On 6 June 2015, the Credit Contracts and Consumer Finance Amendment Act 2014 came into force to provide consumers with greater protection when borrowing money and to help ensure they can afford repayment.
Several changes designed to better govern lenders have been made to the reforms. These include complying with new responsible lender obligations, and making key fee and interest rate data publicly available. Repossession agents will need to be licensed and will be prohibited from repossessing essential household items such as beds and heaters. Tougher penalties will be imposed for non-compliance with the new rules.
For the full Credit Contracts and Consumer Finance Amendment Act 2014 click here.