ASIC has released the second package of regulatory guidance on the implementation of the National Consumer Credit regime.

It has been developed to help industry prepare their credit licence applications and also understand ASIC’s expectations in relation to their obligations as credit licensees.

Separate guidance has been developed to specifically assist small business operators make a credit licence application. ASIC has also updated regulatory guides on applications for relief and when it will issue no-action letters under the National Credit Act.

ASIC has released the following new publications:

Regulatory Guide 204 Credit licensing: Applying for and varying a credit licence (RG 204)

Regulatory Guide 205 Credit licensing: General conduct obligations (RG 205)

Regulatory Guide 206 Credit licensing: Competence and training (RG 206)

Regulatory Guide 207 Credit licensing: Financial requirements (RG 207)

Regulatory Guide 208 How ASIC charges fees for credit relief applications (RG 208)

INFO 97 Guidance for small credit businesses (INFO 97)

ASIC has also updated two existing regulatory guides to accommodate the National Consumer Credit regime:

Regulatory Guide 51 Applications for relief (RG 51)

Regulatory Guide 108 No Action letters (RG 108)

The following guides are expected to be issued in early 2010:

Regulatory Guide 209: Responsible lending (RG 209)

Regulatory Guide 139: Approval of external complaints resolution schemes (RG 139)

Regulatory Guide 165: Licensing: Internal and external dispute resolution (RG 165)

Regulatory Guide 210: Compensation and insurance arrangements for credit licensees (RG 210)