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National Consumer Credit Protection Regulations

By: admin|

Latest Requirements and due dates to meet the requirements;

* Requirement for persons engaging in credit activities to register with ASIC;  between 1st April 2010 to 30 june 2010

* Requirements for persons engaging in credit activities either to be registered or to hold an Australian credit licence;      between 2010 to 31 December 2010

* All registered persons must have applied for a licence;     by 31 December 2010

* All registrations cancelled (therefore all participants must be licenced) :   by 30 June 2011

* Requirement not to arrange or provide credit tha is unsuitable- Non-ADI’s and non-RFCs ;  by 1 July 2010

* Requirement not to arrange or provide credit that is unsuitable-    by 1 January 2011

* Other Responsible Lending Obligations (including disclosure requirements, such as the provision of quotes, credit guides and assessments):     by 1 January 2011

National Credit Code

*  State enforcement of UCCC until  30 June 2010

Deferred enhancements:

* Application to credit provided for residential investment properties;  Commence 1 July 2010

* Introduction of default notices where a direct debit falls;    Commences 1 July 2010

* Amendments to business purpose declaration;    Commences 1 July 2010

*amendments to Default notices; and         Commences 1 July 2010

* New notices in response to application for hardship variations and postponements    commences 1 July 2010

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