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Exposure Draft - National Consumer Credit Protection Amendment (Enhancements) Bill 2011

Date:

Thursday, 25 August 2011

Content ID:

2131

Abstract:

The Assistant Treasurer, the Hon Bill Shorten has released for public consultation exposure draft legislation which provides enhancements to the regulation of short term, small amount (payday) lending

The measures in this legislation include:

  • Australia’s first national cap on cost;
  • a prohibition on refinancing small amount contracts; and
  • requirements for short term lenders to disclose the availability of alternatives to short term lending.

Making a submission

Interested parties are invited to comment on the exposure drafts. While submissions may be lodged electronically or by post, electronic lodgment is preferred. For accessibility reasons, please submit responses sent via email 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. Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.

Closing date for submissions: Monday, 5 September 2011

Address written submissions to:
The General Manager
Retail Investor Division
The Treasury
Langton Crescent
PARKES ACT 2600

Fax: (02) 6263 2770

Email: creditenhancementsbill@treasury.gov.au

For enquiries, please contact:
Christian Mikula
Manager
Consumer Credit Unit
Retail Investor Division
The Treasury
(02) 6263 3971

Documents Available:


Acrobat (PDF) documents

 Acrobat (PDF)

Commentary - Caps on Credit Contracts  560.26kb
Commentary - Small Amount Credit Contracts  331.98kb
Exposure Draft - Small Amount Contracts - Additional Obligations  124.06kb
Exposure Draft - Small Amount Contracts - Caps on Costs  205.16kb

Microsoft Word (RTF) documents

 Microsoft Word (RTF)

Commentary - Caps on Credit Contracts  88.96kb
Commentary - Small Amount Credit Contracts  60.24kb
Exposure Draft - Small Amount Contracts - Additional Obligations  9,000.04kb
Exposure Draft - Small Amount Contracts - Caps on Costs  9,050.05kb

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