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Last Friday Mortgage Business reported on a story featured in The Australian that stated that National Credit Code legislation had been delayed until 2011.
However, a media spokesperson for the Minister for Human Services, Financial Services, Superannuation and Corporate Law, Chris Bowen, has today confirmed with Mortgage Business that the credit code has not been delayed and will come into effect on 1 January 2010 as planned.
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“The code’s responsible lending obligations have been delayed until 1 November 2010, however, this delay was outlined on 1 June this year,” the spokesperson said.
According to the spokesperson, the legislation is currently under review.
Lenders and credit service providers (such as brokers) can register with ASIC from 1 November 2009 until 31 December 2009.
In order to continue their engagement in credit activities, lenders and credit service providers will have to obtain a license by 30 June 2010.
