On 17 September 2009, the Minister for Financial Services,
Superannuation and Corporate Law, Chris Bowen MP announced changes
to the commencement dates for the National Consumer Credit
1 March 2010 – 30 June
(Not yet confirmed) Registration period.
1 July 2010
State credit and broker laws stay in place until this date.
Businesses must be registered to continue to do business.
UCCC replaced with Commonwealth National Credit Code –
including extension of the UCCC to lending for residential
Applications for licences may be made.
Responsible lending provisions dealing with unsuitable lending
commence for brokers and lenders who are not Authorised
Deposit-taking Institutions (ADIs) or registered
finance companies (RFCs) (registered under the
Financial Sector (Collection of Data) Act).
1 January 2011
Responsible lending provisions commence for ADIs and RFCs
Other responsible lending obligations (including disclosure
requirements, such as upfront disclosure of broker fees and
charges) commence for brokers and lenders who are not ADIs or
Gadens Lawyers' NCCP Compliance Manual Program
We have launched the Gadens Lawyers' NCCP
Compliance Manual Program. This program provides specific solutions
for lenders, mortgage managers, aggregators, and larger broker
groups who will need more support than the material to be released
by ASIC and the MFAA.
This service includes a tailor-made solution for your business,
including for example, customisation of Credit Guides, procedures
for complying with the responsible lending provisions (credit
assessment and provision of credit assessments), indemnities
between licensees and sub-contractors, assistance establishing an
IDR, compliance plans, and so on.
Businesses who have not signed up for the Gadens
Lawyers' NCCP Compliance Manual Program should do so
today by contacting Jon Denovan on 02 9931 4927 or Elise Ivory on
02 9931 4810. The cost will be determined by your requirements, but
sharing our solutions across the industry will save money for all
t +61 2 9931 4927
t +61 2 9931 4810
t +61 3 9617 8596
t +61 3 9252 2577
t +61 8 9323 0910
t +61 8 9323 0922
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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The Sportscraft refunds and returns policy limitations went beyond consumer's rights under the Australian Consumer Law.
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