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The FBAA has revealed it has been meeting with federal officials to lobby for new credit rules.
Chief executive Peter White said he had held several meetings with Senator Arthur Sinodinos before the former assistant treasurer stood aside from his position last month.
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The FBAA is continuing to meet with Treasury officials to “keep the momentum going” on finalising reforms to the National Consumer Credit Protection Act, Mr White said.
While commercial lending is not part of the NCCP, some aspects of commercial lending should possibly be covered by the act, he said.
Mr White also called for the government to clarify the guidelines around motor vehicle lending now so that ASIC was not left with a mess to clean up later.
“It is important for the industry and the public at large that the exemptions that currently exist to the NCCP be clarified and brought to a conclusion,” he said.
“At the moment, some motor dealers think they don’t have to provide a credit guide, disclose commission or adhere to responsible lending conduct obligations.
“The exemptions for motor dealers only apply when the dealer is acting as a linked credit provider under their floor plan agreements, yet many are not complying with the act in other situations,” Mr White said.
