Consultation period: 03/07/2020 5:00 pm to 31/07/2020 11:59 pm
What’s this about?
The NSW Government is seeking feedback on a proposed new regulation for Co-operative housing and Starr-Bowkett societies.
Co-operative housing and Starr-Bowkett societies are lending institutions that provide affordable home loans to low and middle income earners. The societies operate on a system based on providing interest-free or low-interest loans to members obtained from members’ pooled savings on a lottery basis.
As of 1 July 2019, no new co-operative housing society or Starr-Bowkett society may be formed. Existing societies may continue to operate, however, Starr-Bowkett Societies cannot admit any new members. There are currently less than 10 societies registered in New South Wales.
The proposed Regulation will make operations easier for the societies by:
- simplifying requirements for reporting and record-keeping
- removing administrative burden and red tape
- reducing the total number of fees payable.
Have your say on the proposed Regulation.
Read the Regulatory Impact Statement (RIS) and complete the online form below. The RIS outlines in more detail the proposed amendments and their impacts.
You can also refer to the Draft Regulation - Co-operative Housing and Starr-Bowkett Societies Regulation 2020.
All feedback will be carefully considered and assessed, and may be used to make further amendments to the Regulation.
- 3 July 2020 – Public consultation begins
- 31 July 2020 – Public consultation closes
- From 1 August - Fair Trading considers your feedback
- 1 September 2020 – Proposed start of the Co-operative Housing and Starr-Bowkett Societies Regulation 2020