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Second Reading Speeches

National Consumer Credit Protection Amendment (Small Amount Credit Contract and Consumer Lease Reforms) Bill 2019 (No. 2)

Type
Private
Sponsor(s)
GRIFF, Sen Stirling
MCALLISTER, Sen Jenny
Originating house
Senate
Status
Not Proceeding
Parliament no
46

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Summary

Amends the

National Consumer Credit Protection Act 2009
to: impose a cap on the total payments that can be made under a consumer lease (known as rent-to-buy schemes); require small amount credit contracts (SACCs) (known as payday loans) to have equal repayment and payment intervals; remove the ability for SACC providers to charge monthly fees in respect of the residual term of a loan where a consumer fully repays the loan early; prevent lessors and credit assistance providers from undertaking door-to-door selling of leases at residential homes; introduce anti-avoidance protections; and increase penalties.

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