Bulletin 36 – Responsible lending disclosure requirements

The Australian Securities and Investments Commission (ASIC) has published information on the responsible lending disclosure obligations that apply from 2 October 2011. The information will apply to most Australian credit licence holders (‘licensees’) and credit representatives (‘representatives’).

The information sheet Responsible lending disclosure obligations: overview for credit licensees and representatives (INFO 146), provides detail on the type of documents that must be provided, and the content of those documents, exemptions where they exist, and information on providing quotes and proposal documents.

Read Information Sheet 146

ASIC recommends you familiarise yourself with the information.

The responsible lending disclosure obligations take effect on 2 October 2011 under the National Consumer Credit Protection Act 2009 (National Credit Act), and related regulations.

 

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