ASIC Credit (Unsuitability—Credit Cards) Instrument 2018/753 (Cth)

ASIC Credit (Unsuitability—Credit Cards) Instrument 2018/753 I, Grant Moodie, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date 28 August 2018

Grant Moodie

Contents

Part 1—Preliminary 1 Name of legislative instrument 2 Commencement 3 Authority 4 Definitions Part 2—Determination 5 Period for determining unsuitability in respect of credit card contracts Part 3—Transitional 6 Application

Part 1—Preliminary

1 Name of legislative instrument This is the ASIC Credit (Unsuitability—Credit Cards) Instrument 2018/753.

2 Commencement This instrument commences on the later of: (a) 1 January 2019; and (b) the day after it is registered on the Federal Register of Legislation. Note: The register may be accessed at www.legislation.gov.au.

3 Authority This instrument is made under subsection 160F(1) of the National Consumer Credit Protection Act 2009.

4 Definitions In this instrument: Act means the National Consumer Credit Protection Act 2009.

Part 2—Determination

5 Period for determining unsuitability in respect of credit card contracts A period of three years is determined for the purposes of the following provisions of the Act: (a) paragraph 118(3AA)(b); (b) paragraph 119(3A)(b); (c) paragraph 123(3AA)(b); (d) paragraph 124(3A)(b); (e) paragraph 131(3AA)(b); (f) paragraph 133(3AA)(b).

Part 3—Transitional

6 Application The determination in section 5 applies: (a) so far as the provision to which it relates applies in relation to entering a credit card contract—to credit card contracts entered into on or after 1 January 2019; and (b) so far as the provision to which it relates applies in relation to remaining in a credit card contract, or increasing the credit limit of a credit card contract: (i) to credit card contracts entered into on or after 1 January 2019; and (ii) to credit card contracts entered into before 1 January 2019.