Credit Reform Back |
 Following on from the Green Paper consultation earlier in 2008, the Government has announced its plans for National Consumer Credit.
Phase One (expected mid-2009) will see:
o Margin Lending regulated as a financial product under the Corporations Act
o States giving up all credit regulation to the Commonwealth (UCC)
o Licensing for mortgage and credit brokers, including compulsory external complaints resolution.
Phase Two (expected mid-2010) will see:
o Further credit reform for small business
o Further regulation of investment loans, other than for residential property
o Further regulation of reverse mortgages.
For many years, SDIA has called for the regulation of investment loans for residential property. It is disappointing that it appears to have been put off (again).
Consultation will commence shortly.
|
|
|