ASIC Further Proposed Credit Regulation

Monday, 13 September 2010 12:22
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The implementation of the National Consumer Credit Protection Reform Act 2009 and associated legislation largely marks the completion of phase one from the Government’s two-phase implementation plan for the national regulation of consumer credit.

Key elements of phase two have been flagged to include:

  • enhancements to specific conduct obligations to stem unfavourable lending practices, such as a review of credit card limit extension offers, an
  • examination of state approaches to interest rate caps; and other fringe lending issues as they arise
  • regulation of the provision of credit for small businesses
  • regulation of investment loans other than margin loans and mortgages for residential investment properties
  • reform of mandatory comparison rates and default notices
  • enhancements to the regulation and tailored disclosure of reverse mortgages
  • examination of remaining existing state and territory reform projects

The Government has released the National Consumer Credit Protection Amendment (Credit Reform Phase 2) Bill 2012. This is currently available for public consultation and regards permits for small business credit activities. Other reforms regarding other types of lending are still progressing.  

Last Updated on Tuesday, 17 December 2013 09:47
 

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