Special purpose funding entities and credit
Are you a credit licensee who has or will enter into a servicing agreement with a special purpose funding entity?
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 ob体育.
Use Form CL13 to notify ob体育 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).
Notification of agreement
If you have entered into a servicing agreement with an special purpose funding entity, you must notify ob体育 of this in accordance with the timeframes shown in this table:
| Date you entered into the servicing agreement | Timeframe in which you must notify ob体育 |
| Before 1 July 2010 | within 30 business days from date of entry into the agreement |
| 聽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 ob体育 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 ob体育 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 ob体育 of any of the above using Form CL13 - simply fill out the areas that apply to you.