diff --git a/lib/moodlelib.php b/lib/moodlelib.php
index c33fc8f351c..574225b2703 100644
--- a/lib/moodlelib.php
+++ b/lib/moodlelib.php
@@ -2807,15 +2807,6 @@ function require_login($courseorid = null, $autologinguest = true, $cm = null, $
         }
     }
 
-    // Set the global $COURSE.
-    // TODO MDL-49434: setting current course/cm should be after the check $cm->uservisible .
-    if ($cm) {
-        $PAGE->set_cm($cm, $course);
-        $PAGE->set_pagelayout('incourse');
-    } else if (!empty($courseorid)) {
-        $PAGE->set_course($course);
-    }
-
     // Check visibility of activity to current user; includes visible flag, conditional availability, etc.
     if ($cm && !$cm->uservisible) {
         if ($preventredirect) {
@@ -2829,6 +2820,14 @@ function require_login($courseorid = null, $autologinguest = true, $cm = null, $
         redirect($url, get_string('activityiscurrentlyhidden'));
     }
 
+    // Set the global $COURSE.
+    if ($cm) {
+        $PAGE->set_cm($cm, $course);
+        $PAGE->set_pagelayout('incourse');
+    } else if (!empty($courseorid)) {
+        $PAGE->set_course($course);
+    }
+
     // Finally access granted, update lastaccess times.
     user_accesstime_log($course->id);
 }