This consultation process has now been completed.Date
The Financial Sector Reform Act 2022 contained a number of anti-avoidance measures to encourage compliance with the Credit Act. Those measures are designed to minimise financial and other harm to consumers and disincentivise businesses from undertaking avoidance practices.
As a supplement to the Financial Sector Reform Act 2022, the Bill introduces equivalent provisions regarding the prohibition to avoid relevant credit product intervention orders in the Corporations Act.
This legislation contributes to the government's response to the Review of Small Amount Credit Contract Laws.