This information and mind map has been updated.Please see our blog dated 6th November 2009.

Will you need an Australian Credit Licence? We have created a one-page mind map summary of the National Consumer Credit Protection Bill.  The map also includes a look at the draft regulations.  It covers, in simple terms:

• Definition of what is and what is not an ACL.
• Timeline for registration. Licensee obligations.
• Authorisation of Credit Representatives
• Disclosure Obligations.
• Written Credit Contracts.
• Penalties. 

 

You might need to print it on A3 paper.

The Bill is likely to be enacted by the end of June (although this is not guaranteed).  Stay tuned for further updates. 

We're also in the process of preparing a consumer credit licence application kit.  We'd be crazy not to – we think the application process is likely to be very similar to getting an AFSL.

Lots of people have been asking questions about how the proposed changes will apply to them.  Please comment directly on this blog if you have a question or suggestion.  We'll do our best to post an answer or comment.

Feel free to email the map to anyone you think would be interested.

 

1-page summary of proposed Australian Credit Licence laws by Holley Nethercote Commercial Lawyers is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 2.5 Australia Licence.

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