From 1 July 2010 the Australian Securities and Investments Commission (ASIC) became the national regulator for consumer credit, with the exception of the NSW maximum annual percentage rate requirements. 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.
For more information about the new regulatory framework and requirements visit the ASIC website.
NSW will retain its maximum annual percentage rate requirements until 1 July 2011.