ARTICLE · 23 SEPTEMBER 2009

Changed Commonwealth Timetable For National Credit Reform

Gadens Lawyers

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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.

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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).

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