Credit licensees

You must be covered by an Australian credit licence to engage in credit activities.

If you engage in credit activities you will generally need to have an Australian credit licence (unless you are exempt or authorised to engage in those activities as a representative of a credit licensee).

Credit activity includes:

  • providing credit under a credit contract or consumer lease
  • benefiting from mortgages or guarantees relating to a credit contract
  • exercising rights or performing obligations of a credit provider or lessor (either as the credit provider or lessor or on behalf of another person who is the credit provider or lessor)
  • suggesting or assisting with a particular credit contract or consumer lease
  • acting as an intermediary between a credit provider and a consumer (for a credit contract) or between a lessor and a consumer (for a consumer lease).

You will need to have your credit licence or authorisation from the day you start your business. Strict penalties may apply to persons who unlawfully engage in credit activities.

ASIC assesses applications for credit licences as part of our role as regulator of the consumer credit industry.

Consumers should be aware that the licensing process is a point-in-time assessment of the licensee, not of its owners or employees. Holding a credit licence does not guarantee the probity or quality of the licensee’s services.

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Last updated: 20/10/2014 12:00