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The new minister for financial services, superannuation and corporate law Chris Bowen yesterday introduced the new consumer credit laws into Parliament in what was a significant milestone for the mortgage industry.
The new regime, five years in the making, marks a new phase for the industry, with brokers to be regulated by a streamlined national licensing system.
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“There are substantial benefits to be realised from the credit reform package,” Mr Bowen said yesterday.
“The package of reforms will see consumers and industry benefit through robust licensing regime – that will exclude the unscrupulous and incompetent from the industry.”
The MFAA praised the new laws.
“The MFAA welcomes these laws – laws we helped to shape – particularly the provision that allows flexibility in the way obligations are applied to licence holders according to the nature, scale and complexity of their operations,” Phil Naylor, MFAA CEO said.
Mr Naylor did however express some disappointment that responsible lending requirements would be delayed by 12 months, “as MFAA members are already complying with these provisions”.
