Draft legislation for Phase two of national credit reforms has been released by Treasury for public consultation. The consultation package includes a draft Bill and draft Regulations. The proposed reforms were foreshadowed in the 2010 Green Paper which has already been the subject of industry consultation.
The reforms introduced by the draft legislation touch on lending products that were previously unregulated, including: small business lending; non-residential investment lending; private lending; and certain previously excluded consumer leases. The draft Bill also introduces a broad anti-avoidance provision.
The closing date for submissions is Friday 15 February 2013.
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