Key amendments to Consumer Credit Code
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The Federal Government has agreed to defer the start of the National Consumer Credit Code for six months to give the credit industry more time to adjust to the new regime.
The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen, announced the six-month delay at the same time as revealing a number of amendments flowing from the recommendations of the Senate Economics Committee.
He said the amendments would enhance the credit hardship provisions by requiring lenders to provide consumers with reasons for rejecting applications for hardship variations.
Bowen said the other amendments included modifying the definition of 'residential property' so that it excluded properties that were not predominantly used for residential purposes, clarifying that certain Australian Securities and Investments Commission (ASIC) decisions, particularly regarding enforcement action, were excluded from Administrative Appeals Tribunal review and increasing the flexibility for ASIC to grant exemptions to some parts of the National Credit Code.
AUTHOR
Mike Taylor
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