The Credit Contracts and Consumer Finance Amendment Act 2014, which was discussed in the previous issue of Corporate Reporter here, received Royal assent in June. The Amendment Act introduces significant changes to the Credit Contracts and Consumer Finance Act 2003 (the CCCFA).
The commencement date for these amendments has not yet been announced but all provisions (as well as a new Responsible Lending Code) must come into force over the next 12 months. We will keep you updated as information on transitional periods is announced.
Click here for more information, including a summary of the key amendments and relevant issues for lenders.