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Bills of the current Parliament

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National Consumer Credit Protection Amendment (Small Amount Credit Contract and Consumer Lease Reforms) Bill 2019 (No. 2)


Type
Private
Originating house
Senate
Status
Before Senate
Sponsor
GRIFF, Sen Stirling; MCALLISTER, Sen Jenny

Summary

Amends the National Consumer Credit Protection Act 2009 to: impose a cap on the total payments that can be made under a consumer lease (known as rent-to-buy schemes); require small amount credit contracts (SACCs) (known as payday loans) to have equal repayment and payment intervals; remove the ability for SACC providers to charge monthly fees in respect of the residual term of a loan where a consumer fully repays the loan early; prevent lessors and credit assistance providers from undertaking door-to-door selling of leases at residential homes; introduce anti-avoidance protections; and increase penalties.

Progress of bill

For committee reference information, please see the Notes section at the end of this page.

Senate
Introduced and read a first time 02/12/19  
Second reading moved 02/12/19  
Second reading debate 09/11/20  
Second reading debate 15/03/21  
     

Text of bill

  • First reading

MS-Word PDF HTML

Explanatory memoranda

  • Explanatory memorandum

MS-Word PDF HTML

Second reading speeches


Proposed amendments

No proposed amendments have been circulated.

Schedules of amendments

Bills Digest



Notes