Originally, the requirement to provide a:
i. credit guide;
ii. quote for providing credit assistance (credit assistance providers only);
iii. credit contract (or lease) disclosure document (credit assistance providers only); and
iv. unsuitability assessment,
was to commence on 1 July 2011. However, the commencement date has since been postponed twice. The requirement to provide credit disclosure documents to consumers will now commence on 1 August 2011, provided certain conditions are met. The primary condition is that the credit licensee must provide the consumer with the contact details of its EDR scheme membership in writing.See ASIC’s Class Orders CO 10/1230 and CO 10/1269 for more information, or call us for assistance.
The Government have yet again extended the deadline of credit disclosure obligations, this time from 1 August to 1 October 2011. The National Consumer Credit Protection Amendment Regulations 2011 (No. 4) included the extension, in addition to a number of other updates such as new definitions, clarifications, exemptions and disclosure requirements. It is not particularly groundbreaking but worth getting your head around before it comes into play on October 1.
We’ve written about it in more detail in our tailored regulatory update newsletter, T-REX. For more info click here.