Australian Credit Licences (ACL)

Sophie Grace is equipped to assist your business engaged in credit activities to meet its obligations under the National Consumer Credit Protection Act 2009 (Cth) (“NCCP”).

Businesses engaged in certain credit activities are required to have an Australian Credit Licence (“ACL”) and must not trade without one.

There are a range of businesses that are required to hold an ACL, these include:

  • credit providers;
  • lessors;
  • finance brokers; and
  • mortgage managers or aggregators.

Sophie Grace can assist your business with obtaining and maintaining an ACL and meeting the obligations imposed on licensees including responsible lending requirements and disclosure obligations.

The Australian Securities and Investments Commission (“ASIC”) is the regulatory body which enforces the licensing regime. ASIC has the power to suspend or cancel an ACL with or without a hearing (depending on the circumstances), to make orders banning any person from engaging in credit activities and to make adverse publicity orders for licensees who do not comply with regulations. Criminal penalties also apply for certain breaches of the ACL regime.

If you would like to obtain further information or assistance, please contact Sophie Grace directly.

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