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

The Government is making the following amendments to the proposed legislation, following Senate recommendations: 

• Lenders will be required to provide consumers with reasons for rejecting applications for hardship variations.
• The definition of residential property has been modified to exclude property that is not predominantly used for residential purposes (i.e. investment property)
• Certain ASIC decisions (i.e. decisions regarding enforcement action) will now be excluded from review by the Administrative Appeals Tribunal.
• Credit providers will now have to verify consumer information provided in a preliminary assessment.

These changes are in addition to the dates for registration, application (etc) which have been pushed back (see our last blog post: When to register and apply for an ACL – the goal posts have changed)

 We've revised our mind map which updates our 1-page summary of the new regime.  Click on the diagram to download it.

 

For more information go to the treasury’s consumer credit website at: http://www.treasury.gov.au/consumercredit/content/legislation.asp

More Changes to the Consumer Credit Laws by Holley Nethercote Commercial Lawyers is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 2.5 Australia License.

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