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New credit licensing laws receive royal assent

by Staff Reporter7 minute read
The Adviser

The National Consumer Credit Protection Act 2009 (Act) has been given the final go ahead, receiving royal assent in the government publication the Gazette.

While the Act was passed through parliament on 23 November 2009, assent, which allows the legislation to be officially actioned, was announced yesterday.

Phase one of the reform package to be implemented under the new Act includes a comprehensive licensing regime for all credit service providers, responsible lending obligations, improved sanctions and enhanced enforcement powers for the regulator, the Australian Securities and Investments Commission (ASIC) and expanded consumer protection.

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