Summary

Amends the

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 repayments 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.