To set the scene of how licensing applies, here are a few considerations about the national environment for licensing:
The National Consumer Credit Protection Act, 2009 and Regulations does not specifically apply from a licensing perspective to those engaged in the work of an agent as a collector, investigator, process server or repossession agent in Australia - instead licensing of those persons is determined by the specific state or territory regulation where the person is domiciled.
In June 2010 an amendment to the regulations provided a permanent exemption to collectors from licensing under the National Consumer Credit Protection Act, 2009 and Regulations. Collectors are otherwise subject to the conduct and general provisions of the National Credit Code.
The National Consumer Credit Protection Act, 2009 and Regulations does apply to those engaged in debt purchasing in Australia as those entities must hold an Australian Credit Licence issued by ASIC pursuant to the Act and Regulations.
Additional details on the National Consumer Credit Protection Act, 2009 and Regulations can appropriately be sourced at the website of the relevant regulator ASIC. Specifically, ASIC has issued detailed guidance and general information to explain the credit licensing process and obligations under the credit legislation.
Need more information? Select your State/Territory from the list below.
Not logged in