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Service 63 of Australian Consumer Credit Law now online

by Hilary Kincaid 18. November 2010 16:13

The latest service of our consumer credit work, Australian Consumer Credit Law, is now online.

Two new commentary chapters have been inserted following the commencement of the national consumer credit regime:

  • Chapter 3 - Responsible Lending; and
  • Chapter 6A - Dispute Resolution.

Chapter 1 - Scope of the National Credit Laws and Chapter 2 - Licensing have also been updated.

State and territory legislation has also been updated and is current to the date of publication.

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Australian Consumer Credit Law

ASIC releases Class Order 10/907

by Hilary Kincaid 5. October 2010 10:17

The class order declares that the start date for fund raising special purpose vehicles and securitisation entities to become members of an ASIC-approved External Dispute Resolution scheme, in order to take advantage of the exemption from having to hold a credit licence is 1 January 2011.

The class order commenced on its date of registration, 1 October 2010. 

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ASIC | Australian Consumer Credit Law | Compliance

Australian Consumer Law website launched and draft regulations released

by Hilary Kincaid 27. September 2010 10:41

The new site, www.consumerlaw.gov.au, was launched on Friday 24 September by the Hon David Bradbury MP, Parliamentary Secretary to the Treasurer.

From 1 January 2011, there will be a single national consumer law. This reform is a co-operative effort between the Commonwealth and the states and territories, through the Ministerial Council on Consumer Affairs.

The site gives information about:

• how the Australian Consumer Law (ACL) is being implemented;

• how the ACL will be enforced by Australia’s consumer law regulators;

• consultation on draft ACL regulations and draft guides on the ACL; and

• consumer policy in Australia and internationally.

The Treasury has released a draft of the Competition and Consumer (Australian Consumer Law) Amendment Regulations 2010 for consultation. Comments are due by 13 October 2010.

 

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Australian Consumer Credit Law

ASIC begins consumer credit surveillance

by Hilary Kincaid 24. September 2010 15:17

ASIC has begun its first nationwide surveillance activity to detect people and businesses engaging in credit activities without registration. Engaging in credit activities without registration has been an offence since 1 July 2010.

ASIC will be in the field from now until the end of the year.  Although the legislation allows for ASIC to prosecute or seek a civil remedy from the courts for non-compliance, the primary focus of the surveillance activity is to promote and drive compliance with the new consumer credit regime.

The maximum criminal penalties for operating without registration or a licence are $22,000 for individuals and $110,000 for corporations, or two years imprisonment, or both; or civil penalties of up to $220,000 for individuals and $1.1 million for corporations, partnerships or multiple trustees.

More information is available on the official ASIC site.

For up-to-date commentary regarding the sweeping changes to the consumer credit regime, subscribers are referred to Australian Consumer Credit Law.


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ASIC | Australian Consumer Credit Law | Compliance

New ASIC class order 10/746

by Hilary Kincaid 26. August 2010 08:46

ASIC has released a new class order, in order to correct some drafting anomalies in the National Consumer Credit Protection Regulations 2010 in relation to the streamlined application process for obtaining an Australian credit licence.

All of the provisions, except para 4(b)(i), commenced on 1 July 2010. The remaining paragraph commenced on 24 August 2010, the date of registration on FRLI.

For up-to-date commentary regarding the sweeping changes to the consumer credit regime, subscribers are referred to Australian Consumer Credit Law.

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ASIC | Australian Consumer Credit Law

ASIC issues 65 credit licences

by Hilary Kincaid 19. August 2010 10:44

Since 30 June 2010, ASIC has issued 65 licences under the new National Consumer Credit Protection Act 2009.

Under that Act, anyone that engages in credit activities must be licensed, or the authorised representative of a license holder.

Registration for existing businesses intending to be licensed closed on 30 June 2010, with ASIC receiving approximately 14,760 registrations.  ASIC has commenced processing the license applications.

Registered parties have until 31 December 2010 to apply for a license. If a party has not registered, they should cease to engage in credit activities until they are registered or the authorised representative of a license holder.

For up-to-date commentary regarding the sweeping changes to the consumer credit regime, subscribers are referred to Australian Consumer Credit Law. Applications for a license may be made, and further information is available, at the official ASIC site.

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ASIC | Australian Consumer Credit Law | Compliance



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