The Regulations specifying how lenders, finance brokers, and
mortgage managers will make disclosure have now been released.
The amendments are contained in the National Consumer Credit
Protection Amendment Regulations 2011 (No. 4) (Cth) which will
amend the National Consumer Credit Protection Regulations
2010 (Cth).
The amendments commence on 1 October 2011 and largely reflect
discussions held with Treasury by industry and primarily the
MFAA.
The Regulations set out rules for giving three documents:
- credit guide;
- quote;
- credit proposal disclosure document.
The MFAA will soon release a Disclosure Module which provides
detailed information about the regulations and provides example
documents. Many businesses will need to amend these example
documents to meet their own particular business models. We
invite you to contact Gadens Lawyers now to arrange for your
documents to be amended.
