The Consumer Credit Legislation Amendment (Enhancements) Bill 2012 has been passed by both Houses of Parliament and is awaiting Royal Assent.
The provisions will commence as follows:
•The provisions relating to hardship, unfair or dishonest conduct of credit providers, representations about unsuitability assessments, new provisions for giving authorisation for deductions by employers of debtors and other “enhancements” will commence on 1 March 2013.
•The provisions relating to reverse mortgages will mainly commence on 1 March 2013.
•The provisions relating to short-term and small amount credit contracts will commence on 1 March 2013.
•The provisions relating to caps on costs and interest rates on other contracts will still commence on 1 July 2013.
•The provisions relating to consumer leases will commence on 1 March 2013.
•The provisions relating to lay-by agreements will commence on a date to be fixed, nolater than 12 months after Royal Assent.
See also
Draft credit enhancement regulations: small amounts and consumer leases
