More transitional credit regulations

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.
Print Friendly, PDF & Email

Your Compliance Support Plan

We understand you need a cost-effective way to keep up to date with regulatory changes. Talk to us about our fixed price plans.