The National Consumer Credit Protection Act 2009 (Cth) established an Australian Credit Licensing system for people who engage in credit activities in Australia.  From 1 July 2010, to engage in credit activities, you will need to possess an Australian Credit Licence.

If you don’t intend to provide credit or credit assistance, you may be under the false impression that no further action is necessary.  However, you may be wrong.  It is important that you still ensure that your representatives know the “credit limits”.  Your credit procedure needs spell out exactly what a representative can, and cannot, say and do regarding credit.

Did you know... even credit referrals can constitute providing credit assistance?  If your representatives refer people to credit providers, or credit assistance providers, you must also ensure that your credit procedure outlines how the representative must do this.  

For assistance in developing this procedure, contact the Author, Christopher Lim.

ACL procedures are required – even if you don’t intend to hold an ACL by Holley Nethercote Commercial Lawyers is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 2.5 Australia Licence.

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