If you’re thinking of applying for relief from the credit legislation, you should apply as early as possible. Applications for relief often raise issues that may take some time to resolve.
Credit: Relief
ASIC may grant relief from various provisions of the credit legislation by making individual instruments, or legislative instruments (previously known as class orders) which have a wider application.
Individual instruments and legislative instruments made under the credit legislation are not published in the ASIC Gazette.
This page contains:
- Relief under the credit legislation
- Applying for individual relief
- Credit relief instruments
- Legislative instruments
- More information
Relief under the credit legislation
ASIC may give relief from:
- the licensing provisions under Chapter 2 of the National Credit Act
- the responsible lending conduct provisions under Chapter 3 of the National Credit Act
- the provisions of the National Credit Code.
ASIC gives relief by way of individual instruments and legislative instruments.
Individual instruments are made in response to an application by a person (see Applying for individual relief).
Legislative instruments apply to a class of persons or contracts and are generally made by ASIC of its own initiative. These instruments are sometimes also made in response to an application by a person or an industry association when ASIC forms the view that the relief ought to apply more broadly.
Applying for individual relief
When applying for individual relief from the credit legislation, make sure you:
Credit relief instruments
Individual instruments made under the credit legislation (including section 203A of the National Credit Code, which is Schedule 1 to the National Consumer Credit Protection Act 2009 (National Credit Act)) are published on the ASIC website. Specified exclusions made under subsections 6(14) and 171(4) of the National Credit Code are not published on the ASIC website and are not available to the public.
See list of credit relief instruments.
Legislative instruments
Legislative instruments (previously known as class orders) made under the credit legislation are registered on the Federal Register of Legislation (FRL).
ASIC also publishes the text of certain legislative instruments on the ASIC website for the purposes of paragraphs 109(6)(a) and 163(6)(a) of the National Credit Act and for the purposes of paragraph 41(6)(a) of Schedule 2 to the National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009.
See list of legislative instruments.
More information
- Regulatory Guide 208 How ASIC charges fees for credit relief applications (RG 208)
- Summary reports of ASIC relief applications
- Credit
- Credit: General conduct obligations
- Credit: Notices and offences
- Responsible lending
- Debt collection
- Schedule 1 forms – Credit regulations