The National Consumer Credit Protection Legislation Amendment Regulations 2010 (No. 1) amending the NCCP Regulations and the Transitional Regulations were registered on 30 June 2010.
You can download a copy of the National Consumer Credit Protection Regulations 2010 consolidated to include these and all other regulations up to 1 July 2010 here.
The new Regulations cover transitional issues as follows:
- Residential investment property: exempt credit, which is intended predominantly for residential investment property, from the pre-contractual requirements (principally disclosure and responsible lending) under the Credit Act, where the offer of credit is made before 1 July 2010 and is accepted on or after that date. The regulation would cease to have effect from 1 October 2010. Any credit contracts formed after this date would not be exempt from the pre-contractual requirements under the Act and the Code.
- Referrers: modify the existing exemption for persons who pass on the contact details of a licensee or registered person to a consumer (referrers) to ensure that the exemption covers referrers who facilitate contact via a website link between a consumer and a licensee, registered person or representative;
- Carried over instruments: provide that the commencement of the responsible lending conduct obligations in relation to COIs coincides with the staggered timeframe set for new contracts.