When consumer credit law applies to your business

If you provide credit, consumer leases, or operate buy-back schemes, consumer credit law applies to your business.

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The lender responsibility principles

When providing credit, you must ensure you comply with the lender responsibility principles. The lender responsibility principles impose obligations on lenders when advertising, before entering into a loan, and during all subsequent dealings with borrowers and guarantors.

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Consumer credit contracts

A consumer credit contract is a contract between a consumer and a lender. If you provide a mortgage, credit card, arranged overdraft or personal or cash loan – you have probably entered a consumer credit contract.

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Publication of standard form contract terms and cost of borrowing

If you lend to consumers or take security over consumer goods you must make your standard form contract terms and costs of borrowing for certain loans available publically.

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Your disclosure obligations

You must provide key information to borrowers before a loan is entered into, and at certain times during its life.

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Consumer credit fees

When you lend money, the CCCF Act has rules you must follow when setting your fees.

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Charging interest

There are rules about how you can calculate and charge a borrower interest or default interest.

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Lending online

It does not matter how a loan is made – whether it is online, in person, on the phone or by text or email, the lender responsibility principles apply.

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Making variations to consumer credit contracts

When you make changes to a consumer credit contract, there are rules around what information you must give to the borrower, and when and how you must provide it.

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Repossession rules

There are rules lenders or repossession agents must follow when repossessing goods.

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Hardship applications

If a borrower makes a hardship application, you are required to consider it and follow a specific process.

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Consumer leases

If you are in the business of leasing goods to consumers for their personal or household use, you may have to comply with credit laws.

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Buy-back transactions

A buy-back transaction is where a homeowner transfers their home (or an interest in their home) to a transferee, who typically pays their debts or gives them money. The former homeowner has the right to continue living in the home and to buy it back at some time in the future.

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