Regulations to support provisions in the Consumer Credit Legislation Amendment (Enhancements) Bill 2012

This consultation process has now been completed. Submissions available
Consultation Type
Invitation to Comment

Key Documents

Note: the original closing date for submissions was Friday 31 August 2012. However, late submissions will be accepted until 11.59pm on Friday 7 September 2012.

The Government has released two sets of draft Regulations supporting the operation of the Consumer Credit Legislation Amendment (Enhancements) Bill 2012, including regulations in relation to small amount credit contracts, the proposed caps on costs and consumer leases.

In relation to small amount credit contracts and the proposed caps on costs the provisions include regulations specifying:

  • disclosure requirements for licensees’ premises and websites;
  • the circumstances in which credit providers can continue to seek payments through a direct debit request (where they have not received payment as a result of the request);
  • a proposed ‘Protected Income Amount’ where the borrower is Centrelink-dependent; and
  • requirements to address potential avoidance of the caps on costs.

With consumer leases, the proposed regulations support the Government’s aim to provide greater regulatory consistency between leases and other functionally similar forms of credit.  In particular, the regulations provide for:

  • a range of disclosure requirements relating to consumer leases for the hiring of goods including annual statements; and
  • a form to be signed where lessors seek the consent of a lessee to enter their residence to take possession of goods. 

The Consumer Credit Legislation Amendment (Enhancements) Bill 2012 has passed the House of Representatives and is scheduled to be debated in the Senate in the Spring 2012 sittings.

Treasury has also provided a brief commentary on the small amount lending regulations together with a series of specific questions for stakeholders.  However, stakeholders are not limited to responding to these questions in any submission. 


11 submissions were received for this consultation.