Banking Services Alert

Credit Industry Reform - Licensing is on its way

 

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. 

 

On 27 April 2009 the Federal Government released and has called for submissions on its Consumer Credit Reform Package consisting of two draft bills and four draft regulations, including the National Consumer Credit Protection Bill 2009. This Bill will replace the State based Uniform Consumer Credit Code.  Due to the volume of the proposed changes we will be preparing several articles on these proposals.

 

Read more on the Who, When and What of Australian Credit Licenses (‘ACL’).

 

 

By Richard Williams, Banking Services Partner; and

 

 

 

Gordon Perkins, Banking Services Legal Compliance Manager.