Credit reform.......stage one complete!

Phase one of the consumer credit reform is outlined in the National Consumer Credit Protection Bill 2009.  The Bill establishes:

• a Uniform Consumer Credit Code (UCCC);
• a national licensing system for those who engage in credit activities;

• general conduct requirements for licensees, including responsible lending practices; and

•  the requirement for licensees to be a member of an external dispute resolution (EDR) body.

 Please see our one page mind map summary of the credit reforms and responsible lending requirements. 

Stay tuned for updates on Phase two of the reforms!

Phase two includes:

• amendments to margin lending regulation (see our one page mind map summary); and
•  enhancements to disclosure relating to reverse mortgages.

Credit reform.......stage one complete! by Holley Nethercote Commercial Lawyers is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 2.5 Australia License.

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