If you currently carry on a credit activity you must register under the National Consumer Credit Protection Act by 30 June 2010. If you are not registered with ASIC by 1 July 2010, you must stop engaging in credit activities until you either become registered or have an Australian credit licence.

The registration period is a three-month period from 1 April 2010 to 30 June 2010.

If you wait until after 18 June 2010 to apply, there is a risk that ASIC won’t make a decision on your application until after 30 June 2010.

ASIC Regulatory Guide 202 explains how to make an application for registration.

To become registered, you must complete an application (Form CS01) and lodge it online with ASIC. ASIC has issued a guide to completing CS01.

ASIC will not accept registration applications after 30 June 2010.

Credit providers and intermediaries that are not authorised deposit-taking institutions and are not registered financial corporations under the Financial Sector (Collection of Data) Act must comply with the prohibition on unsuitable lending in the Act from 1 July 2010.

The National Credit Code commences on 1 July 2010. It replaces the existing Consumer Credit Code. All credit providers must comply with the changes to the Code from 1 July.