http://www.langes.com.au/consumercredit news about consumer credit reform and licensing Thu, 11 Mar 2010 20:46:42 +0000 http://backend.userland.com/rss092 en From 1 July 2010 ASIC will be responsible for the national administration of consumer credit legislation. But the states will retain responsibility for the regulation and enforcement of maximum interest rates (the interest rate caps) for regulated consumer credit. Currently, New South Wales, Victoria, Queensland and the ACT impose an interest ... http://www.langes.com.au/consumercredit/2010/03/12/interest-rate-caps-under-the-national-credit-scheme/ ASIC has released Regulatory Guide 209 Credit licensing: Responsible lending conduct obligations (RG 209) to provide regulatory guidance for credit licensees about the responsible lending obligations in the National Consumer Credit Protection Act (National Credit Act). The responsible lending conduct obligations will apply to non-ADIs and non-RFCs (and their credit ... http://www.langes.com.au/consumercredit/2010/02/28/asic-issues-responsible-lending-guidance/ The National Consumer Credit Protection Amendment Bill 2010 was passed by the Australian Parliament on 25 February 2010. UPDATE: Assented to on 3 March 2010. Download here. http://www.langes.com.au/consumercredit/2010/02/26/national-consumer-credit-protection-amendment-bill-2010-passed/ What types of business and investment lending will be regulated under the national credit laws? Residential investment property Example Anthony is planning to buy an apartment as an investment this year. He is going to borrow part of the purchase price, so he can get the benefits of negative gearing. If the loan contract ... http://www.langes.com.au/consumercredit/2010/02/23/business-and-investment-loans-%e2%80%93-regulated-or-not/ The Government has introduced the National Consumer Credit Protection Amendment Bill into Parliament. The Bill is in response to state concerns raised in December last year in relation to the terms of the amendment power in the Referral Bills (the Bills to be enacted by the States to refer power to the Commonwealth) to ... http://www.langes.com.au/consumercredit/2010/02/13/consumer-credit-reform-amendments-to-state-referrals/ When you apply for a credit licence, ASIC RG 204 explains that you will be asked to select the authorisation that covers the types of credit activities you want to engage in. You can choose: (a) engage in credit activities other than as a credit provider or lessor; (b) engage in credit activities ... http://www.langes.com.au/consumercredit/2010/01/19/credit-licence-authorisations-for-intermediaries/ We’ve put together a compliance checklist to help you plan your compliance with the National Consumer Credit legislation. You can download a free copy here. [UPDATED 25 January 2010] If you have any comments on the checklist, please tell us. We welcome your input. We may update the checklist from ... http://www.langes.com.au/consumercredit/2010/01/11/consumer-credit-compliance-checklist/ Whilst there will be no obligation to report individual breaches of the National Credit Code to ASIC as they occur, compliance reporting is a fundamental part of the new credit licensing system as individual breaches could be a breach of a general credit licence condition. Applying for a credit licence RG 204 ... http://www.langes.com.au/consumercredit/2010/01/05/compliance-reporting-under-a-credit-licence/ ASIC has released the second package of regulatory guidance on the implementation of the National Consumer Credit regime. It has been developed to help industry prepare their credit licence applications and also understand ASIC’s expectations in relation to their obligations as credit licensees. Separate guidance has been developed to specifically assist small ... http://www.langes.com.au/consumercredit/2009/12/21/asic-issues-further-credit-licensing-regulatory-guides/ The National Consumer Credit Protection Acts have received Royal Assent. ComLaw has published the following Acts as passed: National Consumer Credit Protection Act 2009 National Consumer Credit Protection (Fees) Act 2009 National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009 http://www.langes.com.au/consumercredit/2009/12/17/national-consumer-credit-protection-acts/