Review of consumer credit law

We are reviewing consumer credit law to ensure consumers are protected from irresponsible lending practices and debt-spirals. This section also includes information about previous reviews of consumer credit law.

In this section

Changes to consumer credit law 2020

The Government has made law changes to the Credit Contracts and Consumer Finance Act. This follows our 2018 review of the consumer credit law.

Review of consumer credit law 2009–2015

This page summarises the changes to the consumer credit laws that resulted from the review that took place between 2009 and 2015.

Review of Section 99(1A) of the Credit Contracts and Consumer Finance Act 2003

The Government has decided to amend section 99(1A) of the Credit Contracts and Consumer Finance Act (CCCFA).

Initial implementation review of the 2021 CCCFA changes

New affordability and suitability requirements for loans were introduced on 1 December 2021 under the Credit Contracts Legislation Amendment Act 2019. Following concerns related to the new requirements, the Government commissioned an investigation and has made changes to the Credit Contracts and Consumer Finance Regulations 2004 and the Responsible Lending Code. The first round of changes came into force on 7 July, and a further set of changes is being drafted to come into effect in early 2023.