Bill
Credit Repayment (Protecting Vulnerable Borrowers) Bill 2015
lapsed, as at 2016-04-15. (s) KATTER, Bob, Jnr, MP portfolio.
- Sponsor
- Bob Katter
- Portfolio
- (s) KATTER, Bob, Jnr, MP
Recorded stages
- introduced — 2015-11-23
- second reading — 2015-11-23
- other — 2016-04-15
Divisions
No divisions recorded. Most questions are decided on the voices; this does not establish that a bill was unopposed.
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2015-11-23.
The bill would protect borrowers from unfair practices by financial institutions when they default on credit agreements secured by Australian land.
It would ban fire sales of land and prevent confidentiality clauses in settlement agreements, and give borrowers two years to market their property before a sale can happen.
The bill applies to credit agreements secured by a primary production business property, a residential premises, or an owner-operator business premises.
- Prevents financial institutions from selling land provided as security within two years of a default notice, unless the borrower stops making interest payments.
- Stops financial institutions from imposing default or penalty interest rates or extra charges that were not in place before the default.
- Bans confidentiality clauses in settlement agreements for repaying credit.
vulnerable borrowers who are in default of credit agreements secured by Australian land used for primary production, residential purposes, or owner-operator businesses
Sources
em
billhome