Draft legislation for the Commonwealth takeover of credit was released on 27 April 2009 for public comment. This legislation represents a significant change for the Australian credit industry.
The consultation period closes on Friday, 22 May 2009.
Key Points
The new legislation will be called the National Consumer Credit Protection Act and:
- contains the Uniform Consumer Credit Code (UCCC)
- extends regulation of consumer lending to include loans to individuals to purchase residential property for investment purposes
- provides for the regulation of credit providers, finance brokers, and other intermediaries
- requires lenders and intermediaries to be registered by 31 December 2009 and have applied for a licence by 30 June 2010
- makes membership of an external dispute resolution scheme compulsory
- establishes a new regime of disclosure to consumers for both credit providers and finance brokers.
Click here to access Gadens Lawyers' summary of the new law.
| Sydney | ||
| Jon Denovan | t (02) 9931 4927 | e [email protected] |
| Vicki Grey | t (02) 9931 4753 | e [email protected] |
| Elise Ivory | t (02) 9931 4810 | e [email protected] |
| Perth | ||
| David Albrecht | t (08) 9323 0910 | e [email protected] |
| Maxine Blount | t (08) 9323 0963 | e [email protected] |
| Melbourne | ||
| Peter Nadalin | t (03) 9252 2577 | e [email protected] |
| Danny Moore | t (03) 9617 8596 | e [email protected] |
| Peter Grotjan | t (03) 9617 8538 | e [email protected] |
| Brisbane | ||
| Brian McPherson | t (07) 3114 0250 | e [email protected] |
| Deborah Bean | t (07) 3231 1567 | 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.
