National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009 (135 of 2009)

Schedule 1   Transition from the old Credit Codes to the National Credit Act

Part 3   Application of the National Credit Act (other than the new Credit Code) and Schedule 2 to this Act

Division 2   Application of Chapter 3 of the National Credit Act

19   Application of Chapter 3 of the National Credit Act

When all of Chapter 3 (responsible lending conduct) applies to all licensees

(1) Chapter 3 (which deals with responsible lending conduct) of the National Credit Act applies on and after the day (the Chapter 3 start day ) that is 1 January 2011, or a later day prescribed by the regulations.

Note: Chapter 3 of the National Credit Act does not apply before the Chapter 3 start day. However, under subitem (2), certain provisions of Chapter 3 apply before then to some licensees (and registered persons because of item 36 of Schedule 2 to this Act).

When certain provisions of Chapter 3 apply earlier for some licensees

(2) Despite subitem (1), sections 112, 115, 116, 117, 118, 119, 122, 123, 124, 128, 129, 130, 131, 133, 135, 138, 139, 140, 141, 142, 145, 146, 147, 151, 152, 153, 154, 156, 162, 163 and 164 (which deal with the main responsible lending conduct rules) of the National Credit Act apply in relation to conduct engaged in by a licensee in the period that:

(a) starts on commencement; and

(b) ends immediately before the Chapter 3 start day;

if:

(c) the licensee is neither an ADI nor a registrable corporation; and

(d) the conduct is engaged in in relation to a contract or other instrument made on or after commencement.

Application of Chapter 3 in relation to contracts or other instruments

(3) Chapter 3 of the National Credit Act does not apply in relation to a contract or other instrument that was made before commencement.

Note: Chapter 3 of the National Credit Act applies in relation to contracts or other instruments made on or after commencement, but see subitem (4) for exceptions to this.

(4) Despite subitem (3), sections 120, 132, 143 and 155 of the National Credit Act do not apply in relation to a contract or other instrument that was made before the Chapter 3 start day.

(5) This item is subject to subitem 18(2) (which deals with regulations that provide for the application to a person of the National Credit Act).