The requirement to display Australian Credit Licence
numbers on National Credit Code and NCCP Act documents commences on
1 April 2012.
INFO103 issued by ASIC states that using the initials
'ACL' is not sufficient and the words 'Australian
Credit Licence' must be used in full; for example
'Australian credit licence 12345'.
What documents must display an ACL?
Section 52 of the NCCP Act specifies that an ACL holder must
show its ACL number on prescribed documents. Regulation 13 of the
NCCP Regulations prescribes the following documents.
The documents required by Chapter 3 (Credit Guides, Quotes, and
Proposal Disclosure Documents). This requirement applies from 1
Printed advertisements that relate to the provision of
regulated credit – see further information below.
Documents required to be created, produced, given or published
under the Code (eg NCC notices, credit contracts, mortgages,
Documents lodged with ASIC that relate to the provision of
This is an important requirement as a breach can incur a civil
penalty of $220,000 for individuals (natural persons) or $1.1m for
Special purpose funding entities
There will be cases when a lender of record's ACL is not
shown alongside the name of the lender of record. For example, if
the lender of record is unlicensed because it is a COI (Carried
Over Instrument) lender or a special purpose funding entity, the
lender may not have a licence applicable to the relevant credit
contract. For example, Permanent Custodians and Perpetual Trustees
are the lender of record for many securitised programs. Although
Permanent and Perpetual do hold an ACL for their other activities,
that ACL does not apply to their activities where a CL13 notice has
been lodged with ASIC and Permanent and Perpetual are exempt from
licensing. (A CL13 notice is a notice filed at ASIC to inform ASIC
that a servicer is managing the affairs of an exempt special
purpose funding entity). It would be incorrect to show Permanent or
Perpetual's ACL in these circumstances.
There is no definition of 'advertisement' in the NCC,
but the Concise Oxford English Dictionary defines an advertisment
as 'a public announcement (especially in newspapers, on
posters, by television, notice to readers in a book,
Drawing on the views of ASIC in RG13, it appears that a website
advertising products does not comprise a printed advertisement.
The following will be considered 'printed advertisements
that relate to the provision of regulated credit':
'boxed out' advertisement in a newspaper; and
words or pictures that amount to more than a mere listing in
the white pages or yellow pages.
There is no specific requirement for credit representative to
show their credit representative number except in Credit Guides
– see s 158(2) of the NCCP Act. It is important to note
that 'Credit Representative Number' must be stated in full.
The abbreviation CR is not acceptable. However, it would be wise
for credit representatives to show their CR number on all documents
where the licensee's ACL number must be shown.
For more information, please contact:
This report does not comprise legal advice and neither Gadens
Lawyers nor the authors accept any responsibility for it.
The Sportscraft refunds and returns policy limitations went beyond consumer's rights under the Australian Consumer Law.
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