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May 23, 2010

National Consumer Credit registration exemptions

The National Consumer Credit Protection (Transitional and Consequential Provisions) Amendment Regulations 2010 (No. 2) commence on 24 May 2010.

The Regulations make amendments to the National Consumer Credit Protection (Transitional and Consumer Protection) Regulations 2010 (Principal Regulations), which are related to the transition from the current State-based regulatory framework for consumer credit to the new national consumer credit protection regime.

Specifically, the Regulations:
• amend the exemption from registration in the Principal Regulations for organisations that provide incidental benefits to their members (in relation to a credit contract or consumer lease) to remove the obligation to provide the licensee or registered person with information relevant to deciding whether or not to enter the credit contract or consumer lease;
• provide an exemption in the Principal Regulations from registration for persons engaging in credit services at the point of sale in relation to a continuing credit contract under which a branded or co-branded credit card and amend the existing exemption for point of sale credit services;
• amend the exemptions in the Principal Regulations from registration for tax agents and lawyers; and
• implement transitional arrangements for regulating credit providers and lessors with carried over instruments (COIs). COIs are credit contracts, consumer leases, mortgages and guarantees that are regulated by the states and territories under the Uniform Consumer Credit Code (UCCC) and that will still be in effect as at 1 July 2010. From 1 July 2010, COIs will be regulated by the National Credit Code.

UPDATE: The Regulations also include revised wording for Form 12 which is to be included in default notices.

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Posted 23rd May 2010 by David Jacobson in legislation