Final consultation paper on national consumer credit released
The Federal Government has released the final consultation paper on the draft regulations for the National Consumer Credit Protection Package.
The draft regulations paper sets off the third and final round of consultations, and has taken into account public comments from the previous two rounds.
The key elements of the consultation paper and draft regulations include: regulation that accommodates different practices in the way interest may be calculated or charged by lenders in respect to the provision of credit for residential investment property; extending the period for which credit assessments can be relied on to 120 days where the credit is to be provided for the purchase of a residential property and is to be secured by a mortgage over the proposed property; the application of licensing and the responsible lending conduct obligations to pre existing contracts; and a new method of calculating licensing fees and charges.
The draft regulations are available for public comment until December 11, 2009 and can be downloaded at www.treasury.gov.au/consumercredit.
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