Consumer Credit Code Mandatory Comparison Rate system to be extended by 2 years

The Queensland Government has introduced the Consumer Credit (Queensland) and Another Act Amendment Bill 2007 (pdf) into Parliament.

If passed, the Bill will extend the sunset clause in the Code that relates to the Mandatory Comparison Rate system by 2 years to 30 June 2009.

The extension of 2 years will provide Ministerial Council on Consumer Affairs with sufficient time to give proper consideration to the Regulatory Impact Statement and determine the future of the Mandatory Comparison Rate system.

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