What Australia National Consumer Credit Protection Act 2009 (NCCP Act) requires
The National Consumer Credit Protection Act 2009 (NCCP Act) regulates the provision of consumer credit and consumer leases in Australia, establishing a national licensing regime for credit activities administered by ASIC and prescribing responsible lending conduct obligations. Under Part 3-2, licensees must not enter into a credit contract with a consumer if the contract is unsuitable for the consumer. A credit contract is unsuitable if the consumer will be unable to comply with the financial obligations or could only comply with substantial hardship. Responsible lending obligations require licensees to make reasonable inquiries about a consumer's financial situation, requirements, and objectives, and to verify financial information. The National Credit Code (Schedule 1) prescribes the conduct of credit contracts, including disclosure requirements, interest rate caps, prohibition on unconscionable fees, and hardship provisions. ASIC holds extensive supervisory and enforcement powers including licence conditions, banning orders, and civil and criminal penalties for serious contraventions.
Pillar: Banking & Global Finance · Authority: Australian Securities and Investments Commission (ASIC) · Version: 1.0.1 · Last updated:
Primary source: https://www.legislation.gov.au/C2009A00134/latest/text
SHA-256 integrity: deba071849a6244cf40b4b343cdc5288cdfd454c39a48a03a5445f501b018116
Primary Citations — 7 traced to source
- National Consumer Credit Protection Act 2009 (Cth), Section 3 - Objects of the Act: consumer protection in relation to credit and consumer lease transactions
- National Consumer Credit Protection Act 2009 (Cth), Section 29 - Prohibition on engaging in credit activities without an Australian credit licence
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