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9.12 – DISCUSS THE PROVISIONS OF THE CONSUMER CREDIT CODE Kane S. Versteeg s2964333 Tutor: Mr...
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Transcript of 9.12 – DISCUSS THE PROVISIONS OF THE CONSUMER CREDIT CODE Kane S. Versteeg s2964333 Tutor: Mr...
9.12 – DISCUSS THE PROVISIONS OF THE CONSUMER CREDIT CODEKane S. Versteeg s2964333
Tutor: Mr Dilshad Wijayaratne
INTRODUCTION National Credit Code (NCC) Founded on the Principle Truth of
Lending Regulatory scheme implemented by
the Commonwealth Government through ASIC
Applies to all credit and credit providers Aims to guarantee informational
disclosure to consumers Facilitates informed consumer decision making Conducted via the legislative scaffold provided Sets a standard for the credit market
NCC BACKGROUND
Proposed by the Commonwealth Government in Jun 2009 National Consumer Credit Protection Act, 2009
Replaced the Uniform Consumer Credit Code on July 1 2010
Incorporates much of the UCCC’s previous provisions
Essentially a strengthened revision of the UCCC Redesigned to better protect credit consumers
CHANGES FROM THE UCCC
National Uniformity Introduction of default notices Capping loans to reasonable costs Disallowing loan refinancing Consumers required to register in order to
increase credit limits Credit licencing
NCC’S KEY PROVISIONS
National uniformity Clear and concise contractual disclosure of relevant
information Full disclosure of contractual obligations
Balance Payments Statement provision
Consumers to be advised of their rights and responsibilities Facilitating consumer contract change requests Providers to ensure consumers financial capabilities Hardship clause
IN CONCLUSION
NCC provides consistent national regulation Successfully reduced uncertain consumer
circumstances Reduced consumer exploitation Increased informational awareness Achieved through implementation credit code
improvements Continuous improvements by ASIC and the
Commonwealth Government
REFERENCES
Asic.gov.au,. (2014). Australian Securities and Investments Commission - Consumer-Credit-Code. Retrieved 12 October 2014, from http://www.asic.gov.au/asic/asic.nsf/byheadline/Consumer-Credit-Code
Doran, B. (2014). Topic 9 - Regulation of Financial Institutions. Lecture, Griffith University Nathan Campus. Wiley and Sons Australia.
Kidwell, D. (2014). Financial markets, institutions and money. Milton, Qld.: John.
Moneysmart.gov.au,. (2014). Consumer credit regulation | MoneySmart by ASIC. Retrieved 15 October 2014, from https://www.moneysmart.gov.au/borrowing-and-credit/consumer-credit-regulation