Credit regulations released
National Consumer Credit Protection Regulations 2010
Our blog post dated 7 December 2009 included a mind map summary of what the Regulations covered.
We have updated the
mind map to include the key changes made to the
Regulations as a result of public consultation.
National Consumer Credit Protection (Fees) Regulations 2010
These Regulations help you work out the cost of an ACL application (and other documents). The calculation of the ACL application fees has been amended.
The fee for lodgment now varies depending on
a. whether the applicant is a sole trader or a body corporate;and
b. the total amount of:
- credit actually advanced in the preceding financial year; plus
- the total amount of credit being assigned to the applicant in the preceding financial year; plus
- credit in applications submitted to credit providers in the preceding financial year which resulted in a loan being made; plus
- rent payable by consumers under consumer leases entered into by the applicant in the preceding financial year.
For example, for a body corporate where the total for item b) above is over $1 million or more, the fee is $12,000.00.
The fee for lodgment of an annual compliance certificate is calculated in the same way as the application fee.
National Consumer Credit Protection (Transitional and Consequential Provisions) Regulations 2010
These Regulations support the National Consumer Protection (Transitional and Consequential Provisions) Act 2009. The Act and the Regulations cover:
- How to become registered
- Conditions on registration
- Obligations of registered persons
- Suspension cancellation and variation of registration
- Persons exempt from registration
But wait, there’s more:
Further regulations are set to be released for public comment in the coming months.
In particular, regulations to give effect to the proposed arrangement for lenders with pre-existing credit contract are expected in May 2010 (see the
Media Release dated 30 March 2010).
Credit regulations released by Holley Nethercote Commercial Lawyers is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 2.5 Australia Licence.
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