On 1 July 2010 the Australian Securities and Investments Commission (ASIC) became the national regulator for consumer credit. This means that home loans, personal loans, credit cards, consumer leases, overdrafts and line of credit accounts, among other products and services, are regulated under Commonwealth legislation and administered by ASIC.
Credit providers and finance brokers must be licensed under the new Commonwealth laws.
On 1 July 2013 NSW repealed its maximum percentage rate law.
This means that from 1 July 2013, the maximum cost rate for consumer credit contracts across Australia – including NSW – is set under the National Credit Code. For more information about the new regulatory framework and the maximum cost rates please visit the ASIC website.
For more information about the new regulatory framework and requirements visit the ASIC website.