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Credit Providers

Credit Providers must register with the Business Licensing Authority (the BLA) in order to carry on the business of providing Consumer Credit.

Current Registration Requirements

An individual or a company can register as a credit provider using the forms available from the Online Applications menu.

There are no registration fees.

External Dispute Resolution

All registered credit providers operating in Victoria must be a member of an Australian Securities and Investments Commission (ASIC) approved External Dispute Resolution (EDR) scheme.

For a list of ASIC approved EDR schemes and their contact details, please visit the ASIC EDR website.

Transfer of Credit Regulation to the Commonwealth

The Australian Securities and Investments Commission (ASIC) will gradually assume responsible for the regulation of consumer credit and credit related services during 2010. It is anticipated that from 1 July 2010, new national legislation will require Credit Providers to apply to ASIC for registration and then obtain an Australian Credit Licence (ACL).

A key aspect of the proposed National Consumer Credit legislation will be the requirement to be a member of an ASIC-approved EDR scheme.

For full details on the ACL and the National Consumer Credit legislation please visit the Consumer Credit website.

Communications about the national licensing scheme

Information about credit providers obligations under the new National Consumer Credit legislation will be made available and published in the lead-up to the introduction of the new National Legislation on the ASIC website: www.asic.gov.au. You can also subscribe to receive email updates from ASIC by visiting the ASIC Credit Reform Update website.

How do I cancel my credit provider registration?

If you or your organisation no longer provides consumer credit or you wish to cease providing consumer credit, you can cancel your registration by writing to the Registrar of the BLA and including a copy of your registration certificate. If your registration certificate is not available, simply provide a written explanation as to why it cannot be located.