Contents:
Developments in Credit Regulation
- Cook and Anor v Permanent Mortgages Pty Ltd [2007] NSWCA 219
Developments in Credit Regulation
The speakers at Thompson Australia's recent credit law conference provided a useful overview of current developments in credit regulation as summarised below.
1. Lenders to join EDR scheme
Victoria proposes to introduce legislation to Parliament by the end of 2007 to require all lenders of UCCC regulated credit to be members of an ASIC approved external dispute resolution scheme. This proposal is supported by industry associations and consumer bodies. Most reputable lenders are already a member of such a scheme. The proposal is designed to give borrowers from fringe lenders access to a free dispute resolution scheme.
