Summary
Part of a package of three bills to implement a national consumer credit regime, the bill: provides for matters resulting from the transition to the new regime including the treatment of credit contracts, mortgages, guarantees, consumer leases, court proceedings and orders, and the Australian Securities and Investments Commission’s (ASIC) role to bring or continue appeal, review or enforcement proceedings; and requires persons currently engaged in credit activities to register with ASIC prior to applying for an Australian Credit Licence. Also makes consequential amendments to the Australian Securities and Investments Commission Act 2001 and Corporations Act 2001.