Major changes proposed to small amount credit contracts and consumer leases - consultation ends soon

Key Points:

Small amount credit contracts providers and lessors of household goods would have new obligations if the recommendations of the Review of the Small Amount Credit Contract Laws are enacted.

Credit contract lenders and providers of consumer leases could be forced to make significant changes to their businesses, if the 24 recommendations in the final report of the Review of the Small Amount Credit Contract Laws, released for consultation two weeks ago, are accepted by the Federal Government.

Businesses should review the recommendations and make submissions within the four-week consultation period which closes on Tuesday, 17 May 2016.

Background to the Small Amount Credit Contract Review