ASIC Class Order [CO 14/41] which provides an exemption from the requirement for credit licensees to give notice to debtors of credit contract and consumer lease variations in respect of simple arrangements has been extended.

ASIC Credit (Amendment) Instrument 2016/62 extends the relief granted by CO 14/41 for a further 2 years until 1 March 2018.

A simple arrangement means an agreement that defers or reduces the obligations of a debtor for a period of no more than 90 days.