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ARTICLE · 02 MAY 2012

Treasury releases amended NCCP Enhancements Bill

This article lists the key features of the draft amendments to the National Consumer Credit Protection Act 2009.

AustraliaConsumer Protection

On 24 April 2012 Treasury has released proposed amendments to the Consumer Credit and Corporations Legislation Amendment (Enhancements) Bill 2011 (Cth) first presented to the Commonwealth Parliament on 21 September 2011. The closing date for submissions is 7 May 2012.

The key features of the amended Bill are as follows.

Summary of proposal Suggested commencement date
New hardship provisions to make it easier for borrowers to apply for hardship relief. Currently hardship applications apply when the credit amount is $500K or less, but that limit will no longer apply 1 March 2013
A prohibition on beginning enforcement action while a hardship application is being heard and for 14 days after responding to a postponement of enforcement application

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