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ISCOVER
Staff Reporter
The Commonwealth Treasury has postponed the start date for disclosure regulations under the NCCP Act.
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Previously, all credit licensees and credit representatives were expected to provide a credit guide, quote and credit proposal disclosure by 1 August, however, this date has since been extended to 1 October.
While disclosure for lenders is reasonably straightforward, Gadens Lawyers said disclosure by licensees and credit representatives who provide credit assistance is more complex requiring significant information to be set out.
The requirements specified in the NCCP Act itself needed some further explanation, which will be released at a later date.
Once they have been released, licensees and credit representatives, who provide credit assistance, will be able to commence drafting their three disclosure documents.
“An easy way to comply is to use the MFAA’s Finance Broking Contract which not only discloses the required information, but also provides other valuable information to help consumers and brokers alike,” a Gadens statement read.
