07 Jul 2010

Phase two of national credit reforms released for comment

The latest tranche of reforms to Australia's credit laws has been released for public comment. The Green Paper, "National Credit Reform - Enhancing confidence and fairness in Australia's credit law", sets out proposed reforms:

  • enhancements to the regulation and tailored disclosure for reverse mortgages;
  • extension of the National Credit Code to include disclosure requirements for consumer leases and linked credit providers;
  • regulation of credit for personal use and peer to peer lending;
  • regulation of various aspects of credit card lending;
  • possible extension of unjust conduct provisions to credit service providers; and
  • further enhancements to the National Credit Code.

The Government will also consider:

  • regulation of the provision of credit to small business;
  • regulation of credit for investment loans other than margin loans;
  • examination of mechanisms, including state approaches to interest rate caps, to address predatory or fringe lending;
  • an examination of the need for any enhancements to responsible lending provisions for post-entry conduct;
  • a review of the regulation of credit advertising directed at vulnerable consumers;
  • reform of mandatory comparison rates; and
  • a possible review of credit licensing requirements for debt collectors.
Comments must be in by Friday, 6 August 2010.

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Clayton Utz communications are intended to provide commentary and general information. They should not be relied upon as legal advice. Formal legal advice should be sought in particular transactions or on matters of interest arising from this communication. Persons listed may not be admitted in all States and Territories.