The Hon Bill Shorten MP, has released for public consultation draft legislation to give effect to Part 2 of Phase 2 of the National Credit Reforms.
The exposure draft Bill introduces reforms in relation to:
- Credit provided to small business (submissions deferred - see Making a Submission for further details);
- Credit provided for investment purposes;
- Some forms of private lending;
- Short-term and indefinite term consumer leases;
- The regulation of practices which seek to avoid the operation of the national credit law.
Please note: There are two versions of the exposure draft of the National Consumer Credit Protection Amendment (Credit Reform Phase 2) Bill, one without annotations, and one including questions and commentary inserted adjacent to relevant provisions.