The MCCA has agreed to refinements to the
Consumer Credit Code. The amendments are intended to enhance the operation of the
Consumer Credit Code by:

1. Tightening current exemptions to the Code for short term credit and pawnbrokers ;
2. Dealing with abuses of business purpose declarations aimed at avoiding the Code;
3. Enhancing consumer remedies under the Code by broadening existing powers of courts to review credit fees and charges and changes of interest;
4. Providing Government Consumer Agencies with standing to conduct proceedings under the Code on behalf of consumers;
5. Prohibiting lenders from taking ‘blackmail’ security over essential household items; and
6. Requiring that consumers be provided with information about their rights and responsibilities regarding direct debit payment arrangements