The NCCP Act should not be amended to extend its operation to lending to small businesses. Government Response The Government agrees to this recommendation and the Commissioner’s findings that extending the responsible lending obligations in the NCCP Act would likely Read More …
Tag: lending
1.2 — Best interests duty
The law should be amended to provide that, when acting in connection with home lending, mortgage brokers must act in the best interests of the intending borrower. The obligation should be a civil penalty provision. Government Response The Government agrees Read More …
1.1 — The NCCP Act
The NCCP Act should not be amended to alter the obligation to assess unsuitability. Government Response The Government agrees to this recommendation and the Commissioner’s findings that ‘not unsuitable’ remains the appropriate standard for responsible lending obligations within the National Read More …
Lending to small and medium enterprises
Recommendation 1.9 – No extension of the NCCP Act The NCCP Act should not be amended to extend its operation to lending to small businesses. Recommendation 1.10 – Definition of ‘small business’ The ABA should amend the definition of ‘small Read More …
Consumer lending: Intermediated lending for vehicles and other consumer goods
Recommendation 1.7 – Removal of point–of–sale exemption The exemption of retail dealers from the operation of the NCCP Act should be abolished.
Consumer lending: Intermediated home lending
Recommendation 1.2 – Best interests duty The law should be amended to provide that, when acting in connection with home lending, mortgage brokers must act in the best interests of the intending borrower. The obligation should be a civil penalty Read More …
Consumer lending: Direct lending
Recommendation 1.1 – The NCCP Act The NCCP Act should not be amended to alter the obligation to assess unsuitability.
Consumer lending
Received from Date ASIC 03-Apr-2018 Aussie Home Loans – Part A 03-Apr-2018 Aussie Home Loans – Part B 03-Apr-2018 Australia and New Zealand Banking Group Limited Not dated Australian Prudential Regulation Authority (APRA) Not dated Choice 03-Apr-2018 Citi International 03-Apr-2018 Read More …
Consumer lending
Witness Exhibit no. Statement Oral evidence given Transcript reference 1. Karen Cox 1.2 Statement of Karen Cox – 10-Mar-2018 13-Mar-2018 P-49 2. Anthony Waldron 1.4 Statement of Anthony Waldron – 02-Mar-2018 13, 14-Mar-2018 P-63 1.18 Exhibits to the statement of Read More …
Overview
In addition to submissions received by the Commission, the Commission also consulted broadly with a number of industry participants, rural financial counsellors, legal aid commissions, regulators and affected consumers to inform its lines of inquiry. Based on this information, the Read More …