The Federal Government and Treasury continue to be very busy rolling out credit law amendments.
NCCP Responsible Lending – Disclosure Documents
The balance of the NCCP responsible lending Regulations have now been finalised.
The requirement for credit providers to make available credit guides and for credit assistance providers to provide quotes and proposal disclosure documents will now commence on 1 October 2011.
Home Loan Key Fact Sheet
From 1 January 2012, credit providers under standard home loans will be required to provide a new disclosure document - the Home Loan Key Fact Sheet.
Credit Card Reforms
The reforms to the regulation of credit cards including:
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overlimits
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credit limit increase offers/invitations
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credit card key fact sheet, and
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payment allocation hierarchy
are proceeding with their revised introduction date to be commenced shortly.
Consumer Lease and Other Amendments
Amendments to the consumer lease provisions, door to door sales (with credit) and hardship provisions of the NCC are also in the process of being revised but no date has as yet been announced for the comments of those amendments.
We would be happy to assist with any questions you have regarding any of the matters identified in this update. For more information, please contact:
T +61 2 8233 9549
F +61 2 8233 9555
T +61 2 8233 9550
F +61 2 8233 9555
