given in proceedings for pecuniary penalty not admissible in criminal proceedings 175 Civil double jeopardy 175A Continuing contraventions of civil penalty provisions 175B State of mind 175C Mistake of fact 175D Exceptions etc. to civil penalty provisions—burden of proof 175E Civil penalty provisions contravened by employees, agents or officers Part 4‑2—Power of the court to grant remedies Division 1—Introduction 176 Guide to this Part Division 2—Power of the court to grant remedies 177 Injunctions 178 Compensation orders 179 Other orders to compensate loss or damage 180 Orders in relation to unlawful credit activities 180A Orders to remedy unfair or dishonest conduct by credit service providers 181 Preference must be given to compensate consumers 182 Adverse publicity orders 183 Relief from liability for contravention of civil penalty provision 184 Multiple remedies may be granted Part 4‑3—Jurisdiction and procedure of courts Division 1—Introduction 185 Guide to this Part Division 2—Civil proceedings Subdivision A—Application of this Division 186 Application of this Division Subdivision B—Conferral of civil jurisdiction 187 Civil jurisdiction of courts 188 Jurisdiction—decisions to prosecute and related criminal justice process decisions made by Commonwealth officers 189 Cross‑jurisdictional appeals 190 Courts to act in aid of each other Subdivision C—Transfers between courts 191 Transfers—application of Subdivision 192 Transfers—exercise of transfer power 193 Transfers—criteria for transfer 194 Transfers—how initiated 195 Transfers—documents and procedure 196 Transfers—conduct of proceedings 197 Transfers—entitlement to practise as a lawyer 198 Transfers—limitation on appeals Subdivision D—Other matters 199 Plaintiffs may choose small claims procedure 200 Costs only if proceedings brought vexatiously etc. 201 Civil proceedings not to be stayed 202 Standard of proof in civil proceedings Division 3—Criminal proceedings Subdivision A—Application of this Division 203 Application of this Division Subdivision B—Conferral of criminal jurisdiction 203A Criminal jurisdiction of the Federal Court 204 Criminal jurisdiction of State and Territory courts 205 Criminal proceedings—laws to be applied 206 Criminal proceedings—how taken 207 Certain persons to assist in prosecutions 208 Privilege against self‑incrimination not available to bodies corporate in criminal proceedings Division 4—Proceedings generally 209 ASIC's power to intervene in proceedings 210 Evidence of contravention 211 Power of court to punish for contempt of court Chapter 5—Administration Part 5‑1—Matters relating to handling records and information Division 1—Introduction 212 Guide to this Part Division 1A—The Registrar Subdivision A—The Registrar 212A Appointment of the Registrar 212B Functions 212C Powers 212D Directions by Minister 212E Delegation 212F Assisted decision making 212G Liability for damages Subdivision B—How the Registrar is to perform and exercise functions and powers 212H Data standards 212J Giving information to the Registrar 212K How the Registrar is to perform and exercise functions and powers Subdivision C—Disclosure of information 212L Disclosure framework 212M Protection of confidentiality of protected information 212N Authorisation of recording or disclosure 212P Preventing disclosure of particular protected information 212Q Authorisation for purposes of Privacy Act 212R Disclosure to a court Subdivision D—Miscellaneous 212S Extracts of information to be admissible in evidence 212T Annual report 212U Rules Division 2—Registers relating to credit activities 213 Credit registers 214 Inspection and public availability of credit registers Part 5‑2—Documents lodged with ASIC or required by this Act Division 1—Introduction 215 Guide to this Part Division 2—Lodgment of documents with ASIC 216 When documents are lodged with ASIC 217 Approved forms for documents to be lodged with ASIC 218 ASIC may refuse to receive document etc. Division 3—ASIC's register of documents 219 Register of documents lodged with ASIC 220 ASIC may require person to give information for document registers 221 Written document setting out information from document registers is prima facie evidence of matters Division 4—Other provisions relating to documents lodged with ASIC or required under this Act 222 Certified copy or extract of document lodged with ASIC is admissible in evidence 223 ASIC may destroy or dispose of certain documents 224 Court may order lodgment of document etc. 225 False or misleading documents Part 5‑3—Concealment or falsification of credit books Division 1—Introduction 226 Guide to this Part Division 2—Prohibitions relating to the concealment or falsification of credit books 227 Concealing etc. of credit books 228 Falsification of credit books 229 Precautions against falsification of credit books Part 5‑4—Fees imposed by the National Consumer Credit Protection (Fees) Act 2009 Division 1—Introduction 230 Guide to this Part Division 2—Fees imposed by the National Consumer Credit Protection (Fees) Act 2009 231 Fees are payable to the Commonwealth 232 Lodgment of document without payment of fee 233 Doing act without payment of fee 234 Effect of sections 232 and 233 235 Waiver and refund of fees 236 Debts due to the Commonwealth 237 Payment of fee does not give right to inspect or search Part 5‑5—Other administrative matters Division 1—Introduction 238 Guide to this Part Division 1A—Codes of conduct Subdivision A—Approved codes of conduct 238A Approved codes of conduct 238B Variations to approved codes of conduct 238C Review of approved codes of conduct 238D Obligation to comply with enforceable code provisions 238E Regulations Subdivision B—Mandatory codes of conduct 238F Mandatory codes of conduct 238G Obligation to comply with mandatory code of conduct Division 2—Other administrative matters 239 ASIC has general administration of this Act 240 Obstructing or hindering ASIC etc. 242 ASIC may arrange for use of computer programs to make decisions 243 Qualified privilege for information given to ASIC 244 ASIC certificate is prima facie evidence of matters 245 Operator of AFCA scheme may give information to ASIC Chapter 6—Compliance and enforcement Part 6‑1—Investigations Division 1—Introduction 246 Guide to this Part Division 2—Investigations 247 General powers of investigation 248 Minister may direct investigations 249 Interim report on investigation 250 Final report on investigation 251 Distribution of report Part 6‑2—Examination of persons Division 1—Introduction 252 Guide to this Part Division 2—Examination of persons 253 Notice requiring appearance for examination 254 Proceedings at examination 255 Requirements made of examinee 256 Examination to take place in private 256A Proceedings at examination 257 Examinee's lawyer may attend 258 Record of examination 259 Giving to other persons copies of record 260 Copies given subject to conditions 261 Record to accompany report Part 6‑3—Inspection of books and audit information‑gathering powers Division 1—Introduction 262 Guide to this Part Division 2—Inspection of books and audit information‑gathering powers 263 When certain powers may be exercised 264 ASIC may inspect books without charge 265 Notice to auditors concerning information and books 266 Notice to produce books about credit activities or credit reporting 267 Notice to produce documents in person's possession 268 ASIC may authorise persons to require production of books, giving of information etc. 271 Powers if books produced or seized 272 Powers if books not produced Part 6‑3A—Search warrants Division 1—Introduction 272A Guide to this Part Division 2—Extra application of Crimes Act search warrant provisions Subdivision A—Basic extra application 272B Extra application of Crimes Act search warrant provisions 272C Interpretation of modifications Subdivision B—Modifications 272D Major modifications—evidential material 272E Major modifications—who may apply for a warrant etc. 272F Major modifications—purposes for which things may be used and shared 272G Minor modifications Part 6‑4—Proceedings after an investigation Division 1—Introduction 273 Guide to this Part Division 2—Proceedings after an investigation 274 ASIC may prosecute 275 ASIC may bring civil proceedings Part 6‑5—Hearings Division 1—Introduction 276 Guide to this Part Division 2—Hearings 277 Power to hold hearings 278 General discretion to hold hearing in public or private 279 Request by person appearing at hearing that it take place in public 280 Certain hearings to take place in private 281 ASIC may restrict publication of certain material 282 Who may be present when hearing takes place in private 283 Involvement of person entitled to appear at hearing 284 Power to summon witnesses and take evidence 285 Proceedings at hearings 285A Proceedings at hearings 286 ASIC to take account of evidence and submissions 287 Reference to court of question of law arising at hearing 288 Protection of ASIC members etc. Part 6‑5A—Penalties for offences Division 1—Introduction 288A Guide to this Part Division 2—Penalty for committing an offence 288B Penalty for committing an offence 288C Penalty applicable to an offence committed by an individual 288D Penalty applicable to an offence committed by a body corporate 288E Meaning of benefit derived and detriment avoided because of an offence 288F Where is the penalty for an offence specified? 288G If no penalty is specified Part 6‑5B—Infringement notices Division 1—Introduction 288H Guide to this Part Division 2—Infringement notices 288J When an infringement notice may be given 288K Provisions subject to an infringement notice 288L Matters to be included in an infringement notice 288M Payment period 288N Extension of time to pay amount 288P Payment by instalments 288Q Withdrawal of an infringement notice 288R Effect of payment of amount 288S Effect of this Part Part 6‑6—Offences under this Chapter Division 1—Introduction 289 Guide to this Part Division 2—Offences 290 Contraventions of requirements made under this Chapter 291 False information 293 Disrupting hearings 294 Concealing books relevant to investigation 295 Self‑incrimination 296 Legal professional privilege 297 Powers of court relating to contraventions of this Chapter Part 6‑7—ASIC's powers in relation to contraventions of this Chapter Division 1—Introduction 298 Guide to this Part Division 2—ASIC's powers in relation to contraventions of this Chapter 299 Application of this Part 300 Orders by ASIC relating to credit contracts, mortgages, guarantees or consumer leases 301 Orders under this Part Part 6‑7A—Product intervention orders Division 1—Introduction 301A Guide to this Part Division 2—Product intervention orders 301B Definitions 301C Application of product intervention orders 301D ASIC may make product intervention orders 301E Significant detriment to consumers 301F ASIC to consult before making product intervention orders 301G Commencement and duration of product intervention orders 301H Extension of product intervention orders 301J Amendment of product intervention orders 301K Revocation of product intervention orders 301L ASIC to issue public notice of product intervention orders 301M Remaking product intervention orders 301N Product intervention orders may require notification 301P Enforcement of product intervention orders Part 6‑8—Evidentiary use of certain material Division 1—Introduction 302 Guide to this Part Division 2—Evidentiary use of certain material 303 Statements made at an examination: proceedings against examinee 304 Statements made at an examination: other proceedings 305 Weight of evidence admitted under section 304 306 Objection to admission of statements made at examination 307 Copies of, or extracts from, certain books 308 Report under Part 6‑1 309 Exceptions to admissibility of report 310 Material otherwise admissible Part 6‑9—Miscellaneous provisions relating to compliance and enforcement Division 1—Introduction 311 Guide to this Part Division 2—Miscellaneous provisions relating to compliance and enforcement 312 Requirement made of a body corporate 313 Evidence of authority 314 Giving documents to natural persons 315 Place and time for production of books 316 Application of Crimes Act and Evidence Act 317 Allowances and expenses 318 Expenses of investigation under Part 6‑1 319 Recovery of expenses of investigation 320 Compliance with this Chapter 321 Effect of this Chapter 322 Enforcement of undertakings An Act relating to credit, and for related purposes Chapter 1—Introduction Part 1‑1—Introduction 1 Short title This Act may be cited as the National Consumer Credit Protection Act 2009. 2 Commencement (1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms. Commencement information Column 1 Column 2 Column 3 Provision(s) Commencement Date/Details 1. Sections 1 and 2 and anything in this Act not elsewhere covered by this table The day on which this Act receives the Royal Assent. 15 December 2009 2. Sections 3 to 337 and Schedule 1 A single day to be fixed by Proclamation. 1 April 2010 However, if any of the provision(s) do not commence within the period of 6 months beginning on the day on which this Act receives the Royal Assent, they commence on the first day after the end of that period. (see F2010L00301) Note: This table relates only to the provisions of this Act as originally passed by both Houses of the Parliament and assented to. It will not be expanded to deal with provisions inserted in this Act after assent. (2) Column 3 of the table contains additional information that is not part of this Act. Information in this column may be added to or edited in any published version of this Act. 3 The National Credit Code Schedule 1 (which is the National Credit Code) has effect as a law of the Commonwealth. Part 1‑2—Definitions Division 1—Introduction 4 Guide to this Part This Part is about the terms that are defined in this Act (other than the National Credit Code). (For the terms that are defined in the National Credit Code, see section 204 of that Code.) Division 2 has the Dictionary (see section 5). The Dictionary is a list of every term that is defined in this Act (other than the National Credit Code). A term will either be defined in the Dictionary itself, or in another provision of this Act. If another provision defines the term, the Dictionary will have a signpost to that definition. Division 3 has definitions relating to the meaning of credit activity. Division 4 has some other definitions that apply across this Act (other than the National Credit Code). Division 2—The Dictionary 5 The Dictionary (1) In this Act (other than the National Credit Code): acts as an intermediary: see section 9. ADI has the same meaning as in subsection 5(1) of the Banking Act 1959. adverse publicity order: see section 182. AFCA scheme has the same meaning as in the Corporations Act 2001. affairs, in relation to a person that is a body corporate, has the same meaning as in Part 3 of the ASIC Act. affidavit includes affirmation. ancillary offence, in relation to another offence, means: (a) an offence against section 6 of the Crimes Act 1914; or (b) an ancillary offence within the meaning of the Criminal Code; that relates to the other offence. annual percentage rate has the same meaning as in section 27 of the National Credit Code. annual turnover, of a body corporate during a 12‑month period, means the sum of the values of all the supplies that the body corporate, and any body corporate related to the body corporate, have made, or are likely to make, during the 12‑month period, other than: (a) supplies made from any of those bodies corporate to any other of those bodies corporate; or (b) supplies that are input taxed; or (c) supplies that are not for consideration (and are not taxable supplies under section 72‑5 of the A New Tax System (Goods and Services Tax) Act 1999); or (d) supplies that are not made in connection with an enterprise that the body corporate carries on; or (e) supplies that are not connected with Australia. Expressions used in this definition that are also used in the A New Tax System (Goods and Services Tax) Act 1999 have the same meaning as in that Act. appeal includes: (a) an application for a new trial; and (b) proceedings to review or call in question the proceedings, decision or jurisdiction of a court or judge. approved code of conduct means a code of conduct approved by ASIC by legislative instrument under section 238A, and includes a replacement code of conduct approved under that section. APRA means the Australian Prudential Regulation Authority. ASIC means the Australian Securities and Investments Commission. ASIC Act means the Australian Securities and Investments Commission Act 2001, and includes instruments made under that Act. ASIC member means a member of ASIC within the meaning of the ASIC Act. ASIC staff member means a staff member within the meaning of subsection 5(1) of the ASIC Act. associate: see section 15A. Australian business law means a law of the Commonwealth, or of a State or Territory, that is a law that regulates, or relates to the regulation of, business or persons engaged in business. Australian credit licence: see subsection 35(1). Australian credit licence number means the number given to a licence under section 43. Australian financial services licence has the same meaning as in the Corporations Act 2001. authorised, in relation to a credit activity: see subsection 35(2). avoidance purpose: see subsection 323A(2). banker has the same meaning as in section 9 of the Corporations Act 2001. banking group means a relevant group of bodies corporate (within the meaning of the Banking Act 1959) that includes a body corporate covered by paragraph 133CN(1)(a) (about large ADIs). banned from engaging in a credit activity under a law of a State or Territory: a person is banned from engaging in a credit activity under a law of a State or Territory if: (a) the person holds a State or Territory credit licence that is suspended (otherwise than by request of the person); or (b) the person has held a State or Territory credit licence that has been cancelled within the last 7 years (otherwise than by the person's request); or (c) an order of a court made under a law of a State or Territory prohibits the person from engaging in a credit activity; or (d) the person is otherwise prohibited under a law of a State or Territory from engaging in a credit activity. banning order means an order made under subsection 80(1). beneficiary of a guarantee means a person who is a party to a guarantee and who has the benefit of the guarantee, and includes a person who is a beneficiary of a guarantee because of section 10. benefit derived and detriment avoided: (a) because of an offence—has the meaning given by section 288E; and (b) because of a contravention of a civil penalty provision—has the meaning given by section 167D. body regulated by APRA has the same meaning as in subsection 3(2) of the Australian Prudential Regulation Authority Act 1998. book includes: (a) a register; and (b) any other record of information; and (c) financial reports or financial records, however compiled, recorded or stored; and (d) a document. business day has the same meaning as in section 204 of the National Credit Code. buy now pay later arrangement has the same meaning as in section 13D of the National Credit Code. buy now pay later contract has the same meaning as in section 13D of the National Credit Code. carried on in this jurisdiction has a meaning affected by section 12. civil penalty provision: a subsection of this Act (or a section of this Act that is not divided into subsections) is a civil penalty provision if: (a) the words "civil penalty" and one or more amounts in penalty units are set out at the foot of the subsection (or section); or (b) another provision of this Act specifies that the subsection (or section) is a civil penalty provision. coastal sea: (a) in relation to Australia—means: (i) the territorial sea of Australia; and (ii) the sea on the landward side of the territorial sea of Australia and not within the limits of a State or internal Territory; and includes the airspace over, and the sea‑bed and subsoil beneath, any such sea; and (b) in relation to a State or Territory—means so much of the coastal sea of Australia as is within the area described in Schedule 1 to the Offshore Petroleum and Greenhouse Gas Storage Act 2006 under the heading that refers to that State or Territory. code of conduct means a code of conduct that relates to any aspect of the activities of: (a) licensees; or (b) credit representatives; being activities in relation to which ASIC has a regulatory responsibility. commission includes any financial or other benefit in the nature of a commission. Note: Commissions may be conflicted remuneration: see Division 4 of Part 3‑5A. Commonwealth body means: (a) an Agency (within the meaning of the Public Service Act 1999); or (b) a body, whether incorporated or not, established for a public purpose by or under a law of the Commonwealth; or (c) a person: (i) holding or performing the duties of an office established by or under a law of the Commonwealth; or (ii) holding an appointment made under a law of the Commonwealth. Commonwealth credit legislation means this Act and the Transitional Act. conflicted remuneration: see sections 158N and 158NA. constitutional corporation means a corporation to which paragraph 51(xx) of the Constitution applies. constitutional trade and commerce means trade and commerce: (a) between Australia and places outside Australia; or (b) between the States; or (c) between a State and a Territory; or (d) between 2 Territories; or (e) within a Territory. constrained document: see subsection 160CA(1). constrained information: see subsection 160CA(1). consumer means a natural person or a strata corporation. consumer lease means a consumer lease to which Part 11 of the National Credit Code applies. consumer lease for household goods has the same meaning as in section 204 of the National Credit Code. continuing credit contract has the same meaning as in section 204 of the National Credit Code. contravention: (a) in relation to an offence against a law—includes an ancillary offence relating to the offence against the law; and (b) in relation to a civil penalty provision—has a meaning affected by section 169. control has the meaning given by section 16A. core obligation has the meaning given by subsection 50A(3). credit has the same meaning as in subsection 3(1) of the National Credit Code. credit activity: see section 6. credit assistance: see section 8. credit book: see subsection 227(4). credit card: see subsection 133BA(2). credit card contract: see subsection 133BA(1). credit card termination entitlement: see subsection 133BT(3). credit contract has the same meaning as in section 4 of the National Credit Code. credit information has the same meaning as in the Privacy Act 1988. credit legislation means: (a) this Act; and (b) the Transitional Act; and (c) Division 2 of Part 2 of the ASIC Act and regulations made for the purpose of that Division; and (d) any other Commonwealth, State or Territory legislation that covers conduct relating to credit activities (whether or not it also covers other conduct), but only in so far as it covers conduct relating to credit activities. credit limit of a credit contract means the maximum amount of credit that may be provided under the contract. credit limit increase invitation, in relation to a credit card contract: see subsection 133BE(5). credit limit reduction entitlement: see subsection 133BF(3). credit provider: (a) when used in Part 3‑2CA—has the same meaning as in the Privacy Act 1988; and (b) otherwise—has the same meaning as in section 204 of the National Credit Code, and includes a person who is a credit provider because of section 10 of this Act. credit registers: see section 213. credit reporting body has the same meaning as in the Privacy Act 1988. credit representative: see subsections 64(2) and 65(2). credit representative number means the number given to a credit representative under section 72. credit service: see section 7. criminal procedure: see section 205. data standards means standards made by the Registrar under section 212H. debtor has the same meaning as in section 204 of the National Credit Code. declaration of contravention means a declaration made under section 166. designated secrecy provision has the meaning given by subsection 212N(3). director has the same meaning as in the Corporations Act 2001. disclosure framework means the disclosure framework made by the Registrar under section 212L. disqualification order means an order of the court under section 86. document registers: see section 219. eligible credit account: see section 133CO. eligible credit reporting body: see subsection 133CN(2). eligible licensee: see subsection 133CN(1). enforceable code provision means a provision of an approved code of conduct identified by ASIC under subsection 238A(2). engage in conduct means: (a) do an act; or (b) omit to perform an act. evidential burden, in relation to a matter, means the burden of adducing or pointing to evidence that suggests a reasonable possibility that the matter exists or does not exist. examination, when used in Chapter 6 (which deals with compliance and enforcement), means an examination of a person pursuant to a requirement made under section 253. expenses, in relation to an investigation under Part 6‑1, includes costs and expenses incurred by ASIC in relation to proceedings brought under section 275 as a result of the investigation. Federal Court means the Federal Court of Australia. financial hardship information has the same meaning as in the Privacy Act 1988. financial records: see subsection 88(2). financial services licensee has the same meaning as in the Corporations Act 2001. financial year: see subsection 100(6). function includes a duty. give: (a) when used in Chapter 6 (which deals with compliance and enforcement) in relation to a document—has a meaning affected by section 314; and (b) when used in relation to information, includes: (i) explaining or stating a matter; and (ii) identifying a person, matter or thing; and (iii) disclosing information; and (iv) answering a question. government entity has the meaning given by section 41 of the A New Tax System (Australian Business Number) Act 1999. guarantee means a guarantee to which the National Credit Code applies. hardship notice has the same meaning as in section 204 of the National Credit Code. head company, of a banking group, means the member of the group covered by paragraph 133CN(1)(a) (about large ADIs). hearing, when used in Chapter 6 (which deals with compliance and enforcement), means a hearing before ASIC and, in sections 278, 280, 281 and 282 (which are in that Chapter), includes part of such a hearing. household goods has the same meaning as in section 204 of the National Credit Code. indirect remuneration means a commission or conflicted remuneration. individual fine formula means the formula set out in subsection 288C(3). infringement notice means a notice given under section 288J. initial National Credit Code: see subsection 20(2). insolvent means: (a) in the case of a natural person—a person who is an insolvent under administration; or (b) in the case of a body corporate—a body corporate that is a Chapter 5 body corporate (within the meaning of the Corporations Act 2001); or (c) in the case of a partnership—a partnership against which a creditor's petition or a debtor's petition is presented under Division 2 or 3 of Part IV of the Bankruptcy Act 1966. investigate, in relation to ASIC, means investigate in the course of performing any of ASIC's functions or exercising any of ASIC's powers. involved in: a person is involved in a contravention of a provision of legislation if, and only if, the person: (a) has aided, abetted, counselled or procured the contravention; or (b) has induced the contravention, whether by threats or promises or otherwise; or (c) has been in any way, by act or omission, directly or indirectly, knowingly concerned in or party to the contravention; or (d) has conspired with others to effect the contravention. judgment means a judgment, decree or order, whether final or interlocutory. Key Facts Sheet: (a) for a credit card contract—see section 133BB; and (b) for a standard home loan—see section 133AB. knowledge, in Division 5 of Part 2‑2: see section 53C. large ADI means an ADI of a kind determined under subsection (1A). law of a referring State or a Territory means a law of, or in force in, a referring State or a Territory but does not include a law of the Commonwealth in force in the referring State or the Territory. law of a State or Territory means a law of, or in force in, a State or Territory but does not include a law of the Commonwealth in force in the State or Territory. lawyer means a person who is admitted to the legal profession by a federal court or a Supreme Court of a State or Territory. lessee means the lessee under a consumer lease. lessor has the same meaning as in section 204 of the National Credit Code, and includes a person who is a lessor because of section 10. licence means an Australian credit licence. licensee means a person who holds a licence. licensing anniversary: see subsection 53(7). linked: for when a credit card is linked to a credit card contract, see subsection 133BA(3). lodge with ASIC: see section 216. low cost credit contract has the same meaning as in section 13E of the National Credit Code. lower court means: (a) the Federal Circuit and Family Court of Australia (Division 2); or (b) a court of a State or Territory that is not a superior court. malice: see subsection 16(2). mandatory code of conduct means a code of conduct that is declared by regulations under section 238F to be mandatory. mandatory credit information: see section 133CP. matter includes an act, an omission, a body, a person or a thing. misleading: see section 13. mortgage means a mortgage to which the National Credit Code applies. mortgage broker: see section 15B. mortgagee means the mortgagee under a mortgage, and includes a person who is a mortgagee because of section 10. mortgage intermediary: see section 15C. mortgagor means the mortgagor under a mortgage. National Credit Code means Schedule 1 to this Act, and includes: (a) regulations made under section 329 for the purposes of that Schedule; and (b) instruments made under that Schedule. officer of the Commonwealth has the same meaning as in paragraph 75(v) of the Constitution. official employment means: (a) appointment or employment by the Commonwealth, or the performance of services for the Commonwealth; or (b) the exercise of powers or performance of functions under a delegation by the Registrar. Part 3‑2CA body: see section 133CZF. payment period, in relation to an infringement notice, has the meaning given by section 288M. pecuniary penalty order means an order made under section 167. penalty unit has the same meaning as in section 4AA of the Crimes Act 1914. person has a meaning affected by section 14 (which deals with partnerships) and section 15 (which deals with multiple trustees). personal information has the same meaning as in the Privacy Act 1988. power includes an authority. premises includes: (a) a structure, building, aircraft, vehicle or vessel; and (b) any land or place (whether enclosed or built in or not); and (c) a part of a structure, building, aircraft, vehicle, vessel or of such a place. prescribed State or Territory order means an order under a law of a State or Territory, being an order of a kind prescribed by the regulations. proceedings: (a) when used in Chapter 6 (which deals with compliance and enforcement)—has the same meaning as the definition of proceeding in subsection 5(1) of the ASIC Act; and (b) otherwise—means proceedings, whether criminal or civil, before a court. proscribed referral: see subsection 160G(2). protected information means information: (a) obtained by a person in the course of the person's official employment; and (b) disclosed to the person or another person, or obtained by the person or another person: (i) under, or in relation to, this Act; or (ii) under another law of the Commonwealth; in connection with particular functions or powers of the Registrar. qualified privilege has a meaning affected by section 16. receiving court: see section 191. recklessness, in Division 5 of Part 2‑2: see section 53C. record, when used in Chapter 6 (which deals with compliance and enforcement) in relation to an examination, means the whole or part of a record made under section 258 of statements made at the examination. Reference Checking and Information Sharing Protocol means the protocol determined by ASIC under subsection 47(3A). referred credit matter: see subsection 20(1). referring State: see section 19. registered company auditor has the same meaning as in section 9 of the Corporations Act 2001. Registrar has the meaning given by section 16B. related body corporate has the same meaning as in section 9 of the Corporations Act 2001. related criminal justice process decision: see section 188. relevant criminal law: see subsection 204(5). relevant superior court, in relation to a lower court, means: (a) if the lower court is the Federal Circuit and Family Court of Australia (Division 2)—the Federal Court; or (b) if the lower court is a court of a State or Territory—the Supreme Court of the State or Territory. relinquishment order means an order made under subsection 167C(1). repayment date: see subsection 133CD(3). reportable situation has the meaning given by section 50A. representative of a person means: (a) if the person is a licensee: (i) an employee or director of the licensee; or (ii) an employee or director of a related body corporate of the licensee; or (iii) a credit representative of the licensee; or (iv) any other person acting on behalf of the licensee; or (b) otherwise: (i) an employee or director of the person; or (ii) an employee or director of a related body corporate of the person; or (iii) any other person acting on behalf of the person. residential property has the same meaning as in section 204 of the National Credit Code. reverse mortgage has the same meaning as in section 13A of the National Credit Code. reverse mortgage information statement means a document relating to reverse mortgages that complies with the regulations. scheme means: (a) any agreement, arrangement, understanding, promise or undertaking, whether express or implied; or (b) any scheme, plan, proposal, action, course of action or course of conduct, whether unilateral or otherwise; or (c) any combination of 2 or more things that are schemes because of paragraph (a) or (b). secrecy provision has the meaning given by subsection 212N(2). senior manager has the same meaning as in section 9 of the Corporations Act 2001. sensitive information has the same meaning as in the Privacy Act 1988. serious fraud means an offence involving fraud or dishonesty, being an offence: (a) against a law of the Commonwealth, or of a State or Territory, or any other law; and (b) punishable by imprisonment for life or for a period, or maximum period, of at least 3 months. short‑term credit contract: a credit contract is a short‑term credit contract if: (a) the contract is not a continuing credit contract or a low cost credit contract; and (b) the credit provider under the contract is not an ADI; and (c) the credit limit of the contract is $2,000 (or such other amount as is prescribed by the regulations) or less; and (d) the term of the contract is 15 days or less; and (e) the contract meets any other requirements prescribed by the regulations. small amount credit contract: a credit contract is a small amount credit contract if: (a) the contract is not a continuing credit contract or a low cost credit contract; and (b) the credit provider under the contract is not an ADI; and (c) the credit limit of the contract is $2,000 (or such other amount as is prescribed by the regulations) or less; and (d) the term of the contract is at least 16 days but not longer than 1 year (or such other number of years as is prescribed by the regulations); and (e) the debtor's obligations under the contract are not, and will not be, secured; and (f) the contract meets any other requirements prescribed by the regulations. standard home loan: see subsection 133AA(1). State, when used in a geographical sense, includes the coastal sea of the State. statement, when used in Chapter 6 (which deals with compliance and enforcement) in relation to an examination, includes a question asked, an answer given, and any other comment or remark made, at the examination. state of mind: the state of mind of a person includes: (a) the knowledge, intention, opinion, belief or purpose of the person; and (b) the person's reasons for the intention, opinion, belief or purpose. State or Territory credit licence means a licence or registration that: (a) is granted under a law of a State or Territory; and (b) authorises the licensee or registered person to engage in a credit activity. strata corporation has the same meaning as in section 204 of the National Credit Code. subject to an infringement notice, in relation to an offence provision or civil penalty provision, has the meaning given by section 288K. subscriber, in relation to an app