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:
Comments must be in by Friday, 6 August 2010.
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.
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