ASIC has made ASIC Credit (Amendment) Instrument 2023/675, which extends the operation of ASIC Credit (Electronic Precontractual Disclosure) Instrument 2020/835 for a temporary period of 12 months until 1 October 2024, pending law reform.

In September 2023, the Parliament passed the Treasury Laws Amendment (2023 Law Improvement Package No. 1) Bill 2023 to move exemptions or modifications of the law currently in ASIC Credit (Electronic Precontractual Disclosure) Instrument 2020/835 directly into the primary Acts and regulations. The necessary accompanying regulations have not yet been made.

Background

ASIC Credit (Electronic Precontractual Disclosure) Instrument 2020/835 allows credit licensees and representatives to give pre-contractual disclosure to consumers in the same electronic manner that applies to other credit disclosure documents.

ASIC is Australia’s corporate, markets and financial services regulator.