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ISCOVER
Staff Reporter
The corporate regulator has launched an information sheet to help Australian credit licence holders and credit representatives understand their various disclosure obligations.
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The ASIC 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.
Under the NCPP, brokers will be forced to provide full disclosure documents to all of their clients from 2 October.
Brokers that fail to do so can face significant criminal and civil penalties, according to ASIC.
“We may also take administrative action by suspending, cancelling or imposing conditions on your credit licence or issuing an infringement notice,” a statement from ASIC read.
For more information see ASIC’s responsible lending disclosure obligation information sheet.
