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ARTICLE · 28 MARCH 2016

New lending protections for small business

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ASIC releases guidance on new protections for small businesses against unfair lending terms in standard form contracts.

AustraliaFinance and Banking
Richard Williams
Richard Williams
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ASIC releases guidance on new protections for small businesses against unfair lending contract terms

The Treasury Legislation Amendment (Small Business and Unfair Contract Terms) Act 2015 extends the protections contained in the Australian Consumer Law against unfair contract terms to small business as from 12 November 2016.

While the new protections apply to small business generally, the focus on this article is on how they will apply to, and influence, lending activities.

The Australian Consumer Law, contained at Schedule 2 in the Competition and Consumer Act 2010 (Cth), currently gives "consumers" protection against unfair contract terms contained in standard form loan contracts.

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