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The Australian Securities and Investments Fee (ASIC) has introduced a session on new regulatory steering for purchase now, pay later (BNPL) suppliers forward of upcoming criminal adjustments.
From 10 June 2025, BNPL merchandise shall be regulated beneath the Nationwide Client Credit score Coverage Act 2009,
This calls for suppliers to carry a credit score licence and conform to quite a lot of duties, together with accountable lending necessities.
The adjustments, presented beneath the Treasury Rules Modification (Accountable Purchase Now Pay Later and Different Measures) Act 2024, prolong the Nationwide Credit score Act and Nationwide Credit score Code to BNPL contracts.
ASIC has launched Session Paper 382: Low Price Credit score Contracts (CP 382) and a draft regulatory information (RG 000) to assist business contributors perceive their compliance duties.
The draft steering outlines key necessities, together with changed accountable lending duties and provisions permitting BNPL suppliers to make fabrics to be had electronically.
Underneath the brand new framework, BNPL contracts labeled as low cost credit score contracts beneath the Nationwide Credit score Act shall be matter to express regulatory duties.
ASIC’s steering clarifies how suppliers can comply, together with the strategy to adhere to changed accountable lending requirements.
The regulator is looking for comments from business stakeholders on CP 382 and the draft regulatory information.
Submissions may also be despatched by way of e mail to rri.session@asic.gov.au with the topic line “Comments on CP 382” via 5pm AEDT, 7 March 2025.
The overall regulatory information is anticipated to be launched in Might 2025.
Featured symbol credit score: Edited from Freepik
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