Bill
National Consumer Credit Protection Amendment (Small Amount Credit Contract and Consumer Lease Reforms) Bill 2018
lapsed, as at 2018-10-16. (s) HAMMOND, Tim, MP portfolio.
- Sponsor
- Tim Hammond
- Portfolio
- (s) HAMMOND, Tim, MP
Recorded stages
- introduced — 2018-02-26
- second reading — 2018-02-26
- other — 2018-02-28
- second reading — 2018-03-26
- other — 2018-10-16
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 2018-02-26.
This bill is part of a package that would tighten rules on payday loans and rent-to-buy schemes.
The bill would cap total payments on consumer leases, require equal repayments on small loans, and ban door-to-door selling of leases at homes.
It would also let regulations reduce the protected earnings limit for Centrelink recipients from 20 per cent of gross income to 10 per cent of net income.
- Caps total payments under a consumer lease.
- Forces small amount credit contracts to have equal repayments and equal payment intervals.
- Stops SACC providers from charging monthly fees on the remaining loan term when a customer repays early.
- Bans lessors and credit assistance providers from selling leases door-to-door at homes.
- Adds broad anti-avoidance protections for SACC and consumer lease providers.
- Raises penalties to encourage compliance by SACC providers and lessors.
Borrowers using small amount credit contracts and consumer leases, and the providers of those products.
Sources
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