Vision Archives

National Consumer Credit Protection Package

(from the Australian Securities and Investment Commission website)

On Thursday, 25 June 2009, the Hon Chris Bowen MP, Minister for Financial Services, Superannuation and Corporate Law, introduced the National Consumer Credit Protection Bill into Parliament. This followed the release of an exposure draft of the Bill, which provided members of the public with an opportunity to make a submission on the draft Bill.

Minister Bowen announced a number of enhancements to the National Consumer Credit Protection legislation on 17 September 2009. The key change was the commencement of the Consumer Credit Reforms on 1 July 2010. This followed a recommendation by the Senate Economics Committee to give the credit industry more time to make the necessary changes to move to the new regime.

• Anyone who engages in certain credit activities will need to register with ASIC between 1 April and 30 June 2010 (inclusive).
• Registered credit participants will then have six months to apply for an Australian credit licence, between 1 July 2010 and 31 December 2010.
• New entrants to the credit market will have to apply for an ACL from 1 July 2010.

On Monday, 26 October 2009 the Senate passed the National Consumer Credit Protection Bill.

Further details, including a copy of the National Consumer Credit Protection Act, can be found on the Treasury website at www.treasury.gov.au/consumercredit.

Vision's position

Vision registered its intention to obtain a licence with ASIC.  Its registration number is 347824.  We will, therefore, apply for an Australian Credit Licence well before the deadline of 31 December 2010.