ASIC has published Information Sheet 146 Responsible lending disclosure obligations: Overview for credit licensees and representatives relating to the disclosure obligations commencing on 2 October 2011.
The 9 page Information Sheet covers:
• the obligations of licensees
• the different types of disclosure documents licensees may have to give to consumers
• the circumstances that trigger a requirement to give those disclosure documents
• special requirements and exemptions that apply to some entities, or licensees that engage in credit activities through those entities
• the type of information that needs to be included in the disclosure documents, and
• instances where these documents can be combined.
The following table is a useful summary provided in the Information Sheet.
| Table 1: What credit disclosure documents do I need to provide? I am a: | Credit guide | Quote | Proposal document | Written assessment |
| Credit provider, assignee or lessor | YES (see s126, 127 and 149) | N/A | N/A | YES (Final assessment: see s132 and 155) |
| Credit assistance provider | YES (see s113 and 136) | YES (see s114 and 137) | YES (see s121 and 144) | YES (Preliminary assessment: see s120 and 143) |
| Credit representative | YES (see s158) | N/A | N/A | N/A |
| Debt collector (if a licensee or credit representative) | YES (see s160) | N/A | N/A | N/A |
Note: All references in the table are to the National Credit Act.
There are some exemptions that may apply in certain situations: see Table 2.
