The Credit Representative Agreement is a fundamental document used in the Australian financial services industry to formalize the appointment of credit representatives under an Australian Credit License (ACL). This agreement is essential when an ACL holder wishes to authorize individuals or companies to engage in credit activities on their behalf, as required by the National Consumer Credit Protection Act 2009. The document comprehensively covers regulatory obligations, authorized activities, compliance requirements, professional standards, remuneration arrangements, and risk management protocols. It's particularly important in ensuring both parties understand their responsibilities and obligations under Australian credit law, including reporting requirements to ASIC, professional indemnity insurance requirements, and ongoing compliance obligations.
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1. Parties: Identifies the Credit Licensee and the Credit Representative, including ACL number and business details
2. Background: Contextual information about the appointment and the parties' intentions
3. Definitions and Interpretation: Defines key terms used throughout the agreement and interpretation rules
4. Appointment and Scope: Terms of appointment as credit representative and authorized activities
5. Term and Termination: Duration of agreement and circumstances for termination
6. Obligations of Credit Representative: Core duties, compliance requirements, and operational obligations
7. Compliance with Laws: Specific requirements under NCCP Act and other relevant legislation
8. Training and Competency: Required qualifications, ongoing training, and professional development
9. Professional Indemnity Insurance: Insurance requirements and maintenance obligations
10. Records and Reporting: Record keeping obligations and reporting requirements
11. Remuneration: Commission structure, payment terms, and clawback provisions
12. Confidentiality and Privacy: Handling of confidential information and privacy obligations
13. Dispute Resolution: Process for handling disputes between parties
14. General Provisions: Standard contract clauses including notices, assignment, and governing law
1. Sub-authorisation: Include when the credit representative may appoint sub-representatives
2. Intellectual Property: Include when there's significant IP to protect or brand usage to regulate
3. Non-Compete and Restraint: Include when post-termination restrictions are required
4. Marketing and Advertising: Include when specific marketing requirements or restrictions apply
5. Technology and Systems: Include when providing access to proprietary systems or platforms
6. Performance Targets: Include when setting specific performance metrics or KPIs
7. Cost Sharing: Include when parties share certain operational or compliance costs
1. Schedule 1 - Authorized Credit Activities: Detailed list of credit activities the representative is authorized to perform
2. Schedule 2 - Commission Structure: Detailed breakdown of commission rates, calculations, and payment terms
3. Schedule 3 - Compliance Manual: Key compliance obligations and procedures
4. Schedule 4 - Required Qualifications: List of mandatory qualifications and certifications
5. Schedule 5 - Approved Product List: List of credit products the representative can offer
6. Appendix A - Reference Documents: Forms, templates, and standard documents to be used
7. Appendix B - Technology Systems Access: Details of provided systems and access protocols
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