Obligation to display Australian Credit Licence (ACL) number

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Once licensed, Client X will be issued an ACL number. In accordance with section 52 of the Act, Client X is required to cite its ACL number whenever it identifies itself in the following documents:

 

a) a document that is required to be produced in accordance with Chapter 3 of the Act. Chapter 3 of the Act relates to responsible lending conduct of credit providers and credit assistance providers.

 

b) a printed advertisement that relates to the provision of credit. This includes a website as the Act specifies that printed includes typewritten, lithographed or reproduced by any mechanical means;

 

c) a document that is required to be created, produced, given or published by a provision of the Code (Schedule 1 of the Act). This includes a credit contract, statement of account and default notice.

 

d) a document lodged with ASIC. As a credit licensee, Client X is obligated to lodge an annual compliance certificate with ASIC in accordance with section 52 of the Act. ASIC is yet to release and guidance or information on the form of the annual compliance certificate. ASIC can also require licensees under sections 49, 50 and 51, to provide ASIC with statements, information and assistance when requested.

 

These documents will need to contain Client X’s ACL number.

 

Author: Kath Wardrobe

 

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