The Parliamentary Joint Committee on Corporations and Financial Services has delivered its report on its Inquiry into Consumer Credit and Corporations Legislation Amendment (Enhancements) Bill 2011.

The Committee has made 14 recommendations including:

• extending the commencement date for the miscellaneous consumer credit enhancements (hardship variations, unfair or dishonest conduct, representations) from 1 July 2012 to 1 January 2013
• requiring hardship applications to be made in writing
• to not prescribe the method by which a credit provider must provide projections for reverse mortgages to potential borrowers
• to amend the definition of reverse mortgages to clearly exclude other forms of credit arrangements that provide the option of interest only repayments.
• that the Government revisit the measures proposed relating to small amount credit contracts and caps on costs :”Further consultation with stakeholders should be undertaken to address the concerns identified throughout the inquiry and to develop measures that will ensure cohesive and consistent national consumer credit legislation and an appropriate balance between consumer protection
  and industry viability.”

The Bill is awaiting resumption of Parliament on 7 February 2012.