ASIC Credit (Updated details for prescribed disclosure) Instrument 2016/200 modifies the disclosure for reverse mortgages and small amount credit contracts.
The changes update the information required to be contained in Reverse Mortgage Information Statement in Schedule 5A of the National Consumer Credit Protection Regulations 2010 and prescribed warnings in relation to small amount credit contracts in Schedules 7 and 9 of the Regulations.
Reverse Mortgage Information Statements
As the National Information Centre on Retirement Investments (NICRI) no longer exists, the reference to NICRI’s information service has been deleted from the form.
Warnings in relation to small amount credit contracts
The warnings required to be displayed at the licensee’s premises and to be made available from the licensee’s website now refers to a Human Services website instead of a Centrelink phone contact.
