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ARTICLE · 03 OCTOBER 2012

New Consumer Credit Legislation Enhancements

DibbsBarker
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Recent amendments to the Consumer Credit Legislation Act will include changes to credit contracts and reverse mortgages.

AustraliaFinance and Banking
David Carter
David Carter
Peter Ryan
Peter Ryan
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Focus: Consumer Credit Legislation Amendment (Enhancements) Act 2012
Services: Financial Services, Commercial
Industry Focus: Financial Services

The Consumer Credit Legislation Amendment (Enhancements) Act 2012 (Cth) (the "Act") received Royal Assent on 18 September 2012.

The amendments introduced by the Act, most of which will come into force on 1 March 2013, deal with:

  • short term and small amount credit contracts
  • hardship applications
  • caps on costs for credit contracts
  • consumer lease amendments, and
  • reverse mortgages.

The key issue for each for these amendments are:

  1. Short term and small amount credit contracts
    • A prohibition on credit contracts by non ADIs which are for under $2000 and have a term of 15 days or less

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