Senate report on National Consumer Credit Protection Bill

The Senate Standing Committee on Economics has released its report on the National Consumer Credit Protection Bill 2009 and the 2 associated bills.

The Committee expressed concern about the timetable but accepted that the timetable was devised to allow transition from state regulation. The committee made a total of only 11 recommendations with general support for the package.

The report also includes comments on the Corporations Legislation Amendment (Financial Services Modernisation) Bill
in relation to margin lending, promissory notes and trustee corporations and its interaction with consumer credit.

The Committee has released a separate report on the Australian Consumer Law.

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