The National Consumer Credit Protection Legislation Amendment Regulations 2010 (No.4) have been registered.
Amongst other things, the Regulations set out important practical changes relating to:
- the form and content of responsible lending disclosure documents; and
- the way they must be given to consumers.
The disclosure documents affected include the credit guide, credit quote and credit proposal disclosure document.
- provide temporary and conditional transitional relief between 1 January 2011 and 1 April 2011 in relation to disclosure of EDR scheme membership in credit guides and in relation to the provision of quotes and credit proposals by credit assistance providers;
- exempt persons from the requirement to provide a credit guide in a number of specific situations where this results in duplication or is otherwise unnecessary (for example, because the consumer has previously been given one and the information has not changed);
- exempt persons who provide credit assistance from having to give a quote if they will not be charging the consumer a fee;
- permit disclosure documents to be given electronically, subject to conditions; and
- permit two or more disclosure documents to be combined (provided that they otherwise meet the requirements of the National Credit Act).
Some existing regulations have been renumbered.