Submission: Response to draft regulations to support the Consumer Credit Enhancements Bill 2012

Consumer Action welcomes the opportunity to comment on Regulations to support provisions in the Consumer Credit Legislation Amendment (Enhancements) Bill 2012.

Briefly, we have serious concerns about three of the draft regulations

  • 28XXC (regarding authorisations to deduct repayments from the borrower’s wage);
  • 28S (regarding the operation of the Protected Income Amount); and
  • 79C (regarding defaults in direct debit repayments of small amount credit contracts).

These regulations will not operate as intended and will cause consumer detriment unless they are extensively redrafted.

We have significant, but less serious concerns with three more draft regulations:

  • 105C (regarding the information that must be provided on the end of lease statement);
  • 105L (regarding requests for consent to enter a lessee’s property to repossess leased goods); and
  • Form 20 (which provides information about lessee’s rights if they are in default).

We are broadly supportive of the other regulations and have recommended minor amendments to some.

To read our full submission, click here: Response to draft regulations to support the Consumer Credit Enhancements Bill 2012.

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