The Financial Sector (Collection of Data) Act requires most mortgage lenders to be registered.
Who is Regulated by the Act?
A business is required to register if:
- its total assets exceed $5 million; and
- its sole or principal business in Australia is borrowing money and provision of finance; or
- its assets arising from the provision of finance exceed 50 per cent of its total assets in Australia.
"Regulated entities" (ie authorised-deposit taking institutions (ADIs) regulated by APRA under the Banking Act) are not required to be listed on the Register of Entities.
Generally speaking, money market corporations, and non-bank lenders should be listed on the Register of Entities.
If I am a Registrable Entity how do I Become Listed on the Register of Entities?
