Submission: Credit card reform exposure draft legislation
The Consumer Action Law Centre is pleased to comment on the exposure draft Treasury Laws Amendment (2017 Measures No. 8) Bill 2017: Credit card reforms (the Bill) and National Consumer Credit Protection Amendment (Credit Cards) Regulations 2017 (the Regulations).
We are supportive of the reforms outlined in the Bill and Regulations. We believe the proposed reforms, particularly the prohibition on unsolicited credit limit increase offers and tightening of responsible lending obligations, would significantly improve consumer outcomes in the credit card market. However, we have a suggested a number of technical amendments below that we believe would avoid credit card providers exploiting potential loopholes and circumventing the intent of the proposed reforms.170823 FINAL submission - Exposure Draft Bill