The National Consumer Credit Protection Acts have received Royal Assent.

ComLaw has published the following Acts as passed:

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

The Acts apply to you if you engage in credit activities.

What is a credit activity?
Any person that engages in any credit activity must be licensed or authorised by a licensee, whether the person does so on the person’s own behalf or on behalf of another person including:

• providing credit
• providing a credit service (including providing credit assistance to a consumer or acting as an intermediary)
• providing consumer leases
• being a mortgagee under a Consumer Credit Code regulated mortgage
• being a beneficiary under a Consumer Credit Code regulated guarantee

The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen MP, has indicated that point-of-sale retailers such as car dealerships and retail outlets will be exempt from the requirements that relate to giving credit assistance to consumers. The Federal Government will examine the regulatory oversight of these entities within the next 12 months. He also indicated there will be an exemption, for the first 12 months only, for state or territory licensed debt collectors.

Timetable
Anyone who engages in certain credit activities will need to register with ASIC between 1 April and 30 June 2010 (inclusive) .

Registered credit participants will then have six months to apply for an Australian credit licence or become a representative of a licensee, between 1 July 2010 and 31 December 2010.

New entrants to the credit market will have to apply for an ACL or be authorised by a licensee from 1 July 2010.

The new National Consumer Credit Code provisions will commence from 1 July 2010.

The requirement not to arrange or provide credit that is unsuitable will apply to non-ADIs and non-Registered Finance Companies from 1 July 2010 and to ADIs and RFCs from 1 January 2011.

All other responsible lending obligations (including disclosure requirements, such as the provision of quotes, credit guides and assessments) will apply to all licensees and representatives from 1 January 2011.

The full timetable is here.