The Consumer Credit and Corporations Legislation Amendment (Enhancements) Bill 2011 has been introduced into the House of Representatives.
In relation to consumer credit the Bill contains provisions for:
- “Enhancements” (particularly relating to hardship variations), which commence on 1 July 2012
- Reverse mortgages which commence on 1 July 2012
- Small amount credit contracts (“payday lender” or micro-loans) which commence on 1 July 2012
- Caps on interest rates and costs for all other credit contracts which commence on 1 July 2013
- Consumer Leases which commence on 1 July 2012
The Bill will be examined by the Joint Committee on Corporations and Financial Services.[UPDATE: Senate Economics Committee will also examine the Bill]