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ARTICLE · 25 NOVEMBER 2010

NCCP Regulations amended and exit fees

Gadens Lawyers
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Amendments were gazetted on 24 November to the National Consumer Credit Regulations, including a major change to the scope of regulated residential investment loans.

AustraliaAntitrust/Competition Law
Jon Denovan
Jon Denovan

Amendments were gazetted on 24 November to the National Consumer Credit Regulations, including a major change to the scope of regulated residential investment loans.

The amendments comprised in the National Consumer Credit Protection Legislation Amendment Regulations 2010 (No 3) contain many minor 'tidying up' provisions. 

From a commercial perspective, the key amendments are as follows.

  • Regulation 24A provides an exemption for ADIs and RFCs from the requirement to provide credit guides and make an unsuitability assessment in respect of loan and lease applications received during the period 1 October 2010 and ending on 31 December 2010, so long as the credit contract or consumer lease is entered on or before 1 April 2011. 

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