138Regulations

1. The Governor-General may, by Order in Council, make regulations for all or any of the following purposes:

2. prescribing any class of credit contract that is exempted from being a consumer credit contract and the terms and conditions (if any) applying to the exemption:
3. exempting any credit contract or other agreement or class of credit contract or other agreement from the application of any provision or provisions of this Act, and prescribing the terms and conditions (if any) of the exemption:
4. exempting any person or class of persons from being a creditor under a consumer credit contract or class of consumer credit contracts for the purpose of this Act or applying any provision or provisions of this Act, and prescribing the terms and conditions (if any) of the exemption:
5. declaring any person or class of persons to be creditors under a consumer credit contract or class of consumer credit contracts:
6. setting advertising standards for the purposes of section 9C(3)(b)(i) (lender responsibility principles), which may include—
   1. what advertisements must or must not contain:
   2. the manner in which advertising must or may be done:
   3. circumstances in which advertising must not be distributed to a person (including prohibitions on advertising):
7. prescribing, for the purposes of section 9C,—
   1. inquiries that must be made before entering into, or making a material change to, an agreement, a guarantee, or an insurance contract:
   2. processes, practices, and procedures that a lender should follow when making reasonable inquiries:
   3. the way in which the results of the inquiries must be taken into account:
   4. circumstances that would prevent a lender from being satisfied as to a matter:
8. prescribing matters for the purposes of section 19(1)(i), including what warning and other information must be contained, how the warning and information must be presented, how amounts or other matters are calculated or determined, and the circumstances (if any) in which the warning or information is not required:
9. prescribing any other information that must be disclosed under section 22 or section 23 or section 26:
10. prescribing, for the purposes of section 23 or section 26, any alternative publication requirements in relation to disclosing a change to the amount of an interest rate or a change to the amount of any fee or charge payable:
11. prescribing any class of change to a matter to which section 23(5) applies:
12. in the case of circumstances that relate to securitisation or covered bond arrangements or similar arrangements,—
    1. prescribing circumstances for the purposes of section 26A(3) and how Part 3A applies in those circumstances (which may include treating a contract manager as if they were a creditor for all or any purposes of Part 3A):
    2. prescribing circumstances for the purposes of section 59B(4) and how section 59B applies in those circumstances (which may include requiring the directors and senior managers of a contract manager to exercise due diligence to ensure that a creditor complies with its duties under this Act):
    3. prescribing modifications to other provisions that relate to the application, effect, or enforcement of those provisions:
13. prescribing matters for the purposes of section 32(1)(ba), including prescribing—
    1. 1 or more forms:
    2. when a form must be used:
    3. information or warnings that must be included in the form that are in addition to the key information set out in Schedule 1 or other information required by this Act:
14. prescribing for the purposes of section 26B (disclosure about dispute resolution scheme and financial mentoring services),—
    1. when information needs to be provided:
    2. what information needs to be provided:
    3. the manner in which that information needs to be provided:
15. prescribing the particular matters required to meet all or any of the requirements under this Act for publication, disclosure, notice, or other provision of information:
16. prescribing the form of statements that must be used to meet all or any of the requirements under this Act for publication, disclosure, notice, or other provision of information:
17. prescribing how the information to be disclosed must be presented, including, but not limited to, requirements as to the precise manner of disclosure:
18. prescribing model disclosure statements for the purposes of section 34 that comply with section 32, and the terms and conditions on which the model disclosure statements may be used:
19. prescribing, for the purposes of section 33, the assumptions that may be made when disclosing information that is required to be disclosed under this Act and the terms and conditions (if any) that apply to those assumptions:
20. providing for the calculation of matters in paragraph (b) or (c) of the definition of high-cost consumer credit contract:
21. prescribing a procedure or procedures for calculating the maximum rate of charge for the purposes of section 45H (rate cap):
22. prescribing, for the purposes of section 45H, the assumptions that may be made when calculating the maximum rate of charge and the terms and conditions (if any) that apply to those assumptions:
23. prescribing a procedure or procedures for calculating a reasonable estimate of a creditor's loss arising from full prepayment:
24. prescribing, for the purposes of section 52, the procedure for calculating a proportionate rebate of any premium paid for any consumer credit insurance product financed under a consumer credit contract:
25. prescribing, for the purposes of section 52A or 52B, the procedure for calculating a proportionate rebate of any additional consideration paid for a repayment waiver or extended warranty:
26. prescribing matters relating to Part 5A (certification and fit and proper person requirements), including—
    1. persons who, or services that, are exempt for the purposes of section 131C:
    2. matters that the Commission must have regard to for the purposes of section 131H(2):
    3. conditions that certifications are subject to, the kinds of conditions that the Commission may impose on those certifications, or matters to which conditions imposed by the Commission may relate, for the purposes of sections 131K and 131L:
    4. persons for the purposes of section 131I (notice of decisions):
    5. information for the purposes of section 131J(2)(c) (Commission must send certification details to Registrar):
    6. changes in circumstances for the purposes of section 131R(1):
    7. requiring the payment to the Commission of fees and charges in connection with applications and notices under Part 5A and the amounts of those fees and charges or the manner in which those fees and charges are to be calculated:
    8. authorising the Commission to require payment of any costs incurred by the Commission in connection with an application or a notice referred to in subparagraph (vii):
    9. authorising the Commission, in its discretion or on any grounds that are prescribed, to refund or waive all or any part of a prescribed fee, charge, or cost payable in connection with an application or a notice referred to in subparagraph (vii):
27. prescribing the procedure for determining the maximum amount payable by a lessee on the termination of a consumer lease before the end of its term:
28. prescribing the form of the certificate that must be given under section 73:
29. prescribing consumer goods or documents for the purposes of section 83ZN(1)(c):
30. prescribing requirements in relation to annual returns for the purposes of section 116AAA, including the date by which the return must be provided and the 12-month period to which it must relate (by reference to annual dates):
31. prescribing information that must be disclosed under section 132A (disclosure about debt collection):
32. prescribing, for the purposes of any provision of this Act that requires a thing to be done in a prescribed manner (or for the purposes of any other regulations empowered to prescribe the manner in which something must be done), the manner in which the thing must be done, including prescribing—
    1. by whom, when, where, and how the thing must be done:
    2. the form that must be used in connection with doing the thing:
    3. what information or other evidence or documents must be provided in connection with the thing:
    4. requirements with which information, evidence, or documents that are provided in connection with the thing must comply:
    5. that fees or charges must be paid in connection with doing the thing:
    6. that the Commission may determine or prescribe any of the matters under subparagraphs (i) to (iv):
33. prescribing, for the purposes of Schedule 1, any other information or warnings as key information concerning a consumer credit contract:
34. prescribing, for the purposes of Schedule 2, any other information or warnings as information concerning a consumer lease:
35. prescribing, for the purposes of Schedule 3, any other information or warnings as information concerning a buy-back transaction:
36. providing for any other matters contemplated by this Act, necessary for its administration, or necessary for giving it full effect.

37. Regulations may be made under subsection (1)(a) to (aba) only on the recommendation of the Minister, and the Minister may make a recommendation only if he or she—

38. has had regard to the purposes of this Act set out in section 3; and
39. is satisfied that the exemption would not cause significant detriment to debtors under credit contracts, lessees under consumer leases, or occupiers under buy-back transactions; and
40. is satisfied, in the case of—
    1. subsection (1)(a) or (aba), that compliance with the provisions of this Act relating to consumer credit contracts would, in the circumstances, require a creditor or a class of creditors to comply with requirements that are unduly onerous or burdensome:
    2. subsection (1)(ab), that compliance with the relevant provision or provisions would, in the circumstances, require a creditor, lessor, or transferee or a class of creditors, lessors, or transferees to comply with requirements that are unduly onerous or burdensome.

41. If the Minister makes a recommendation under subsection (1A) relating to an exemption in regulations made under subsection (1)(a) to (aba), the Minister’s reasons for making the recommendation (including why the exemption is appropriate) must be published together with the regulations.

42. Regulations may be made under subsection (1)(abb) (declaring any person or class of persons to be creditors) or (abc) (advertising) or (abd) (inquiries) only on the recommendation of the Minister, and the Minister may make a recommendation only after consulting the persons or representatives of the persons who the Minister considers will be substantially affected by the regulations.

43. Regulations may be made under subsection (1)(jb) only on the recommendation of the Minister, and the Minister may make a recommendation only after consulting the Commission and representatives of the creditors that would be affected.

44. A failure to consult as required by this section does not affect the validity of any regulation.

45. Regulations may be made under subsection (1)(da) only on the recommendation of the Minister, and the Minister may make a recommendation only if he or she is satisfied that the circumstances that are prescribed relate to a securitisation or covered bond arrangement or any similar arrangement.

46. For the purposes of subsection (1)(db) to (de), regulations may prescribe different requirements for different types or classes of disclosure, persons who are required to make disclosure, contracts, leases, transactions, or other circumstances.

47. For the purposes of subsection (1)(e), regulations may—

48. prescribe model disclosure statements in any language; and
49. authorise the translation of a prescribed model disclosure statement into 1 or more languages and the terms and conditions that apply to the translation.

50. Without limiting subsection (1)(f), regulations may prescribe assumptions for the purposes of section 33 that relate to—

51. the amount of any advance, interest rate, fee, charge, or payment; and
52. whether or not at any time there will be a change to the amount of any advance, interest rate, fee, charge, or payment; and
53. when any advance or payment will be made or will become payable; and
54. when any interest charge, fee, or other charge will be paid or become payable; and
55. the actions or behaviour of any person.

56. Regulations may also contain different provisions in relation to different—

57. classes of lenders or creditors:
58. classes of borrowers or debtors:
59. classes of guarantors:
60. classes of agreements or contracts.

61. Regulations under this section are secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).