Consumer Credit Laws Amended In Victoria

The Director of Consumer Affairs Victoria can now bring proceedings on behalf of consumers under the UCCC.

The Consumer Credit (Victoria) and Other Acts Amendment Bill 2007 was assented to on 18 March 2008. Some of the provisions take effect immediately, and other provisions come into operation on a date yet to be announced.

The three key initiatives in this legislation impacting on the mortgage industry are:

• the Director of Consumer Affairs Victoria can take action on behalf of consumers in relation to UCCC matters and recovery of finance brokers commission – how this power will be used is yet to be seen (these provisions have commenced);