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Second Reading Speeches

Treasury Laws Amendment (Banking Measures No. 1) Bill 2017

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
45

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Summary

Amends the:

Banking Act 1959
to: enable the Australian Prudential Regulation Authority (APRA) to makes rules and directions relating to the provision of finance by non-authorised deposit-taking institution lenders which APRA has identified may materially contribute to risks of instability in the Australian financial system; remove restrictions on the use of the term ‘bank’; and insert an objects provision;
National Consumer Credit Protection Act 2009
to: require that the suitability of a credit card contract is assessed on the consumer’s ability to repay the credit limit within a certain period; prohibit providers from making unsolicited credit limit offers in relation to credit card contracts and from retrospectively charging interest on credit card balances; and enable consumers to reduce credit card limits and terminate credit card contracts, including by online means; and
Financial Sector (Collection of Data) Act 2001
,
Insurance Act 1973
,
Life Insurance Act 1995
and
National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009
to make consequential amendments.