Australian Credit Licensing (ACL) Forum

Home Forums Australian Credit Licensing (ACL) Forum Obligation to display Australian Credit Licence (ACL) number

This topic contains 0 replies, has 1 voice, and was last updated by  Archived User 10 years, 3 months ago.

Viewing 1 post (of 1 total)
  • Author
    Posts
  • #2210 Reply

    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

     

Viewing 1 post (of 1 total)

Reply

Reply To: Obligation to display Australian Credit Licence (ACL) number

Your information:


<a href="" title="" rel="" target=""> <blockquote cite=""> <code> <pre> <em> <strong> <del datetime=""> <ul> <ol start=""> <li> <img src="" border="" alt="" height="" width="">

  • Free answers to common Financial Services Regulation (FSR), Consumer Credit and AML/CTF issues.

    Click here to join our LinkedIn group for responsible managers and compliance professionals.
    joinUsOnLinkedIn
  • Training

    Regulatory Compliance Training for Directors, Responsible Managers and Compliance Staff

    View Courses

  • Legal Advice

    Review your AFSL or ACL disclosure documents, conduct a licensee audit and more…

    Get Legal Advice

  • Compliance support

    The HN Hub – an online platform built to support Responsible Managers and Compliance Staff

    More