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Legislation relating to Consumer credit

Legislation relating to Consumer credit.

National Consumer Credit Protection Act 2009 (Cth)

This Act sets up a national licensing system for credit providers and brokers. It establishes the Unified Consumer Credit code and gives the Australian Securities and Investments Commission power to investigate suspected breaches, issue fines and enforce contraventions of the law.

See National Consumer Credit Protection Act 2009 (Cth)(opens in a new window).

See also National Consumer Credit Protection Act 2009 (Cth)—Schedule 1—National Credit Code(opens in a new window).

National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009 (Cth)

This Act explains what happens to consumer credit contracts that were established under the old state consumer laws. It also sets out the procedures for registration and licensing of credit providers.

See National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009 (Cth)(opens in a new window).

National Consumer Credit Protection Regulations 2010 (Cth)

These regulations explain in detail how to apply for an Australian Credit licence, who is exempt from the need for a licence, explains when an infringement notice can be issued, lists the categories of exemptions from the National Credit Code, explains what needs to be included in a credit contract.

See National Consumer Credit Protection Regulations 2010 (Cth)(opens in a new window).

Credit (Commonwealth Powers) Act 2010 (Vic)

This Act transfers the responsibility for the regulation of consumer credit from Victoria to the Commonwealth. It includes the process for terminating this referral and includes transitional arrangements.

See Credit (Commonwealth Powers) Act 2010 (Vic)(opens in a new window).

Australian Securities and Investments Commission Act 2001 (Cth)

An Act to provide for the Australian Securities and Investments Commission (ASIC), a Corporations and M arkets Advisory Committee and certain other bodies, and for other purposes. From 1 July, 2010 this body has responsibility for regulating and enforcing organisations and individuals and brokers who are involved in providing consumer credit.

See Australian Security and Investments Commission Act 2001 (Cth)(opens in a new window).

Australian Securities and Investments Commission Regulations 2001 (Cth)

These regulations sup port the operation of the Australian Securities and Investments Commission Act 2001 by defining some terms, setting out the powers and procedures of the panel, explains how submissions are to be lodged and sets out the witness fees.

See Australian Securities and Investments Commission Regulations 2001 (Cth)(opens in a new window).

Second-Hand Dealers and Pawnbrokers Act 1989 (Vic)

This Act regulates pawnbrokers and second-hand dealers. It aims to protect consumers who deal with pawnbrokers and assists with quick recovery of stolen goods.

See Second-Hand Dealers and Pawnbrokers Act 1989 (Vic)(opens in a new window).

Consumer Credit (Victoria) Act 1995 (Vic)

This Act continues to regulate finance brokers and will do this until 1 January 2011. It protects Victorian borr owers and mortgagors from excessive annual interest rates. The Act no longer regulates other forms of consumer credit.

See Consumer Credit (Victoria) Act 1995 (Vic)(opens in a new window).

Updated