On 30 April 2012 the Law Commission released its final report following its review of the Credit Repossession Act 1997. The Commission recommends the Act be repealed and that provisions covering the repossession and sale of goods be incorporated into the Government’s proposed amendments to the Credit Contracts and Consumer Finance Act 2003 that form part of the Consumer Law Reform Bill currently before the Commerce Committee.
The Commission also recommends changes that would:
- ensure that consumers entering credit contracts are explicitly told when repossession could occur and which goods could be repossessed; and
- prohibit the repossession of certain goods such as bedding, washing machines, portable heaters, passports and identity documents.
The full report can be found here.