Fringe Lending – Submissions on Consumer Credit Code Amendments

The UCCCMC has published the submissions it has received on its draft fringe credit provider amendments.

One of the themes of the submissions relates to the impact of the proposals on existing "mainstream" lenders, in particular the proposed changes to business purpose declarations, contract requirements and contract re-opening provisions.

UCCCMC has indicated that there will be
additional opportunity for stakeholder input.  A further draft of the
amendments will be prepared following full consideration of both the
technical and substantive issues raised in the submissions.

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