ASIC releases overview of credit disclosure obligations
Written on the 16 September 2011 by ASIC
The Australian Franchises Directory has been informed that the Australian Securities & Investments Commission - ASIC - has released Information Sheet 146 Responsible lending disclosure obligations: Overview for credit licensees and representatives to assist industry understand their new credit disclosure obligations.
The information sheet sets out the credit disclosure obligations under Chapter 3 of the National Consumer Credit Protection Act 2009 (National Credit Act) and related regulations.
How does this concern the Australian Franchise Industry and who do these changes apply to?
These obligations apply to most holders of Australian credit licences (credit licensees) and
- Product designers
- Mortgage managers, and
A franchisee can engage in credit activities either as a credit representative of its franchisor
This article features information provided by the ASIC & has been republished by Australian Franchises Directory for public interest.
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