Australia National Consumer Credit Protection Act 2009 (Cth)
Australia's National Consumer Credit Protection Act: the licensing and general conduct obligations of credit licensees, breach reporting, responsible lending assessments by brokers and lenders, disclosure, mortgage broker best interests, and the key National Credit Code duties on precontractual disclosure, statements, hardship and default.
Australia National Consumer Credit Protection Act 2009 (Cth) is a compliance framework from Australia (Commonwealth) with 5 domains and 40 controls. The largest domains are Chapter 2: Licensing and general obligations of licensees – Australia National Consumer Credit Protection Act 2009 (Cth) (17 controls), Chapter 3 Parts 3-2 to 3-2C: Credit providers – Australia National Consumer Credit Protection Act 2009 (Cth) (8 controls), Chapter 3 Part 3-1: Credit assistance providers (brokers and intermediaries) – Australia National Consumer Credit Protection Act 2009 (Cth) (7 controls). Every control below carries what it requires and what an assessor expects to see.
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Framework Domains (5)
Chapter 2: Licensing and general obligations of licensees – Australia National Consumer Credit Protection Act 2009 (Cth)
| Code | Title |
|---|---|
| australia-national-consumer-credit-protection-act-2009-cth::s29-32 | ss 29 to 32 Hold a credit licence for every credit activity; do not hold out, deal with unlicensed persons or charge fees for unlicensed activity |
| australia-national-consumer-credit-protection-act-2009-cth::s47-1a | s 47(1)(a) Engage in authorised credit activities efficiently, honestly and fairly |
| australia-national-consumer-credit-protection-act-2009-cth::s47-1b | s 47(1)(b) Have adequate arrangements so that conflicts of interest do not disadvantage clients |
| australia-national-consumer-credit-protection-act-2009-cth::s47-1c-ea | s 47(1)(c) to (ea) Comply with licence conditions and the credit legislation, ensure representatives comply, and follow the reference checking protocol |
| australia-national-consumer-credit-protection-act-2009-cth::s47-1f-g | s 47(1)(f), (g) Maintain competence and ensure representatives are trained and competent |
| australia-national-consumer-credit-protection-act-2009-cth::s47-1h-i | s 47(1)(h) to (i) Run a compliant internal dispute resolution procedure, report IDR data to ASIC and be a member of AFCA |
| australia-national-consumer-credit-protection-act-2009-cth::s47-1j-48 | ss 47(1)(j) and 48 Have adequate compensation arrangements |
| australia-national-consumer-credit-protection-act-2009-cth::s47-1k-l | s 47(1)(k), (l) Keep a written compliance plan, adequate resources and adequate risk management systems |
| australia-national-consumer-credit-protection-act-2009-cth::s49-50 | ss 49 and 50 Lodge statements, obtain audit reports and give information when ASIC directs |
| australia-national-consumer-credit-protection-act-2009-cth::s50A-50B | ss 50A and 50B Report reportable situations to ASIC within 30 days |
| australia-national-consumer-credit-protection-act-2009-cth::s50C | s 50C Report reportable situations about other licensees' mortgage brokers |
| australia-national-consumer-credit-protection-act-2009-cth::s51A-51B | ss 51A and 51B Mortgage brokers: notify, investigate and remediate affected consumers |
| australia-national-consumer-credit-protection-act-2009-cth::s51C | s 51C Keep records sufficient to show compliance with the breach reporting and remediation duties |
| australia-national-consumer-credit-protection-act-2009-cth::s52-53 | ss 52 and 53 Cite the credit licence number and lodge the annual compliance certificate within 45 days |
| australia-national-consumer-credit-protection-act-2009-cth::s53A | s 53A Notify ASIC within 30 business days when an entity starts or stops controlling the licensee |
| australia-national-consumer-credit-protection-act-2009-cth::s64-71 | ss 64 to 71 Authorise credit representatives properly, revoke ineffective authorisations and notify ASIC within 15 business days |
| australia-national-consumer-credit-protection-act-2009-cth::s88-95 | ss 88 to 95 Keep financial records of the credit business and retain them for 7 years |
Chapter 3 Part 3-1: Credit assistance providers (brokers and intermediaries) – Australia National Consumer Credit Protection Act 2009 (Cth)
| Code | Title |
|---|---|
| australia-national-consumer-credit-protection-act-2009-cth::s113 | s 113 Credit assistance providers: give the credit guide as soon as practicable |
| australia-national-consumer-credit-protection-act-2009-cth::s114 | s 114 Give and have the consumer accept a written quote before charging for credit assistance |
| australia-national-consumer-credit-protection-act-2009-cth::s115-119 | ss 115 to 119 Make a preliminary assessment of unsuitability within 90 days before giving credit assistance |
| australia-national-consumer-credit-protection-act-2009-cth::s117 | s 117 Make reasonable inquiries about requirements, objectives and finances, and take reasonable steps to verify |
| australia-national-consumer-credit-protection-act-2009-cth::s120 | s 120 Give the consumer a copy of the preliminary assessment on request, free |
| australia-national-consumer-credit-protection-act-2009-cth::s121-122 | ss 121 and 122 Give a credit proposal disclosure document and do not profit from third party fees |
| australia-national-consumer-credit-protection-act-2009-cth::s123-124 | ss 123 and 124 Do not suggest or assist with an unsuitable credit contract, or suggest the consumer stay in one |
Chapter 3 Parts 3-2 to 3-2C: Credit providers – Australia National Consumer Credit Protection Act 2009 (Cth)
| Code | Title |
|---|---|
| australia-national-consumer-credit-protection-act-2009-cth::s126 | s 126 Credit providers: give the credit guide as soon as practicable |
| australia-national-consumer-credit-protection-act-2009-cth::s128-131 | ss 128 to 131 Assess unsuitability, after reasonable inquiries and verification, within 90 days before credit is provided |
| australia-national-consumer-credit-protection-act-2009-cth::s132 | s 132 Give the consumer a copy of the assessment on request |
| australia-national-consumer-credit-protection-act-2009-cth::s133 | s 133 Do not enter, or increase the limit of, an unsuitable credit contract |
| australia-national-consumer-credit-protection-act-2009-cth::s133AC-AD | ss 133AC and 133AD Provide Key Facts Sheets for standard home loans |
| australia-national-consumer-credit-protection-act-2009-cth::s133BC-BV | Part 3-2B Credit cards: Key Facts Sheet, no limit increase invitations, limit reduction and termination on request |
| australia-national-consumer-credit-protection-act-2009-cth::s133BXG | s 133BXG Low cost credit (buy now pay later): have an effective written unsuitability assessment policy |
| australia-national-consumer-credit-protection-act-2009-cth::s133CC-CF | Part 3-2C Small amount credit: repayment limits and no unsolicited offers |
Chapter 3 Parts 3-5A and 3-6A: Mortgage broker duties and conduct rules – Australia National Consumer Credit Protection Act 2009 (Cth)
| Code | Title |
|---|---|
| australia-national-consumer-credit-protection-act-2009-cth::s158LA | s 158LA Mortgage brokers: act in the best interests of the consumer |
| australia-national-consumer-credit-protection-act-2009-cth::s158LB | s 158LB Mortgage brokers: prioritise the consumer's interests when there is a conflict |
| australia-national-consumer-credit-protection-act-2009-cth::s158N | ss 158NB to 158NF Do not accept or give conflicted remuneration |
| australia-national-consumer-credit-protection-act-2009-cth::s160D | s 160D Do not give false or materially misleading information in a credit activity |
Schedule 1 National Credit Code: key credit provider duties – Australia National Consumer Credit Protection Act 2009 (Cth)
| Code | Title |
|---|---|
| australia-national-consumer-credit-protection-act-2009-cth::ncc-s16-17 | National Credit Code ss 16 and 17 Give precontractual disclosure and include the required matters in the contract |
| australia-national-consumer-credit-protection-act-2009-cth::ncc-s33 | National Credit Code s 33 Give periodic statements of account |
| australia-national-consumer-credit-protection-act-2009-cth::ncc-s72-73 | National Credit Code ss 72 and 73 Respond to hardship notices in time and confirm agreed changes |
| australia-national-consumer-credit-protection-act-2009-cth::ncc-s88 | National Credit Code s 88 Give a default notice with at least 30 days to remedy before enforcing |
What is Australia National Consumer Credit Protection Act 2009 (Cth) and who does it apply to?
Australia National Consumer Credit Protection Act 2009 (Cth) is a compliance framework from Australia (Commonwealth) with 5 domains and 40 controls. Australia's National Consumer Credit Protection Act: the licensing and general conduct obligations of credit licensees, breach reporting, responsible lending assessments by brokers and lenders, disclosure, mortgage broker best interests, and the key National Credit Code duties on precontractual disclosure, statements, hardship and default. It is used by organisations to establish and maintain compliance with industry standards and regulatory requirements.
What does Australia National Consumer Credit Protection Act 2009 (Cth) actually require?
Australia National Consumer Credit Protection Act 2009 (Cth) has 40 controls organised across 5 domains. The largest domains are Chapter 2: Licensing and general obligations of licensees – Australia National Consumer Credit Protection Act 2009 (Cth) (17 controls), Chapter 3 Parts 3-2 to 3-2C: Credit providers – Australia National Consumer Credit Protection Act 2009 (Cth) (8 controls), Chapter 3 Part 3-1: Credit assistance providers (brokers and intermediaries) – Australia National Consumer Credit Protection Act 2009 (Cth) (7 controls). Each control defines specific requirements that organisations must implement to achieve compliance.
If I already comply with another framework, how much of Australia National Consumer Credit Protection Act 2009 (Cth) do I already cover?
Australia National Consumer Credit Protection Act 2009 (Cth) does not currently have cross-framework mappings in our system. Check back as we continuously expand our mapping database.
How do I implement Australia National Consumer Credit Protection Act 2009 (Cth)?
Start your Australia National Consumer Credit Protection Act 2009 (Cth) compliance journey by running a self-assessment on our platform to identify your current compliance posture. Our AI advisory can answer specific questions about Australia National Consumer Credit Protection Act 2009 (Cth) requirements, and cross-framework mapping helps you leverage existing controls from other frameworks you may already comply with. Create a free account to access all 40 controls and track your progress.
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