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ARTICLE · 17 NOVEMBER 2010

Do you provide credit in your business?

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If you engage in credit activities for the first time from 1 July 2010, you will generally need an Australian Credit Licence or an authorisation from a licensee before commencing business. Businesses involved in credit related activities for personal, household or domestic purposes should be aware of the implications of the new credit licensing regime which has been recently implemented.

AustraliaFinance and Banking
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In brief - New credit licensing regime in Australia

If you engage in credit activities for the first time from 1 July 2010, you will generally need an Australian Credit Licence or an authorisation from a licensee before commencing business. Businesses involved in credit related activities for personal, household or domestic purposes should be aware of the implications of the new credit licensing regime which has been recently implemented.

Registering with ASIC and applying for a Credit Licence

Businesses which were undertaking regulated credit activities prior to 1 July 2010 should now be registered with ASIC. If your business is not registered with ASIC, the business cannot provide regulated credit services unless you have an Australian Credit Licence. If your business is registered, it will need to apply for a Credit Licence before 31 December 2010. Only those who have applied for a Credit Licence or are appointed as a credit representative by a holder of a

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