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Phase 2 credit reforms and other changes

Treasury released consultation drafts of the Phase 2 credit reform proposals on 20 December 2012.  Submissions close on 15 February 2013.  The following is an incomplete summary.  The law may change before coming into force, and may not be passed at all.  A start date has not yet been set.

Key initiatives

1.  Registration (called a permit) will be required for brokers, lenders, or lessors
to provide services to small businesses.  Very limited rules will apply to this
type of lending.  Although the permit regime will form part of the NCCP Act,
the loans and leases will not be regulated by the National Credit Code
(NCC).  At present current ACL holders will not automatically be accredited.  More…