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The National Consumer Credit Protection Act was finally passed through the senate yesterday following the six month reprieve won by banks and business groups earlier in the year to postpone its implementation.
The laws, which will cover mortgage brokers, margin loans and debentures, faced some staunch opposition with many industry members arguing they needed more time to prepare for the new regime.
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Financial services minister Chris Bowden said the laws had been a long time coming, but was pleased a national set of rules was finally being implemented.
“As the fallout from economic and financial market chaos has reverberated around the world, it is clearer now than ever that Australia needed to adopt a national approach to consumer regulation, a system where consumer and credit providers alike can look to the one, national set of rules,” Mr Bowden said in a statement.
The laws will take effect from 1 July 2010, with state credit and broker laws staying in place until then.
Brokers can register with Australian Securities and Investment Commission (ASIC) from 1 April 2010, with responsible lending obligations for authorised deposit taking institutions (ADI) commencing on 1 January 2011.
