ASIC today released the details of its upcoming national roadshow, which will help credit providers and businesses involved in assisting consumers obtain credit comply with the new National Consumer Credit Regime, which takes effect in July 2010.
The roadshow will visit every state and territory capital and 24 regional centres from 15 February through to the beginning of April 2010, and is designed to help industry understand their obligations under the new National Consumer Credit Protection Act.
ASIC will become the national regulator for consumer credit, which was previously regulated by the states and territories. The roadshow will provide a face-to-face opportunity for industry to hear how the legal requirements have changed and how people can best prepare. The roadshow will explain the necessary steps that need to be taken to register for an Australian Credit Licence, between 1 April and 30 June 2010, prior to the commencement of the new National Consumer Credit Regime in July 2010.
Registered credit participants will have six months to apply for an Australian Credit Licence, between 1 July and 31 December 2010.
Common questions such as who needs to be licensed and what credit activities the new regime will encompass will be addressed together with other important information about ASIC's regulatory guidance for the reforms.
Information packs will be available for those in attendance, with any specific questions to be answered at the conclusion of each session.
In 2008, the Council of Australian Governments agreed that the Commonwealth Government should take over responsibility for the regulation of consumer credit. ASIC will become the national regulator for consumer credit.
This means that home loans, personal loans, credit cards, consumer leases, overdrafts and mortgage and finance broking, among other products and services, will be regulated under Commonwealth legislation administered by ASIC. More information is available at www.asic.gov.au/credit