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Second Reading Speeches

National Consumer Credit Protection Amendment (Home Loans and Credit Cards) Bill 2011

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
43

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Summary

Amends the:

National Consumer Credit Protection Act 2009
to: require licensed credit providers to provide a Key Facts Sheet for standard home loans to consumers; require credit providers to provide a Key Fact Sheet for credit card contracts; restrict when credit providers can make unsolicited invitations to borrowers to increase the credit limit on a credit card; restrict the approval of the use of credit cards to obtain amounts in excess of the credit limit; prohibit fees being charged when the credit limit is exceeded (unless agreed to by the card holder); and provide for an order of application of payments made under credit card contracts; and
National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009
to make consequential amendments.