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ARTICLE · 23 SEPTEMBER 2011

NCCP ACT amendments – hardship, leases, reverse mortgages, and small amount lending

Gadens Lawyers
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A summary of the key changes to be brought about the amendments to the NCCP Act.

AustraliaConsumer Protection
Jon Denovan
Jon Denovan

Key points

Amendments to the National Consumer Credit Protection Act 2009 are likely arising from the Consumer Credit and Corporations Legislation Amendment (Enhancements) Bill 2011 (Cth) presented to the Commonwealth Parliament on 21 September 2011. The key changes are summarised below. The changes are intended to commence on 1 July 2012.

The key features of the legislation are:

  • new hardship provisions will make it easier for borrowers to apply for hardship relief
  • a prohibition on taking enforcement action for 14 days after responding to a postponement of enforcement application
  • courts can make orders to address unfair or dishonest conduct by finance brokers
  • restrictions on the use of 'independent', 'impartial', 'unbiased', 'financial counsellor', and 'financial counselling'

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