Exposure Draft: National Consumer Credit Regime |
|||
Date: |
Monday, 27 April 2009 | ||
Content ID: |
1523 | ||
Abstract: |
On 27 April 2009 Senator the Hon Nick Sherry, Minister for Superannuation and Corporate Law, released for public exposure the draft National Consumer Credit Reform legislation and associated commentary to explain the legislation. Building on the release of the Government’s Financial Services and Credit Reform Green Paper in June 2008 and agreement at the March and July 2008 COAG meetings to transfer the consumer credit regulation to the Commonwealth, the exposure draft legislation gives effect to Phase One of the two-phase Action Plan for consumer credit endorsed by COAG in October 2008. In the first phase, the proposed Government regulatory framework will see the Government assume responsibility for key credit regulation, the Uniform Consumer Credit Code (UCCC), by enacting it as Commonwealth law. In that process, the UCCC would be enhanced with new measures designed to protect consumers and extend to cover mortgages for residential investment properties. The regulatory framework will be underpinned by a comprehensive licensing system of all lenders and brokers with ASIC as the sole national regulator with enhanced enforcement powers. The Government is seeking submissions on the exposure draft legislation by close of business Friday 22 May 2009. Further details regarding the COAG Consumer Credit Reform Initiative can be found on www.treasury.gov.au/consumercredit. Interested parties are invited to comment on the exposure draft. While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please email responses 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. A request made under the Freedom of Information Act 1982 (Commonwealth) for a submission marked 'confidential' to be made available will be determined in accordance with that Act. Closing date for submissions: Friday, 22 May 2009 Address written submissions to: Email: consumercredit@treasury.gov.au. For inquiries, please call Alix Gallo (02) 6263 2046 |
||
Documents Available: |
 Acrobat (PDF)ED Bill 1 – National Consumer Credit Protection Bill 2009 740.20kbED Bill 2 – National Consumer Credit Protection (Transitional and Consequential Provisions) Bil 2009 88.94kb Commentary on Exposure Draft Bills 1 & 2 876.79kb ED Regulations 1 - National Consumer Credit (National Credit Code) Regulations 2009 424.36kb Draft EM for the National Consumer Credit (National Credit Code) Regulations 2009 124.87kb Exposure Draft Regulations 2 - National Consumer Credit Protection Regulations 2009 84.67kb Draft EM 2 for the National Consumer Credit Protection Regulations 2009 49.45kb ED Regulations 3 - National Consumer Credit Protection (Transitional and Consequential Provisions) 61.28kb Draft EM 3 for the National Consumer Credit Protection (Transitional and Consequential Provisions) 29.93kb ED Regulations 4 - National Consumer Credit (Infringement Notices) Regulations 2009 79.63kb Draft EM 4 for the National Consumer Credit (Infringement Notices) Regulations 2009 33.21kb  Microsoft Word (RTF)ED Bill 1 – National Consumer Credit Protection Bill 2009 2,283.74kbED Bill 2 – National Consumer Credit Protection (Transitional and Consequential Provisions) Bil 2009 299.56kb Commentary on Exposure Draft Bills 1 & 2 1,876.24kb Draft EM for the National Consumer Credit (National Credit Code) Regulations 2009 239.94kb Draft EM 2 for the National Consumer Credit Protection Regulations 2009 101.83kb Draft EM 3 for the National Consumer Credit Protection (Transitional and Consequential Provisions) 36.15kb Draft EM 4 for the National Consumer Credit (Infringement Notices) Regulations 2009 47.21kb |
||
Related Items: |
|
||
