National Consumer Credit Protection Act 2009
The following table sets out when a person engages in a credit activity .
| Meaning of credit activity | ||
| Item | Topic | A person engages in a credit activity if: |
| 1 | credit contracts | (a) the person is a credit provider under a credit contract; or |
| (b) the person carries on a business of providing credit, being credit the provision of which the National Credit Code applies to; or | ||
| (c) the person performs the obligations, or exercises the rights, of a credit provider in relation to a credit contract or proposed credit contract (whether the person does so as the credit provider or on behalf of the credit provider); or | ||
| 2 | credit service | the person provides a credit service; or |
| 3 | consumer leases | (a) the person is a lessor under a consumer lease; or |
| (b) the person carries on a business of providing consumer leases; or | ||
| (c) the person performs the obligations, or exercises the rights, of a lessor in relation to a consumer lease or proposed consumer lease (whether the person does so as the lessor or on behalf of the lessor); or | ||
| 4 | mortgages | (a) the person is a mortgagee under a mortgage; or |
| (b) the person performs the obligations, or exercises the rights, of a mortgagee in relation to a mortgage or proposed mortgage (whether the person does so as the mortgagee or on behalf of the mortgagee); or | ||
| 5 | guarantees | (a) the person is the beneficiary of a guarantee; or |
| (b) the person performs the obligations, or exercises the rights, of another person who is a beneficiary of a guarantee or proposed guarantee, in relation to the guarantee or proposed guarantee (whether the person does so on the person ' s own behalf or on behalf of the other person); or | ||
| 6 | Prescribed activities | the person engages in an activity prescribed by the regulations in relation to credit, being credit the provision of which the National Credit Code applies to, or would apply to if the credit were provided. |
A subclass of any of the conduct referred to in the table in subsection (1) is also a
credit activity
.
Note:
For example, ASIC could impose a condition on a licence under subsection 45(6) that provides that a person is authorised to be a credit provider only under particular types of credit contracts (such as credit card contracts).
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