The Minister for Financial Services, Superannuation and Corporate Law has announced the making of further regulations finetuning the new scheme:
- the National Consumer Credit Protection Regulations Amendment 2010 (No. 3) (Credit Amendment Regulations),
- the National Consumer Credit Protection (Transitional and Consequential Provisions) Amendment Regulations 2010 (No. 3) (Transitional Amendment Regulations), and
- the National Consumer Credit Protection (Fees) Amendment Regulations 2010 (No. 2) (Fees Amendment Regulations).
The Amendment Regulations include:
- Exemption for special purpose funding entities
- Arrangements for unlicensed lenders and lessors with carried over instruments
- form changes
- indexation for fees.
Further regulations are proposed to be issued in June and July to cover the following matters:
- an additional exemption for referrers where they pass on a consumer’s contact details directly to a licensee or registered person;
- clarification of the treatment of locums and temporary employees;
- transitional arrangements for residential investment property loans; and
- minor technical amendments.
