Corporations Point-in-Time Service Updates

The Corporations Point-in-Time Service has been updated to include the National Consumer Credit Protection Amendment (Responsible Lending Obligations) Regulations 2020 (Cth).

National Consumer Credit Protection Amendment (Responsible Lending Obligations) Regulations 2020

This instrument amends the National Consumer Credit Protection Regulations 2010 to make a targeted adjustment to the regulatory settings pertaining to the responsible lending obligations contained in the National Consumer Credit Protection Act 2009.

The timely flow of credit to small businesses continues to be a priority in the response to the economic challenges posed by the coronavirus pandemic. Accordingly, the Regulations make a further targeted adjustment to the regulatory settings pertaining to the responsible lending obligations. As with the April 2020 Regulations, the Regulations are temporary and the exemption is available for 6 months only. The exemption applies:

• in relation to new credit, credit limit increases, variations and restructures, suggestions to remain in credit contracts, and the lease of consumer goods;
• where the consumer is a person who, alone or with others, operates a small business; and
• for credit or leased goods which are in part used for business purposes.

These amendments have been updated in the Point-in-Time Corporations Service current to 13 October 2020. (NB: subscription required).

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