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April 26, 2012

Credit enhancements deferred

The draft amendments to the Consumer Credit and Corporations Legislation Amendment (Enhancements) Bill 2011 contain the following commencement date changes relating to the consumer credit provisions:

  • The provisions relating to hardship, unfair or dishonest conduct of credit providers, representations about unsuitability assessments, new provisions for giving authorisation for deductions by employers of debtors and other "enhancements" will commence on 1 March 2013, instead of 1 July 2012.
  • The provisions relating to reverse mortgages will mainly commence on 1 March 2013.
  • The provisions relating to small amount credit contracts will commence on 1 March 2013.
  • The provisions relating to caps on costs and interest rates on other contracts will still commence on 1 July 2013.
  • The provisions relating to consumer leases will commence on 1 March 2013.

Background

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Posted 26th April 2012 by David Jacobson in legislation