Cancel or suspend your credit licence
If you do not need your credit licence, you can ask ASIC to cancel it. You can also ask ASIC to pause (suspend) your licence for an approved period. Do this through the credit licensee and representative portal.
When to cancel your licence
If you no longer want to engage in credit activities, you will need to ask us to cancel your licence.
You should also cancel your licence if you:
- plan to become a credit representative, and
- will engage in the same credit activities as those covered by your licence.
If you do not lodge your annual compliance certificate
We will not automatically cancel your credit licence if you do not lodge your annual compliance certificate. Unless you ask us to cancel your licence, you will still be licensed and must lodge your certificate by its due date. There are significant criminal and civil penalties if you do not lodge your certificate.
When to suspend your licence
You can also ask us to suspend your licence. This means you won't engage in credit activities for a period decided by ASIC. You might do this if you are:
- restructuring your business
- looking for new staff
- temporarily unable to comply with a key person condition on your licence
- recovering from illness.
Your obligations continue while your licence is suspended. That means you must generally:
- maintain an internal dispute resolution procedure
- keep your AFCA membership
- maintain compensation arrangements
- lodge an annual compliance certificate.
Your suspension will automatically lift after the agreed period. You need to tell us if you want to shorten or extend (vary) the suspension period. Follow the same steps below to vary the suspension.
Steps to cancel or suspend your licence
You will need to sign up for online access to the credit licensee and representative portal if you haven’t already.
Fill in the form
Use this form:
Form CL08 Request to change licence status (Form CL08)
You will need your licence number, username and password.
Sign the form
An authorised person must electronically sign the form. For a list of authorised people, see ‘Table: Authorised people’.
If you are an authorised person, you can authorise a lodging agent to sign the form on your behalf.
Table: Authorised people
| Entity type | Authorised person |
|---|---|
|
Individual |
The individual |
|
A partner, or a director or secretary of a partner that is a body corporate |
|
|
A trustee, or a director or secretary of a trustee that is a body corporate |
|
|
Foreign company |
A director, secretary or local agent |
|
Company or other body corporate |
A director or secretary. If the licensee is under external administration, the authorised person will depend on the circumstances and the type of external administration:
If the company is also in liquidation, the liquidator must also sign the request. |
Review and submit the form
Before you select the 'Submit' button, review your request. Check that it is correct and complete. You cannot change or withdraw your request.
There is no fee if you submit this request online.
After you submit your request
Cancellation requests
If we approve the cancellation, we will email you:
- a letter confirming the cancellation
- a notice providing written confirmation the licence has been cancelled.
You will need to confirm that you have received the notice by replying to our email.
Suspension requests
If we approve the suspension, we will send you:
- a letter confirming the cancellation
- a notice saying that we will suspend the credit licence during the approved period.
You need to confirm that you have received the notice by replying to our email.
If you have requested to vary your suspension period, the ASIC staff member who approved the suspension will contact you.