The National Consumer Credit Protection Reform Package (NCCP Package), comprising of the 3 Bills, the National Consumer Credit Protection Bill 2009 (NCCP Bill), the National Consumer Credit Protection (Fees) Bill 2009 and the National Consumer Credit Protection (Transitional and Consequential Provision) Bill 2009, were passed by the Senate on 26 October 2009 and are awaiting assent.
The NCCP Package was referred to the Senate Economics Legislation Committee for inquiry on 25 June 2009 and the Senate Committee's inquiry report was released on 7 September 2009. 12 recommendations were made by the Senate Committee in its inquiry report, including that the 3 Bills be passed before 1 November 2009. Please see our Legal Update: Senate inquiry into the National Consumer Credit Protection Reform Package inquiry report released dated 08 Sept 09
On 17 September 2009, the Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen MP, announced a number of changes to the National Consumer Credit Protection legislation, following recommendations by the Senate Committee. Please see our Legal Update: Changes to National Consumer Credit Protection legislation announced by the Federal Government dated 18 Sept 09
The 3 Bills were passed with amendments to 2 of the Bills, the amendments of which are set out in the following 2 links:
- National Consumer Credit Protection Bill 2009: Schedule of the amendments made by the Senate
- National Consumer Credit Protection (Transitional and Consequential Provisions) Bill 2009: Schedule of the amendments made by the Senate
Regulations
Regulations supporting the NCCP Package will be made after the enactment of these Bills. Draft Regulations and explanatory material were released for public comment for the period 14 August to 9 September 2009. Eighteen confidential and non-confidential submissions were received by the Government.
What Do You Need To Do?
Deacons is able to assist you in your compliance with the National Consumer Credit Protection Reform. Please contact us if you require our assistance or advice.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
