Some of the restrictions on communicating electronically
where consumer credit is involved may soon be lifted.
ASIC recently wrote to major industry bodies and key
stakeholders seeking their views on amending the Electronic
Transactions Regulations 2000 (Cth) (ETA Regulations) to make
it easier to communicate electronically for consumer credit
transactions. This is all part of a review by the Commonwealth
Attorney-General's Department of the Electronic
Transactions Act 1999 (Cth) (ETA).
THE HISTORY OF THE CURRENT RESTRICTIONS
In 2010 the Commonwealth took over regulation of consumer credit
from the states and territories. This was accomplished by the
states and territories transferring their powers in relation to
consumer credit to the Commonwealth under various 'Transfer of
Powers' acts. The result was the National Consumer Credit
Protection Act 2009 (Cth) (NCCP Act) and the National Credit
Code. Electronic communications in regard to consumer credit
