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Government releases draft National Consumer Credit Reform Package - 28 April 2009

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The Australian Commonwealth government has released a package of draft legislation for National Consumer Credit Reform, aimed at strengthening and consolidating Australia’s consumer credit laws.

Specific reforms include:

  • Registration and licensing of credit organisations (including the introduction of an Australian Credit License);
  • Responsible lending practices;
  • Sanctions and remedies (to be administered by the Australian Securities and Investments Commission); and
  • Reforms of dispute resolution and court mechanisms.

Galexia has worked closely with both industry and consumer groups on credit and consumer issues:

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