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Almost one week after licensing registration officially closed, ASIC can confirm that more than 14,800 people have applied to become credit providers under the National Consumer Credit Protection Act 2009.
In the first few hours after registration closed and licensing opened, ASIC received a number of licence applications from credit registrants in Victoria and South Australia.
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The registration process has identified which entities and individuals are engaging in credit activities and will be regulated under the new regime.
Applicants had to meet some important preliminary thresholds for registration, including membership of an ASIC-approved external dispute resolution (EDR) scheme and various declarations that officers of the registered entity meet a ‘fit and proper person’ test.
ASIC has conducted an extensive campaign to help industry participants prepare for the new regime.
