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| Alerts |
| 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).
ASIC’s Regulatory Guide 209 Credit licensing: Responsible lending conduct obligations has been developed to help industry understand ASIC’s expectations in relation to their responsible lending obligations as credit licensees.
The release of this regulatory guide is part of ASIC’s effort to provide early guidance to assist credit licensees to comply with their responsible lending obligations on the commencement of the National Consumer Credit regime in July 2010.
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| 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.
In effect this means that before 1 July 2010 you will need to identify every person that you deal with as part of your business and determine in relation to each person what category they fall under.
To assist we give you some examples
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| 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?
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| 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.
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| Corporate & Business |
| 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.
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| 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.
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| 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.
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| Mortgage News - Volume 2 - Jun 08
- New South Wales, Queensland, Victorian and Western Australian State Budget Announcements
- Federal Government Releases Green Paper for National Regulation of Financial Services Industry
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