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12/9/2011
Banking Alert - External Dispute Resolution - ASIC Consults, Finally! - 9 December 2011
On Friday 2 December 2011 ASIC released a consultation paper to commence a review of External Dispute Resolution (EDR) jurisdiction over consumer complaints in cases where lenders have already commenced legal proceedings to recover the debt from consumers.
12/2/2011
Banking Services Alert - Term Deposits Redefined - 2 December 2011
An interesting interplay is going on at the present time between APRA and ASIC relating to how Term Deposits issued by authorised deposit taking institutions (ADIs) are treated.
10/21/2011
Banking Alert - NSW Mortgagee & Witnessing Requirements - 21 October 2011
The NSW law changes requiring lenders to identify the person signing a mortgage and tightening the requirements for witnesses to identify the person signing a dealing in land started on 1 November 2011.
10/14/2011
Banking News Snippets - 14 October 2011
It seems that every day there are developments that affect the finance industry.
9/29/2011
Property & Strata Services Alert - Know When to Hold 'Em - 29 September 2011
Don’t gamble with your reputation if you receive a prescribed notice under Section 204 of the Accommodation Module to return a Body Corporate’s property. In the recent Adjudicators decision of Casuarina Sphere [2011] QBCCM CMR286 a Body Corporate’s rights to the return of its property were tested against novel arguments made by the scheme’s former Body Corporate Manager.
8/31/2011
Banking Alert - Micro Lending, Is this the End of the Road? - 31 August 2011
On Thursday 25 August 2011, the Assistant Treasurer announced reforms to so-called "pay day lending". An exposure draft of legislation has been released to regulate "small amount credit contracts" and to introduce a comprehensive cap on the "cost of credit". The expression "comprehensive" is perhaps an understatement.
8/30/2011
Banking Alert - Consumer Leases - Light touch regulations coming to an end - 30 August 2011
Consumer Leases traditionally have been regulated under the Credit Code by way of a less prescriptive regime than that which applies to loan contracts. Government has grappled over recent years with what should be the position going forward in connection with regulation and disclosure requirements for consumer leases.
8/29/2011
Banking Alert - New Credit Card Restrictions - 29 August 2011
From July 2012 lenders will need to comply with strict new guidelines concerning provision of information about key features of credit card products and over limit transactions.
8/26/2011
Banking Alert- Key Fact Sheets for Standard Home Loans - 26 August 2011
Key Fact Sheets will have to be provided by lenders in respect to standard home loans as from 1 January 2012. A standard home loan is a loan to purchase or refinance residential property.
8/5/2011
Banking Alert - NCCP Update - 5 August 2011
Further to our Banking Alert on 1 August 2011, the National Consumer Credit Protection Amendment Regulations 2011 (No. 4) have been released. They can be located on the ComLaw web site along with the Explanatory Statement.
8/1/2011
Banking Alert
- Business reporting made easier
7/1/2011
Banking Services Alert - More on the Exit Fee Ban
Regulations have recently been made to ban exit fees on loan contracts entered into as from 1 July 2011. Rumours abound that there are moves afoot to lobby members of the Senate and seek to persuade them to disallow these regulations - in effect stopping the ban in its tracks.
7/1/2011
Banking Services Alert - NSW ID Requirements for Mortgagees
The NSW Governmetn pass the Real Property Amendment Regulation on 10 June 2011. It will become law as of 1 November 2011. There are significant differences between the new regulations and earlier proposals.
6/21/2011
Property Alert - Assignment Blocks Review - 21 June 2011
On 23 May 2011 the decision in Emvalle Pty Ltd as Trustee for the Alkaz Discretionary Trust trading as Aqua Vista Apartments v Body Corporate for Aqua Vista Apartments CTS 37051 (OCL096-10) was handed down from QCAT. The application concerned a remuneration and terms review under Section 130 of the Body Corporate and Community Management Act 1997.
6/8/2011
Article - Recovering Queensland Fire & Rescue Services Call Out Fees - 8 June 2011
Before a strata titled building can be lawfully occupied in Queensland, the Body Corporate must enter into an agreement with Queensland Fire and Rescue Services (“QFRS”) for the installation and monitoring of fire safety/detection equipment.
6/1/2011
Article - Buying versus Building - June 2011
Buying a property will be one of the most important financial transactions you make. There are various arguments for and against building a house or buying an established property which should be considered before making your decision.
5/12/2011
News Alert - PPS Update - 12 May 2011
On 10 May 2011 the Senate passed the last Bill amending the Personal Property Securities Act 2010 and the Corporations Act 2001 under the PPS regime.
4/1/2011
Banking Services Alert - ASIC Issues Further Guidance on Responsible Lending - 8 April 2011
On Thursday 31 March 2011 ASIC advised that it had updated it’s Regulatory Guide 209 “Credit Licensing: Responsible Lending Conduct” to give further guidance on Responsible Lending obligations.
3/24/2011
Banking Services Alert - Ban on Exit Fees Becomes Law - 24 March 2011
In a surprise, but not unexpected, move the amendments to the National Credit Code to ban exit fees became law on 23 March 2011.
3/17/2011
Banking Alert - Warning to Credit Licensees about Trust Account Obligations - 17 March 2011
WARNING! Do you receive monies on behalf of another? ASIC recently issued Information 136 (Info 136) dealing with the issue of “Complying with your Trust Account obligations as a Credit Licensee”.
3/11/2011
Banking Alert - Proposed Draft Regulation to Ban Exit Fees - 11 March 2011
Since the release of the draft proposed regulation to amend the National Consumer Credit Protection Regulations 2010 to “ban exit fees”, much has been written about the pros and cons of taking such a step. This note looks more closely at what it will mean for lenders and others in the finance industry if the draft proposed regulation 79A becomes law.
3/10/2011
Banking Alert - ASIC Update - 10 March 2011
FURTHER ASIC REVIEW OF EARLY TERMINATION FEES. Following release of the draft regulation on 15 February 2011 to prohibit all termination fees on new home loans entered into on or after 1 July 2011, ASIC has now foreshadowed that it is intending to undertake a further review of early termination fees in the residential loan market, following hot on the heels of publication of Regulatory Guide 220 dealing with early termination fees for residential loans.
3/1/2011
Banking Services Alert - Deferral of disclosure requirements for responsible lending
With amending regulations still to be made, it was predictable that the disclosure requirements under the responsible lending provisions of the National Consumer Credit Protection Act 2009 would be deferred. These are the provisions dealing with Credit Guides, Credit Quotes and Credit Proposals.
These provisions will take effect from 1 August 2011.
3/1/2011
Banking Services Alert - Key Fact Sheet for Standard Home Loans & Credit Cards
A Bill was introduced into Federal Parliament on 24 March 2011 to make further changes to the National Credit Act.
1/1/2011
Client Information Bulletin - January 2011
Corporate Social Responsibility - What is your Organisation Doing?
12/1/2010
Banking In Brief - Issue 26 - December 2010
Chattel Financiers Careful Who You Pay - A recent Qld District Court decision provides a timely reminder of the care that must be taken by a financier under a chattel mortgage where the funds advanced pursuant to the mortgage are paid directly to the vendor of the chattels the subject of the mortgage.
11/1/2010
Property Services Alert - "Free" Pay TV - November 2010
Resort guests these days expect Pay TV. That is fairly easy to provide in new buildings with purpose built cabling, but older buildings can present issues. We have had enquiries asking how turning the signal off can be acheived. The reason for the requests was to stop "freeloaders" taking the Pay TV signal for free.
11/1/2010
Property Services Alert - New Pool Fences Legislation - November 2010
The new pool safety provisions that come into effect 1 December 2010 place new obligations on property owners, particularly when they sell or rent their property.The Building and Other Legislation Amendment Bill (No.2) 2010 makes a number of amendments to the Building Act 1975 and is the second stage of the Queensland Government’s pool safety strategy. The Department of Infrastructure and Planning (“the Department”) are the administrators of the register and compliance process.
10/1/2010
Banking In Brief - October 2010
Can a Lender be Held Responsibe for an Agent?
9/17/2010
Body Corporate Alert - Enforcing Pet ByLaws - 17 September 2010
The recent decision of Isle of Palms Resort [2010] QBCCMCmr 0161 shows that a by-law banning all pets will be overturned on adjudication for being oppressive and unreasonable.
9/1/2010
Property In Brief - September 2010
Energy Efficiency Disclosure for Commercial Buildings
6/11/2010
NSW Budget Announcement June 2010 - Banking & Property Services Alert
NSW Announces a Home Builder's Bonus
6/1/2010
Client Information Bulletin Issue 79 - June 2010
Do Your References Stack Up? A new website has been created to enable profiles of people to be added by anyone. Ex-employers with a grudge or co-workers could potentially add a review about your work performance and provide sensitive details to others. Could this be defamatory conduct?
5/31/2010
Employment In Brief - Issue 8 - 31 May 2010
Are unfair dismissals becoming more trendy? When the new Fair Work Act and national Employment standards were anounced to commence on 1 January 2010 employers were concerned that this would result in an increase of unfair dismissal cases.
5/13/2010
Banking Services Alert - 13 May 2010 - Help for Your Referrer Networks
NCCP - Help for Your Referrer Networks. Clients have told us that one thing they would like is a summary of the new NCCP which they can hand out to their referrer networks - so here it is
4/1/2010
Banking In Brief - Issue 24 - April 2010
NSW Mortgage Identification - What is Reasonable? Queensland Lenders will already be familiar with this concept as there is already an identification requirement in Queensland. Unfortunately the New South Wals proposals went well beyond the Queensland requirements and would have imposed unreasonable requirements on Lenders.
3/24/2010
Banking Services Alert - NSW Extends Interest Cap Provisions
With all the changes going on in Consumer Credit Law at present some changes appear to have "flown under the radar". A case in point is the extension to the interest cap legislation in New South Wales which was buried in the Credit (Commonwealth Powers) Bill 2010 (NSW). In an alert issued by an industry association the expression "bombshell" has been used to describe this change.
3/1/2010
Corporate & Business In Brief - Issue 12 - March 2010
Superannuation update - The latest Government statistics regarding our ageing population raise some interesting reminders for all self employed people who either trade as individuals or control companies through their own or their Family Trust’s shareholdings. Often those businesses have been successful in paying monies into Self Managed Super Funds (SMSF). Every day we hear the question “how much money will I need in my old age and when do I retire?”
3/1/2010
Banking Services Alert - ASIC Release Regulatory Guide
ASIC has released regulatory guidance for credit licensees about the responsible lending obligations in the National Consumer Credit Protection Act (National Credit Act).
1/28/2010
Credit Licensing - Who's Who in the Zoo
By 1 July 2010 everyone operating in the consumer credit space will either need to be registered, appointed a credit representative or be entitled to claim an exemption from these requirements. If they are not, then they cannot operate in the credit space after 1 July 2010.
12/22/2009
ASIC Releases Guidance Notes for Credit Licence Applicants
On Friday 18th December 2009, ASIC released various regulatory guides and information notes to assist persons in making applications for credit licenses. After a person has become registered to engage in credit activities ( between 1 April 2010 and 30 June 2010 ) they will then need to apply for a licence ( between 1 July 2010 and 31 December 2010 ) A Christmas present from ASIC?
12/1/2009
Banking Alert - Consumer Credit Licensing Update - December 2009
Christmas is coming and Consumer Credit Licensing is not far behind! The traditional Christmas and New Year lull in business gives you a chance to review your policies and procedures in readiness for credit licensing from April 2010.
12/1/2009
Client Information Bulletin Issue 78 - Dec 09
- MacGillivrays Always Learning
10/1/2009
Employment in Brief - Issue 7 - October 2009
Employment Law Reform - Where are we at? On 1 January 2010 two elements of the Federal Government's safety net employment law reforms will become operational - the 10 National Employment Standards, and Award Modernisation.
8/24/2009
Further changes to the proposed National Consumer Credit Protection Laws
Further changes to the proposed National Consumer Credit Protection Laws
7/1/2009
Structure & Estate Planning In Brief Issue 10 - July 2009
Why Make a Will?
6/26/2009
PPS Reform Alert - 26 Jun 09
The Senate Committee on Legal and Constitutional Affairs made eleven recommendations to the Australian Government regarding the PPS reform. The Government in response to these recommendations has accepted in substance one of the recommendations and fully accepted the remaining ten recommendations.
6/25/2009
National Consumer Credit Protection Reform Package Introduced into Parliament - 25 June 2009
- Today, the Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen MP, introduced the national consumer credit laws into Parliament.
6/2/2009
Rebates, Side Deals, Cash-Backs and Discounts - 2 June 2009
- We have recently noticed an increase in rebates, side deals, cashbacks
and early settlement discounts offered in Contracts of Sale.
Some of the rebates were not disclosed by the borrower in the initial
credit application. These were discovered when the contract was
forwarded to us around the settlement date and resulted in the credit
being re-assessed before settlement, causing angst, inconvenience
and added expense for the borrowers.
6/1/2009
Client Information Bulletin Issue 77 - Jun 09
- How far does an ASIC Registered Charge reach?
5/19/2009
Draft Provisions on Unfair Contract Terms - 19 May 2009
- On 11 May 2009, the Federal Government released a consultation paper entitled
“The Australian Consumer Law - Consultation on draft provisions on unfair
contract terms”. This draft implements the decision of the Council of Australian
Governments (COAG) in 2008 to create a single national consumer law.
5/1/2009
Credit Industry Reform - Licensing Is On Its Way - 1 May 09
- It’s a busy year for the Credit Industry. Not only does it have to come to
terms with the Global Financial Crisis, but we will shortly have additional
rafts of federal legislation to deal with in the short term.
4/22/2009
New National Credit Regulation Laws - Start Date Extended - 22 April 2009
- It was reported last week that January 2010 is now likely to be the new start date for federal takeover of consumer credit regulation laws, six months later than originally envisaged.
4/22/2009
An Overview of National Regulation of Consumer Credit Code - 22 April 2009
- Keeping abreast of the plans to transfer all Consumer Credit Regulation to the Commonwealth from the States and Territories is an ongoing process.
4/22/2009
Tiny Terms Contracts - Implementation of Amendments to Qld Credit Code - 22 April 2009
- Our June 2008 Banking In Brief publication (review our previous article) referred to legislation1 that had been passed in Queensland to amend the national Consumer Credit Code extending its application.
4/22/2009
Executive Remuneration - The Regulatory Debate - 22 April 2009
- In March 2009, John Trowbridge, Executive Member of the Australian Prudential Regulation Authority (‘APRA’) in a speech delivered at the 2009 Remuneration Forum, not only expressed APRA's view on this topic but outlined possible new prudential standards to be issued by APRA.
4/1/2009
Dispute Resolution & Litigation In Brief Issue 6 - April 2009
- Creditors Beware of Payment by Third Parties
4/1/2009
Banking in Brief - Issue 23
NEW NATIONAL CREDIT REGULATION LAWS - START DATE EXTENDED
It was reported last week that January 2010 is now likely to be the new start
date for federal takeover of consumer credit regulation laws, six months later
than originally envisaged. It is expected that Parliament will pass the enabling
legislation in September this year, instead of July as was originally proposed.
3/1/2009
Client Information Bulletin Issue 76 - Mar 09
- Update Your Details, About us, What’s new, Did you know...
12/11/2008
Client Information Bulletin Issue 75 - Dec 08
- Foreclosure
12/10/2008
Mortgage News - Volume 3 - Dec 08
- Amendments to Queensland Mortgagee Sales
11/21/2008
Banking in Brief Issue 22 - Nov 08
- When is a Registered Mortgage Worthless?
11/17/2008
Corporate & Business In Brief Issue 11 - Nov 08
- MacGillivrays & Planwealth - A Super Team
11/1/2008
Dispute Resolution & Litigation in Brief Issue 5 - Nov 2008
- The Personal Property Securities Bill 2008 and what it means for retention of title clauses
10/1/2008
Client Information Bulletin Issue 74 - Oct 08
- Legal Language De-mystified
10/1/2008
Employment & Industrial Relations In Brief Issue 7 - Oct 08
- Employment Law Reform - Where are we at?
9/1/2008
Dispute Resolution & Litigation In Brief Issue 4 - Sept 08
- Personal Property Securities Bill 2008 (Cth) - What Creditors Need To Know
9/1/2008
Property in Brief Issue 17 - Sept 08
- QLD Transfer Duty Concession Changes
8/1/2008
Issue 9 - Assets, Wills & Estate Planning - August 2008
Assets, Wills and Estate Planning.
7/1/2008
Registration Fees Update - Effective 1st July 2008
- Registration Fees in most Australian States and Territories will increase as of 1st July 2008
7/1/2008
Client Information Bulletin Issue 73 - July 08
- PARTIES BEWARE! Are Pre-Contratual Costs Recoverable?
7/1/2008
Banking In Brief Issue 21 - Jul 08
- Victorian Credit Legislation Being Amended
6/1/2008
Banking In Brief Issue 20 - Jun 08
- UK High Court Rules on Bank Fees
6/1/2008
Mortgage News - Volume 2 - Jun 08
- New South Wales, Queensland, Victorian and Western Australian State Budget Announcements
6/1/2008
Dispute Resolution & Litigation In Brief Issue 3 - June 08
- The 'Running Account' Defence in Insolvency. What is it? What is required?
5/1/2008
Employment & Industrial Relations In Brief Issue 6 - May 08
- Workplace Relations Bill Reforms - What is the status?
5/1/2008
Mortgage News - Volume 1 May 08
- Interest Rate Cap For Queensland
4/1/2008
Corporate & Business In Brief Issue 10 - Apr 08
- GST, Margin Scheme and Property Developers: Full Federal Court Appeal Underway
4/1/2008
Property in Brief Issue 16 - Apr 08
- Federal Court Drops Tax Bomb on Property Developers
3/1/2008
Client Information Bulletin Issue 72 - Mar 08
- Superannuation Update - Instalment Warrants
3/1/2008
Issue 8 - Understanding Wills & Inheritance - March 2008
- Understanding wills and inheritance
3/1/2008
Issue 8 - Understanding Wills & Inheritance - March 2008
Have you been left out of a Will or has an intestacy resulted in you missing out on an inheritance? Did you know that it is possible to contest a Will?
12/1/2007
Client Information Bulletin Issue 71 - Dec 07
- Merry Christmas and Happy New Year!
11/1/2007
Employment & Industrial Relations In Brief Issue 5 - Nov 07
- Playing it fair – New legislation introduces the ‘fairness test’
9/1/2007
Client Information Bulletin Issue 70 - Sept 07
- So… You want to be a Director? – Useful information you should know
9/1/2007
Property in Brief Issue 15 - Sept 07
- Foreign Investment in Australia - Old Rules with a Fresh Look
8/1/2007
Dispute Resolution & Litigation Relations In Brief Issue 2 - Aug 07
- Insolvency legislation update
7/1/2007
Structure & Estate Planning In Brief Issue 7 - Jul 07
- Introducing Macgillivrays’ New Structuring & Estate Planning Solicitor!
7/1/2007
Issue 7 - Appointed as an Executor? - July 2007
Have you been appointed as an Executor under a Will? It is quite likely that at some stage of your life you will be asked to be the executor of a Will, most likely for your parents, or siblings or even for a close friend.
6/1/2007
Client Information Bulletin Issue 69 - Jun 07
- Check now before you cold call prospective clients!
5/1/2007
Corporate & Business In Brief Issue 8 - May 07
- Business Structures – Getting it right… from the beginning
5/1/2007
Employment & Industrial Relations In Brief Issue 4 - May 07
- Work Choices: How does it affect employers buying or selling a business?
5/1/2007
Banking In Brief Issue 18 - May 07
- Anti-Money Laundering and Counter
4/1/2007
Client Information Bulletin Issue 68 - Apr 07
- P-Plate Drivers: Loss of Autonomy
4/1/2007
Property in Brief Issue 14 - Apr 07
- Dividing Fences and Divisive Neighbours
3/1/2007
Structure & Estate Planning In Brief Issue 6 - Mar 07
- To Endure or Not To Endure
3/1/2007
Dispute Resolution & Litigation Relations in Brief Issue 1 - Mar 07
- A Win for the Little Guys – An example of “Right Over Might”
3/1/2007
Issue 6 - Enduring Power of Attorney - March 2007
To Endure or not to Endure? A Power of Attorney is a legal deocument that provides authority for another person to make decisions about matters on your behalf. The decisions that your attorney makes for you will have the same legal force as if you had made them yourself.
2/1/2007
Banking In Brief Issue 17 - Feb 07
- Shareholders rank equally with creditors – The new shift in insolvency law
11/1/2006
Property in Brief Issue 13 - Nov 06
- Beware: Changes to the Retail Shop Leases Act
10/1/2006
Employment & Industrial Relations In Brief Issue 3 - Oct 06
- Attention All Employers – Workchoices Legislation: New requirements for record keeping
9/1/2006
Corporate & Business In Brief Issue 7 - Sept 06
- Shareholders’ Agreements: Are members of your company in agreement?
6/1/2006
Banking In Brief Issue 15 - Jun 06
- Khoshaba: Further insight into when a NSW loan agreement will be unjust
5/1/2006
Property in Brief Issue 12 - May 06
- Introducing Matthew Yates
12/1/2005
Employment Relations In Brief Issue 2 - Dec 05
- Change to Employment Laws - The new Workchoices Legislation
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