On 17 September 2009, the Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen MP announced changes to the commencement dates for the National Consumer Credit Protection Reforms.
1 March 2010 – 30 June 2010
(Not yet confirmed) Registration period.
1 July 2010
State credit and broker laws stay in place until this date.
Businesses must be registered to continue to do business.
UCCC replaced with Commonwealth National Credit Code – including extension of the UCCC to lending for residential investment properties
Applications for licences may be made.
Responsible lending provisions dealing with unsuitable lending commence for brokers and lenders who are not Authorised Deposit-taking Institutions (ADIs) or registered finance companies (RFCs) (registered under the Financial Sector (Collection of Data) Act).
1 January 2011
Responsible lending provisions commence for ADIs and RFCs
Other responsible lending obligations (including disclosure requirements, such as upfront disclosure of broker fees and charges) commence for brokers and lenders who are not ADIs or RFCs.
Gadens Lawyers' NCCP Compliance Manual Program
We have launched the Gadens Lawyers' NCCP Compliance Manual Program. This program provides specific solutions for lenders, mortgage managers, aggregators, and larger broker groups who will need more support than the material to be released by ASIC and the MFAA.
This service includes a tailor-made solution for your business, including for example, customisation of Credit Guides, procedures for complying with the responsible lending provisions (credit assessment and provision of credit assessments), indemnities between licensees and sub-contractors, assistance establishing an IDR, compliance plans, and so on.
Businesses who have not signed up for the Gadens Lawyers' NCCP Compliance Manual Program should do so today by contacting Jon Denovan on 02 9931 4927 or Elise Ivory on 02 9931 4810. The cost will be determined by your requirements, but sharing our solutions across the industry will save money for all participants.
| Sydney | ||
| Jon Denovan | t +61 2 9931 4927 | e [email protected] |
| Elise Ivory | t +61 2 9931 4810 | e [email protected] |
| Melbourne | ||
| Danny Moore | t +61 3 9617 8596 | e [email protected] |
| Peter Nadalin | t +61 3 9252 2577 | e [email protected] |
| Perth | ||
| David Albrecht | t +61 8 9323 0910 | e [email protected] |
| Anthony Connor | t +61 8 9323 0922 | e [email protected] |
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
