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Exposure Draft: National Consumer Credit Regime

Date:

Monday, 27 April 2009

Content ID:

1523

Abstract:

On 27 April 2009 Senator the Hon Nick Sherry, Minister for Superannuation and Corporate Law, released for public exposure the draft National Consumer Credit Reform legislation and associated commentary to explain the legislation.

Building on the release of the Government’s Financial Services and Credit Reform Green Paper in June 2008 and agreement at the March and July 2008 COAG meetings to transfer the consumer credit regulation to the Commonwealth, the exposure draft legislation gives effect to Phase One of the two-phase Action Plan for consumer credit endorsed by COAG in October 2008.

In the first phase, the proposed Government regulatory framework will see the Government assume responsibility for key credit regulation, the Uniform Consumer Credit Code (UCCC), by enacting it as Commonwealth law. In that process, the UCCC would be enhanced with new measures designed to protect consumers and extend to cover mortgages for residential investment properties. The regulatory framework will be underpinned by a comprehensive licensing system of all lenders and brokers with ASIC as the sole national regulator with enhanced enforcement powers.

The Government is seeking submissions on the exposure draft legislation by close of business Friday 22 May 2009.

Further details regarding the COAG Consumer Credit Reform Initiative can be found on www.treasury.gov.au/consumercredit.

Interested parties are invited to comment on the exposure draft. While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please email responses in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment. A request made under the Freedom of Information Act 1982 (Commonwealth) for a submission marked 'confidential' to be made available will be determined in accordance with that Act.

Closing date for submissions: Friday, 22 May 2009

Address written submissions to:
Manager
Consumer Credit Unit
Corporations and Financial Services Division
The Treasury
Langton Crescent
PARKES  ACT  2600

Email: consumercredit@treasury.gov.au.

For inquiries, please call Alix Gallo (02) 6263 2046

Documents Available:


Acrobat (PDF) documents

 Acrobat (PDF)

ED Bill 1 – National Consumer Credit Protection Bill 2009  740.20kb
ED Bill 2 – National Consumer Credit Protection (Transitional and Consequential Provisions) Bil 2009  88.94kb
Commentary on Exposure Draft Bills 1 & 2  876.79kb
ED Regulations 1 - National Consumer Credit (National Credit Code) Regulations 2009  424.36kb
Draft EM for the National Consumer Credit (National Credit Code) Regulations 2009  124.87kb
Exposure Draft Regulations 2 - National Consumer Credit Protection Regulations 2009  84.67kb
Draft EM 2 for the National Consumer Credit Protection Regulations 2009  49.45kb
ED Regulations 3 - National Consumer Credit Protection (Transitional and Consequential Provisions)  61.28kb
Draft EM 3 for the National Consumer Credit Protection (Transitional and Consequential Provisions)  29.93kb
ED Regulations 4 - National Consumer Credit (Infringement Notices) Regulations 2009  79.63kb
Draft EM 4 for the National Consumer Credit (Infringement Notices) Regulations 2009  33.21kb

Microsoft Word (RTF) documents

 Microsoft Word (RTF)

ED Bill 1 – National Consumer Credit Protection Bill 2009  2,283.74kb
ED Bill 2 – National Consumer Credit Protection (Transitional and Consequential Provisions) Bil 2009  299.56kb
Commentary on Exposure Draft Bills 1 & 2  1,876.24kb
Draft EM for the National Consumer Credit (National Credit Code) Regulations 2009  239.94kb
Draft EM 2 for the National Consumer Credit Protection Regulations 2009  101.83kb
Draft EM 3 for the National Consumer Credit Protection (Transitional and Consequential Provisions)  36.15kb
Draft EM 4 for the National Consumer Credit (Infringement Notices) Regulations 2009  47.21kb

Related Items:

Submissions: Exposure Draft: National Consumer Credit Regime - 8/07/2009
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