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ARTICLE · 04 APRIL 2024

BNPL Regulation Takes Another Step Forward

K&L Gates
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On 12 March 2024, the Australian Treasury released for consultation an exposure draft legislative package that proposes to amend the current regulatory framework to regulate low cost credit contracts (LCCCs), including Buy Now Pay Later (BNPL) arrangements and other types of credit contracts.

AustraliaConsumer Protection
Daniel Knight
Daniel Knight
Ben Kneebush
Ben Kneebush

On 12 March 2024, the Australian Treasury released for consultation an exposure draft legislative package that proposes to amend the current regulatory framework to regulate low cost credit contracts (LCCCs), including Buy Now Pay Later (BNPL) arrangements and other types of credit contracts. These changes are designed to be flexible, adaptable and proportionate to the risk of consumer harm.

The package includes the draft bill and is accompanied by various explanatory materials. Together, the exposure draft legislative package:

  1. Brings LCCCs Into the Existing Regulatory Framework

    LCCCs will be regulated under the National Consumer Credit Protection Act 2009 (Credit Act) and covered by the National Credit Code as set out in Schedule 1 to the Credit Act (Credit Code).

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