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Credit licensees

Special purpose funding entities and credit

Information for credit licensees who has, or will, enter into a servicing agreement with a special purpose funding entity

Entering into a servicing agreement

If you are a credit licensee who has entered into a servicing agreement with a special purpose funding entity, you have certain notification obligations to ASIC.

Use Form CL13 to notify ASIC when any of the following happens:

  • you enter into a servicing agreement with an special purpose funding entity (notification of agreement)
  • your servicing agreement with an special purpose funding entity ceases (notification of cessation)
  • a person who is a position to control or influence the special purpose funding entity performs specified actions (notification of action).

Form CL13 Notice in relation to special purpose funding entity (Form CL13)

Notification of agreement

If you have entered into a servicing agreement with an special purpose funding entity, you must notify ASIC of this in accordance with the timeframes shown in this table:

Date you entered into the servicing agreement Timeframe in which you must notify ASIC
Before 1 July 2010 within 30 business days from date of entry into the agreement
After 1 July 2010 within 20 business days from the date of entry into the agreement

Notification of cessation

If you have entered into a servicing agreement with an special purpose funding entity and this has ceased you must notify ASIC within 15 business days of the cessation.

Notification of action

If you have entered into a servicing agreement with an special purpose funding entity you have an obligation to notify ASIC of any action by a natural person in a position to control or influence the special purpose funding entity that has or may have the effect of directing you to act inconsistently with:

  • your license conditions or your registration; or
  • the credit legislation.

You must do so within 15 business days of the action occurring.

You can notify ASIC of any of the above using Form CL13 - simply fill out the areas that apply to you:

Form CL13 Notice in relation to special purpose funding entity (Form CL13)