Frequently asked questions

Answers to commonly asked questions about credit provision

1. Consumer Credit Code

1.1 Code frequently asked questions

The Consumer Credit Code website includes frequently asked questions for:

businesses; and
consumers.

2. Licensing

2.1 What is an annual statement?

An annual statement is a form that a licensed credit provider must lodge once a year detailing the particulars of their business and any changes that have occurred. Licensed credit providers must lodge their annual statement no more than one month after the anniversary of the date on which the licence was granted.

2.2 What happens if I forget to lodge my annual statement or submit it late?

If you do not lodge your annual statement and/or pay the prescribed fee by the due date, you must pay a late fee.

You also risk having your licence cancelled by the Commissioner.

2.3 How long does it take for a licence application to be processed?

The Commissioner aims to process applications for credit provider licences within 14 days of the application being completed. However, processing cannot occur until the 14-day statutory objection (to a grant of licence) period has elapsed.

Processing applications will take longer if you do not submit all the relevant information. Therefore, make sure you provide all the documentation requested, supply accurate, detailed and up-to-date information and pay the prescribed fee.

The Commissioner may seek additional documentation to support your application.

2.4 I don't agree with the decision to impose a condition on my licence or refuse my licence application. What do I do?

If you are unsuccessful in obtaining a credit provider's licence or have had a condition imposed on a licence and feel that the decision is not right, you can appeal to the State Administrative Tribunal which will review the decision.

In most cases, you will need to apply to SAT within 28 days of the Commissioner's decision.

2.5 If my licence application is unsuccessful or after having obtained my licence I decide that I no longer wish to continue working as a credit provider, do I get the money from the application fee back?

No. This fee is an 'application fee', namely, a fee to assess your licence application. It is not a licence fee.

2.6 Do I need a credit provider's licence in WA if I or my company is based interstate?

If you are providing consumer credit to people in Western Australia you must hold a credit provider's licence.

2.7 I no longer wish to work as a credit provider, do I need to lodge any forms to confirm this? Do I need to cancel my licence?

In order to terminate your licence, you must notify the Commissioner in writing of your intention to surrender your licence enclosing the original licence with your correspondence.

You are still required to lodge an annual statement if you held the licence for any part of the year beyond the date, or anniversairyanniversary of the date, the licence was granted. You do not, however, have to pay a fee.

3. Credit provider rights and responsibilities

3.1 What happens if I refuse to grant a temporary change to a credit contract for a consumer whose loan is covered by the 'hardship threshold'?

Consumer Protection may try to negotiate a solution that is satisfactory for both the consumer and you. If this fails, the consumer may apply to the State Administrative Tribunal for assistance. The Tribunal can order that the terms of the contract be varied.

I believe that a certain credit provider is behaving unscrupulously. Who should I contact? Can I remain anonymous?

Fill out and submit the: Consumer Protection Complaints Form.

While you can remain anonymous, this may hinder our ability to investigate the complaint.

3.2 I have a police record. Can I still get a credit provider's licence?

Each application for a licence is assessed on a case-by-case basis. While criminal convictions form part of the assessment as to whether someone is a fit and proper person to hold a licence, the Commissioner for Consumer Protection can consider if the charges are likely to impact their ability to carry on the business of credit provision honestly and fairly or the particular circumstances surrounding the charges.

If you have a police record, you should provide an explanatory statement with the licence application, including any mitigating circumstances relating to the charges, if any.