Responsible lending changes update

The National Consumer Credit Protection Amendment (Supporting Economic Recovery) Bill 2020 has been passed by the House of Representatives and introduced into the Senate. Background.

Among other things, the Bill amends the National Credit Act so that responsible lending obligations apply only to small amount credit contracts and consumer leases (and small amount credit contract-equivalent loans by authorised deposit-taking institutions).

The Senate Economics Legislation Committee Report on the Bill was split with Labor and the Greens giving dissenting reports.

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David Jacobson

Author: David Jacobson
Principal, Bright Corporate Law
About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.

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