Cancel your credit licence

You may need to cancel your licence in certain situations including those where you:

  • no longer engage in credit activities, or

  • intend to become a credit representative and the credit activities you engage in as a credit representative are the same as those covered by your licence.

PLEASE NOTE: Do not assume your licence will automatically lapse if you do not lodge an Annual compliance certificate. Failure to lodge a certificate by the due date is a breach of the law and there are significant criminal and civil penalties for credit licensees who fail to lodge the certificate.

How to cancel your licence

If you no longer need your credit licence, you can ask us to cancel it.

To cancel your licence, you need to complete and lodge Form CL08 Request to change licence status, online through the Credit registers portal

 

Who can sign a cancellation request?

The cancellation request must be signed by an appropriately authorised person.

Entity type:

Signatory must be:

Individual

An individual

Partnership

Any one of the individual partners or a director or secretary of a partner that is a body corporate

Multiple trustees of a trust

Any one of the trustees or a director or secretary of a trustee that is a body corporate

Foreign company

Director or secretary or local agent

Company or other body corporate

Director or secretary, but a different signatory may be required if the licensee is under external administration.

If the licensee is under external administration, the signatory will be depend on the circumstances and the type of external administration:

  • in liquidation - the signatory should be the liquidator

  • under administration - the signatory should be the administrator

  • company has entered into a deed of company arrangement - generally the signatory should be the administrator of the deed

  • receiver/receiver and manager appointed - the signatory should be the receiver/receiver and manager or a director or secretary, depending on the provisions of the court order/instrument and the property to which the receiver/receiver and manager was appointed.

If the company is also in liquidation, the liquidator must sign the request.

What happens after we receive your request to cancel your licence?

We will conduct a review to ensure that the cancellation can proceed and send you a letter and notice once we have cancelled your licence.

How to vary your licence

Information about how to vary your licence

Search our registers

Use our online services

Find a form

Last updated: 20/10/2014 12:00