Exposure draft of updated Credit Contracts and Consumer Finance Regulations 2004 and Responsible Lending Code

Submissions closed: 20 April 2022, 5pm

We are seeking feedback on 2 exposure drafts, one on the Credit Contracts and Consumer Finance Amendment Regulations 2020 (the Regulations) and another on Chapter 5 of the Responsible Lending Code (the Code).

These exposure drafts give effect to initial decisions by Cabinet to make adjustments to the Regulations and the Code. These decisions seek to address some of the concerns that have been heard in the investigation into the initial implementation of the Credit Contracts Legislation Amendment Act 2019 and the Regulations.

We seek feedback on whether the drafting of the Regulations and the Code achieves the policy intent or could have unintended consequences.

For further information in relation to our review of consumer credit contracts law, please see:

Changes to consumer credit law 2020