Credit Cards And Financing Contract Law

Size: px
Start display at page:

Download "Credit Cards And Financing Contract Law"

Transcription

1 Min-it Software Joint Submission National Consumer Credit Protection Amendment (Credit Card and Home Loans) Bill 8 March 2011 Contact: Haydn Cooper Director Min it Software PO Box 1367 Sunnybank Hills QLD 4109 Telephone : Fax: Mobile: e mail: haydn@min it.net Min it Software / FAA Joint Submission Page 1 of 7

2 TABLE OF CONTENTS Background Information 3 Foreword 4 Credit Card issues 4 Key Facts Sheet requirements for Credit Cards 6 Home Loans 6 Min it Software / FAA Joint Submission Page 2 of 7

3 Background Information This submission is made on behalf of the Financiers Association of Australia ( FAA ) and Min it Software clients. We welcome this additional opportunity to contribute to Treasury s consultation on an amending regulation pursuant to the National Consumer Credit Protection Act Aside from the software produced in house, specifically by or for franchised organisations, Min it Software is the industry leader in the Australian market. It has current clients in Queensland, New South Wales, Victoria, South Australia, Western Australia and will shortly have its first Northern territory client. Min it Software promotes compliance with the Uniform Consumer Credit Code and other legislation. In order to do this, we have held industry wide Conferences for microlenders in 2005 and 2007 plus one exclusively for our own clients in We were a finalist in the Queensland Consumer Protection Awards 2005 and received a Highly Commended award in Neither the author nor his business partner has any financial interest in any lender. The Financiers Association of Australia is recognised as one of the industry's specialists on all matters relating to finance and credit management. The Association, having been established since the 1930 s, is an organisation for individuals and companies involved in the fields of finance and credit provision. By promoting professional unity amongst its members, the Association is able to represent the industry with the objective of educating, training and informing its members with a view to expanding the proficiency of the Association. Min it s clients (nearly all of whom are not FAA members) are both payday and micro lenders, with others operating in the business loan and invoice discounting arenas whilst the FAA s members are non ADI microlenders, many providing loans up to $5,000 over terms of up to 2 years. Min it Software / FAA Joint Submission Page 3 of 7

4 Foreword As we have noted previously, short periods of consultation are becoming increasingly repetitive but we must vigorously protest at the ultra short period of consultation of just 3 business days, including the day it was issued, allowed for this one. It is utterly contemptible and smacks of a sham. It is does not make for good government and inevitably leads to unintended consequences. As the vast majority of our clients do not supply or use credit cards, this submission will concentrate on aspects of the legislation that may affect those that do. There are other entities far more qualified than we are that can comment on the other provisions of this legislation. Credit Card issues Under s.133aa (2) and (3) of the draft bill 1, it states: Meaning of credit card (2) A credit card is an article that is one or more of the following: (a) an article of a kind commonly known as a credit card; (b) a similar article intended for use in obtaining cash, goods or services on credit; (c) an article of a kind that persons carrying on business commonly issue to their customers, or prospective customers, for use in obtaining goods or services from those persons on credit; (d) an article that may be used as an article referred to in paragraph (a), (b) or (c). Meaning of linked to a credit card contract (3) A credit card is linked to a credit card contract if: (a) the credit card is issued under or in relation to the contract; (b) the credit card can be used to obtain credit under the contract as referred to in subsection (1). This definition is not identical to credit card as defined under s.12dl (5) of the ASIC Act 2001(Cth). 2 This inconsistency as to definition makes it difficult for industry to comply with legislation, particularly 1 Treasury, National Consumer Credit Protection Amendment (Credit Cards and Home Loans) Bill Available online viewed 07/03/2011 Min it Software / FAA Joint Submission Page 4 of 7

5 with severe civil and criminal penalties applying and the same regulator, and we believe is another reason why consultations such as these should not be rushed by Government. In our opinion, the definition under s133aa means that a debit card supplied to a borrower by a lender under a continuing credit contract purely as a means of funding the loan quickly rather than a method of enabling goods and services to be purchased on further credit will also be caught as a credit card. We know of a small number of lenders, including some of our clients, which fund their loans this way. They do so for speed of funding rather than anything else as it often takes one business day to transfer funds via the banking system. With clients wanting immediate access to funds, this is an unacceptable delay to many and we are uncertain if it is the intention that such transactions are caught by this amendment. Section 133AA (5) (b), we believe, does not provide sufficient clarity as to clearly define whether or not these provisions apply. If it is not intended such transactions are caught, then we suggest, notwithstanding the differences in definition under the ASIC Act, that the definition of a credit card under s.133aa (2) (b) and (c) needs modification. Given the short time allocated for this consultation, however, we are unable to provide any satisfactory suggestion as to how this could be achieved by rewording the subclause. The problem some lenders, other than credit card issuers, will face with this legislation is that this has become their only method of funding. Consequently, they will face difficulty overcoming the definition of a credit card contract due to the fact that the credit they supply is ordinarily obtained only by the use of a credit card. 3 Unfortunately, whilst we understand the intent, it becomes a vicious circle with unintended consequences for some. At this stage, we believe this needs further consideration and a clearly defined exemption in order to avoid this occurring if this is the intention. 2 S.12DL(5) of the Australian Securities and Investment Act 2001 defines a credit card as an article that: (a) is of a kind described in one or more of the following subparagraphs: (i) an article of a kind commonly known as a credit card; (ii) a similar article intended for use in obtaining cash, goods or services on credit; (iii) an article of a kind that persons carrying on business commonly issue to their customers or prospective customers for use in obtaining goods or services from those persons on credit; and (b) is part of, or provides access to, a credit facility that is a financial product; or an article that may be used as an article referred to in paragraphs (a) and (b). Available online viewed 08/03/ Ibid 1, s.133aa(1) Min it Software / FAA Joint Submission Page 5 of 7

6 On the other hand, if it is intended these provisions are to apply to such funding arrangements, then we believe the small amount, short term lenders that use this method will find it impossible to comply with the provision of providing a default buffer in terms of s133ai when the loan itself has been fixed, the financial table will show the amount of credit to be supplied under the loan and the card will not permit any further funds to be drawn down by the borrower by virtue of it being a debit card. In any case, we believe providing a statutory buffer limit where the borrower can exceed their credit limit makes a mockery of the lender making an assessment of a borrower s credit limit in the first instance. Why otherwise would one set a credit limit? We view this as irresponsible. The buffer limit promotes the borrower indiscriminately exceeding the credit limit and for some borrowers at least, may impact on their ability to repay. For those that do have to comply with this, many will see their credit limits reduced. For your information, we are aware of one lender (and we don t believe they are the only lender that does this) who use principal and interest rather than continuing credit contracts and who fund the loan via a debit card. The cards essentially have a one time use, though the borrower is not restricted to draw down all the funds at once and should the borrower want further credit, a new loan and card are created. On the basis of s.133aa (1), the card supplied would not be regarded as a credit card due to the contract not being a continuing credit contract. Key Facts Sheet requirements for Credit Cards We will merely point out that s.133ad (1) (c) has a rogue letter w at the end of the subclause and should be removed. Home Loans There are both FAA members and Min it Software clients that provide a limited number of home loans. By and large, these are second or third mortgages but Min it Software also has a small number of clients that will provide first mortgage home loans. As the Key Fact Sheet Regulations have not been released, it is difficult to assess how much will be involved in producing the additional information required. The Min it Software / FAA Joint Submission Page 6 of 7

7 industry is already reeling under the mass of regulatory changes that have been brought to bear on it and we would point out that some in the industry may not be able to comply, particularly if the date of introduction allows insufficient time to comply. One point that will raise concern for those that are brokers, aggregators, mortgage managers or who use mortgage referrer sites is that s.133bc requires it is only the credit provider s website that must provide the Key Facts Sheet(s). This may drive borrowers to deal with the credit provider directly after obtaining initial information from a credit assistance provider. We suggest this may devalue the credit assistance provider s services and ultimately, likely to lead many direct to the lender. If this assists the larger lenders such as the banks, this may lessen competition. Whilst we are not suggesting that all credit licencees (such as those licensed to provide credit assistance) must provide Key Facts Sheet(s) to consumers, it appears to be an anomaly. In any case, the logistics of how websites, other than that of the credit provider, could be kept up to date is not inconsequential and would require proper industry consultation. We question, though, whether further disclosure such as a Key Fact Sheet will provide any real consumer benefit; the industry is already weighed down from the voluminous quantity of documentation it must provide borrowers and prospective borrowers. We suggest new entrants to the industry and some existing participants will be closely examining the provisions of s.133be (3) and (4) which provides it is an offence not to provide a Key Fact Sheet and although it is a defence if the consumer has not provided the information, the lender will, as defendant, bears all evidential burden in relation to proof. We believe this may be difficult to comply with, particularly if the access is via a website, and may require huge long term data storage for little benefit. Ultimately, these costs will have to be passed onto consumers. Far from providing better deals, it will have the opposite effect. We are of the opinion that until there is responsibility placed on the borrower to provide the information requested, the burden of proof should not be on the licencee. We are rapidly moving from the concept of innocent until proven guilty. Min it Software / FAA Joint Submission Page 7 of 7

Credit licensing: Competence and training

Credit licensing: Competence and training REGULATORY GUIDE 206 Credit licensing: Competence and training December 2009 About this guide This guide is for credit licensees and licence applicants. It provides guidance on how credit licensees can

More information

Legislative Review and Mutual Evaluation Criminal Law and Law Enforcement Branch Attorney-General's Department 4 National Circuit BARTON ACT 2600

Legislative Review and Mutual Evaluation Criminal Law and Law Enforcement Branch Attorney-General's Department 4 National Circuit BARTON ACT 2600 Submission to Legislative Review and Mutual Evaluation Criminal Law and Law Enforcement Branch Attorney-General's Department 4 National Circuit BARTON ACT 2600 Re: Issues Paper AML/CTF Act Review Submitted

More information

Law Society of England and Wales - Chapter 3 - Money Laundering Regulations 2003

Law Society of England and Wales - Chapter 3 - Money Laundering Regulations 2003 Law Society of England and Wales - Chapter 3 - Money Laundering Regulations 2003 Cut down version copied (on 5 November 2006) from: http://www.lawsociety.org.uk/professional/conduct/guideonline/view=page.law?policyid=225045

More information

Mortgage Brokerages, Lenders and Administrators Act, 2006. Additional Draft Regulations for Consultation

Mortgage Brokerages, Lenders and Administrators Act, 2006. Additional Draft Regulations for Consultation Mortgage Brokerages, Lenders and Administrators Act, 2006 Additional Draft Regulations for Consultation Proposed by the Ministry of Finance January, 2008 Mortgage Brokerages, Lenders and Administrators

More information

2015 No. 0000 FINANCIAL SERVICES AND MARKETS. The Small and Medium Sized Business (Finance Platforms) Regulations 2015

2015 No. 0000 FINANCIAL SERVICES AND MARKETS. The Small and Medium Sized Business (Finance Platforms) Regulations 2015 Draft Regulations to illustrate the Treasury s current intention as to the exercise of powers under clause 5 of the Small Business, Enterprise and Employment Bill. D R A F T S T A T U T O R Y I N S T R

More information

2015 No. 0000 FINANCIAL SERVICES AND MARKETS. The Small and Medium Sized Businesses (Credit Information) Regulations 2015

2015 No. 0000 FINANCIAL SERVICES AND MARKETS. The Small and Medium Sized Businesses (Credit Information) Regulations 2015 Draft Regulations to illustrate the Treasury s current intention as to the exercise of powers under clause 4 of the the Small Business, Enterprise and Employment Bill. D R A F T S T A T U T O R Y I N S

More information

SENATE LEGAL AND CONSTITUTIONAL AFFAIRS COMMITTEE QUESTIONS ON NOTICE TO ATTORNEY-GENERAL S DEPARTMENT

SENATE LEGAL AND CONSTITUTIONAL AFFAIRS COMMITTEE QUESTIONS ON NOTICE TO ATTORNEY-GENERAL S DEPARTMENT SENATE LEGAL AND CONSTITUTIONAL AFFAIRS COMMITTEE QUESTIONS ON NOTICE TO ATTORNEY-GENERAL S DEPARTMENT RESPONSE TO QUESTIONS ON NOTICE BY SENATOR LUDWIG [Second set of Questions for 22 November 2005] Senator

More information

Supplementary Information Disability Discrimination and Other Human Rights Legislation Amendment Bill

Supplementary Information Disability Discrimination and Other Human Rights Legislation Amendment Bill Supplementary Information Disability Discrimination and Other Human Rights Legislation Amendment Bill Senate Legal and Constitutional Affairs Committee 9 February 2009 GPO Box 1989, Canberra ACT 2601,

More information

National Consumer Credit Protection Amendment (Credit Reform Phase 2) Bill 2012

National Consumer Credit Protection Amendment (Credit Reform Phase 2) Bill 2012 Mr Christian Mikula Manager, Disclosure and International Unit Retail Investor Division The Treasury Langton Crescent PARKES ACT 2600 By email: creditphase2bill@treasury.gov.au 1 March 2013 National Consumer

More information

Submission to the Energy Market Reform Working Group Consultation on regulatory implications of New Products and Services in the Electricity Market

Submission to the Energy Market Reform Working Group Consultation on regulatory implications of New Products and Services in the Electricity Market Executive Summary Submission to the Energy Market Reform Working Group Consultation on regulatory implications of New Products and Services in the Electricity Market Clean Energy Council (CEC) welcomes

More information

Accounting and Controls in law practices

Accounting and Controls in law practices Accounting and Controls in law practices TRUST MONEY & TRUST RECORDS Accounting and Support Staff Trust Accounts Department Law Society of New South Wales 170 Phillip Street, Sydney NSW 2000 1 July 2015

More information

Senate Economics Committee Inquiry Consumer Credit and Corporations Legislation Amendment (Enhancements) Bill 2011

Senate Economics Committee Inquiry Consumer Credit and Corporations Legislation Amendment (Enhancements) Bill 2011 Dr Richard Grant Acting Secretary Senate Standing Committees on Economics PO Box 6100 Parliament House CANBERRA ACT 2600 By email: economics.sen@aph.gov.au 18 October 2011 Senate Economics Committee Inquiry

More information

I loved reading the terms & conditions! said no one, ever. term deposit terms + conditions

I loved reading the terms & conditions! said no one, ever. term deposit terms + conditions I loved reading the terms & conditions! said no one, ever term deposit terms + conditions index. Part a - general terms and conditions. 2 1 Purpose of this booklet. 2 2 Meaning of words used. 2 3 Opening

More information

Fast Finance Made Easy

Fast Finance Made Easy Fast Finance Made Easy The largest specialist short-term lender in Australia with the capacity and stability to provide consistent and reliable loan solutions to the commercial arena From application to

More information

2004 No. 2095 FINANCIAL SERVICES AND MARKETS. The Financial Services (Distance Marketing) Regulations 2004

2004 No. 2095 FINANCIAL SERVICES AND MARKETS. The Financial Services (Distance Marketing) Regulations 2004 STATUTORY INSTRUMENTS 2004 No. 2095 FINANCIAL SERVICES AND MARKETS The Financial Services (Distance Marketing) Regulations 2004 Made - - - - 4th August 2004 Laid before Parliament 5th August 2004 Coming

More information

HOME LOAN ADVICE CENTRE e-course (PART 1)

HOME LOAN ADVICE CENTRE e-course (PART 1) HOME LOAN ADVICE CENTRE e-course (PART 1) Welcome to the Home Loan Advice Centre e-course. The information contained within this e-course is Home Loan Advice Centre s compilation of information, tips,

More information

Exposure Draft National Consumer Credit Protection Amendment (Enhancements) Bill 2011. Commentary on amendments: Reverse mortgages

Exposure Draft National Consumer Credit Protection Amendment (Enhancements) Bill 2011. Commentary on amendments: Reverse mortgages Exposure Draft National Consumer Credit Protection Amendment (Enhancements) Bill 2011 Table A: Main amendments Commentary on amendments: Reverse mortgages Topic Provision Commentary Definition of reverse

More information

Corporate and Financial Services Regulation Review. Draft Corporations Amendment Regulations and Commentary

Corporate and Financial Services Regulation Review. Draft Corporations Amendment Regulations and Commentary Corporate and Financial Services Regulation Review Draft Corporations Amendment Regulations and Commentary March 2007 2 COMMENTARY DRAFT CORPORATIONS AMENDMENT REGULATIONS 2007 (No. ) MARCH 2007 TABLE

More information

CP 10 IFSRA CONSUMER PROTECTION CODE. SUBMISSION of FREE LEGAL ADVICE CENTRES LTD MAY 2005. 1. Introduction

CP 10 IFSRA CONSUMER PROTECTION CODE. SUBMISSION of FREE LEGAL ADVICE CENTRES LTD MAY 2005. 1. Introduction CP 10 IFSRA CONSUMER PROTECTION CODE SUBMISSION of FREE LEGAL ADVICE CENTRES LTD MAY 2005 1. Introduction One of the core priorities of FLAC s current strategic plan is to strengthen consumer protection

More information

Residential Tenancies and Rooming Accommodation Amendment Bill 2011

Residential Tenancies and Rooming Accommodation Amendment Bill 2011 Residential Tenancies and Rooming Accommodation Amendment Bill 2011 Explanatory Notes Title of the Bill Residential Tenancies and Rooming Accommodation Amendment Bill 2011 (the Bill) Objectives of the

More information

Vocational Education and Training (Commonwealth Powers) Bill 2012

Vocational Education and Training (Commonwealth Powers) Bill 2012 Vocational Education and Training (Commonwealth Powers) Bill 2012 Explanatory Notes Short title The Short title of the Bill is the Vocational Education and Training (Commonwealth Powers) Bill 2012. Policy

More information

Explanatory Paper TPB(EP) 03/2010

Explanatory Paper TPB(EP) 03/2010 Explanatory Paper TPB(EP) 03/2010 Professional Indemnity Insurance This TPB explanatory paper (TPB(EP)) is intended as information only. It provides a detailed explanation of the Board s professional indemnity

More information

Smarter, easier systems mean bookkeeping workload and complexity have diminished allowing firms in some cases to move to part-time bookkeepers.

Smarter, easier systems mean bookkeeping workload and complexity have diminished allowing firms in some cases to move to part-time bookkeepers. Changing to LEAP Office has helped many law firms to restructure successfully. Fee earners are now able to do more of their own work. Productivity of paralegals is greatly enhanced reducing production

More information

Response to Insurance Contracts Amendment Bill 2013. December 2012. Submission on behalf of Legal Aid NSW. Consumer Action Law Centre,

Response to Insurance Contracts Amendment Bill 2013. December 2012. Submission on behalf of Legal Aid NSW. Consumer Action Law Centre, Response to Insurance Contracts Amendment Bill 2013 December 2012 Submission on behalf of Legal Aid NSW Consumer Action Law Centre, Insurance Law Service & Consumer Representatives to Treasury Introduction

More information

Education Services for Overseas Students Act 2000

Education Services for Overseas Students Act 2000 Education Services for Overseas Students Act 2000 Act No. 164 of 2000 as amended This compilation was prepared on 17 December 2008 taking into account amendments up to Act No. 144 of 2008 The text of any

More information

ALL NATION FINANCE PTY LTD ATF THE ALL NATION UNIT TRUST TRADING AS ALL NATION FINANCE

ALL NATION FINANCE PTY LTD ATF THE ALL NATION UNIT TRUST TRADING AS ALL NATION FINANCE CREDIT GUIDE & QUOTE ALL NATION FINANCE PTY LTD ATF THE ALL NATION UNIT TRUST TRADING AS ALL NATION FINANCE ABN: 68 686 536 129 Address: 10 Lancaster Road, Wangara WA 6065 Australian Credit Licence No:

More information

A VENDOR FINANCIER S GUIDE TO THE NEW NATIONAL CREDIT ACT

A VENDOR FINANCIER S GUIDE TO THE NEW NATIONAL CREDIT ACT A VENDOR FINANCIER S GUIDE TO THE NEW NATIONAL CREDIT ACT Anthony J Cordato* Overview The new National Credit Act - officially, the National Consumer Credit Protection Act - will commence on I July 2010

More information

VISA CONSUMER CREDIT CARD AGREEMENT

VISA CONSUMER CREDIT CARD AGREEMENT VISA CONSUMER CREDIT CARD AGREEMENT In this Agreement, Agreement means this Consumer Credit Card Agreement. Disclosure means the Credit Card Account Opening Disclosure. The Account Opening Disclosure is

More information

Lombard Visa Card Account Conditions of Use

Lombard Visa Card Account Conditions of Use Lombard Finance Pty Limited Phone: 1300 132 302 PO Box 6227, Baulkham Hills NSW 2153 ABN 31 099 651 877 Australian Credit Licence 247 415 V0312 Lombard Visa Card Account Conditions of Use Your contract

More information

GOVERNMENT GAZETTE REPUBLIC OF NAMIBIA

GOVERNMENT GAZETTE REPUBLIC OF NAMIBIA GOVERNMENT GAZETTE OF THE REPUBLIC OF NAMIBIA N$2.00 WINDHOEK - 25 August 2004 No.3266 CONTENTS Page GOVERNMENT NOTICE No. 189 Notice in terms of Section 15A of the Usury Act, 1968 (Act No. 73 of 1968)...

More information

Professional Indemnity Insurance (PII) Guidance notes for members of the CIOT and ATT

Professional Indemnity Insurance (PII) Guidance notes for members of the CIOT and ATT Professional Indemnity Insurance (PII) Guidance notes for members of the CIOT and ATT Effective from 31 January 2013 1. How much PII should I have? The minimum levels of cover are set out in paragraph

More information

Telecommunications (Interception and Access) Amendment (Data Retention) Bill 2014

Telecommunications (Interception and Access) Amendment (Data Retention) Bill 2014 Telecommunications (Interception and Access) Amendment (Data Retention) Bill 2014 AIIA response to Bill and Explanatory Memorandum January 2015 T 61 2 6281 9400 E W info@aiia.com.au www.aiia.comau About

More information

Business and Agri Loan Terms and Conditions

Business and Agri Loan Terms and Conditions October 2012 Thank you for choosing an ANZ loan. When you take out a loan, various terms and conditions apply to it. These are covered in this Terms and Conditions document and in your loan agreement.

More information

Approved Products List

Approved Products List Financial Services Guide (FSG) of Liddell & Ko Pty Ltd atf StirlingTrust and Highgate Trust (Authorised Representative No: 343754 Version March 2014 1.8 (Issued 12 March 2014) This document must be accompanied

More information

Position Statement Issue 5

Position Statement Issue 5 Position Statement Issue 5 5 December 2011 Responsible Lending This Position Statement is intended to provide guidance as to how we will deal with a complaint that a consumer was provided with an unsuitable

More information

Architects Accreditation Council of Australia. Regulation of the Architect Profession within Australia An Overview

Architects Accreditation Council of Australia. Regulation of the Architect Profession within Australia An Overview Architects Accreditation Council of Australia Regulation of the Architect Profession within Australia An Overview February 2015 Table of Contents 1. Introduction... 3 2. Registration Requirements for Individuals...

More information

Principal Members. February 1, 2007. Review of Australia s Consumer Policy Framework Productivity Commission PO Box 1428 Canberra ACT 2616

Principal Members. February 1, 2007. Review of Australia s Consumer Policy Framework Productivity Commission PO Box 1428 Canberra ACT 2616 February 1, 2007 Principal Members Review of Australia s Consumer Policy Framework Productivity Commission PO Box 1428 Canberra ACT 2616 Via email: consumer@pc.gov.au The Australasian Compliance Institute

More information

FINANCIAL LINES ACE ELITE PLUS MANAGEMENT LIABILITY INSURANCE

FINANCIAL LINES ACE ELITE PLUS MANAGEMENT LIABILITY INSURANCE FINANCIAL LINES ACE ELITE PLUS MANAGEMENT LIABILITY INSURANCE 00 The ACE Elite Plus Management Liability policy features coverage and benefits designed to address the serious risks confronting private

More information

PRIVACY NOTICE AND CONSENT

PRIVACY NOTICE AND CONSENT Australian Credit Licence Number 387406 PRIVACY NOTICE AND CONSENT This privacy notice and consent relates to an application (the application) you make to a mortgage manager for a loan (your loan) or in

More information

IN THE MATTER OF THE SECURITIES ACT R.S.O. 1990, c. S.5, AS AMENDED -AND- IN THE MATTER OF SYSTEMATECH SOLUTIONS INC., APRIL VUONG AND HAO QUACH

IN THE MATTER OF THE SECURITIES ACT R.S.O. 1990, c. S.5, AS AMENDED -AND- IN THE MATTER OF SYSTEMATECH SOLUTIONS INC., APRIL VUONG AND HAO QUACH Ontario Commission des P.O. Box 55, 22 nd Floor CP 55, 22e étage Securities valeurs mobilières 20 Queen Street West 20, rue queen ouest Commission de l Ontario Toronto ON M5H 3S8 Toronto ON M5H 3S8 IN

More information

THE LAW REFORM COMMISSION OF WESTERN AUSTRALIA

THE LAW REFORM COMMISSION OF WESTERN AUSTRALIA THE LAW REFORM COMMISSION OF WESTERN AUSTRALIA Project No 45 Mortgage Brokers REPORT SEPTEMBER 1974 The Law Reform Commission of Western Australia was established by the Law Reform Commission Act 1972.

More information

Home Building Amendment Act 2011 No 52

Home Building Amendment Act 2011 No 52 New South Wales Home Building Amendment Act 2011 No 52 Contents Page 1 Name of Act 2 2 Commencement 2 Schedule 1 Amendment of Home Building Act 1989 No 147 3 Schedule 2 Amendment of Civil Liability Act

More information

Submission to the Essential Services Commission. Modernising Victoria s Energy Licence Framework Issues Paper

Submission to the Essential Services Commission. Modernising Victoria s Energy Licence Framework Issues Paper Submission to the Essential Services Commission Modernising Victoria s Energy Licence Framework Issues Paper Executive Summary Clean Energy Council (CEC) welcomes the review of Victoria s regulatory framework

More information

005ASubmission to the Serious Data Breach Notification Consultation

005ASubmission to the Serious Data Breach Notification Consultation 005ASubmission to the Serious Data Breach Notification Consultation (Consultation closes 4 March 2016 please send electronic submissions to privacy.consultation@ag.gov.au) Your details Name/organisation

More information

Policy Statement on. Associations. Eligibility to apply for a Scheme under Professional Standards Legislation May 2014

Policy Statement on. Associations. Eligibility to apply for a Scheme under Professional Standards Legislation May 2014 Policy Statement on on Code Business of Conduct Entity Associations Eligibility to apply for a Scheme under Professional Standards Legislation May 2014 Table of Contents Professional Standards Council

More information

Credit licensing: Competence and training

Credit licensing: Competence and training REGULATORY GUIDE 206 Credit licensing: Competence and training July 2014 About this guide This guide is for credit licensees, licence applicants and unlicensed carried over instrument lenders (unlicensed

More information

Selected Text of the Fair Credit Reporting Act (15 U.S.C. 1681 1681v) With a special Focus on the Impact to Mortgage Lenders

Selected Text of the Fair Credit Reporting Act (15 U.S.C. 1681 1681v) With a special Focus on the Impact to Mortgage Lenders Selected Text of the Fair Credit Reporting Act (15 U.S.C. 1681 1681v) as Amended by the Fair and Accurate Credit Transactions Act of 2003 (Public Law No. 108-159) With a special Focus on the Impact to

More information

Insurance Law Reforms and Requirements for Direct Offshore Foreign Insurers ("DOFIs")

Insurance Law Reforms and Requirements for Direct Offshore Foreign Insurers (DOFIs) Insurance Law Reforms and Requirements for Direct Offshore Foreign Insurers ("DOFIs") The Clayton Utz contact for this document is Fred Hawke, Partner Clayton Utz Lawyers Level 18 333 Collins Street Melbourne

More information

SUBMISSION BY THE AUSTRALIAN SECURITISATION FORUM RELATING TO THE SOUTH AUSTRALIAN STAMP DUTIES ACT 1923

SUBMISSION BY THE AUSTRALIAN SECURITISATION FORUM RELATING TO THE SOUTH AUSTRALIAN STAMP DUTIES ACT 1923 Chris Dalton, CEO Australian Securitisation Forum Suite 605 3 Spring Street SYDNEY NSW 2000 (t) + 61 2 8243 3906 (f) + 61 2 8243 3939 cdalton@securitisation.com.au 7 February 2011 The Treasurer 8th Floor,

More information

Chapter 3 Financial Year

Chapter 3 Financial Year [PART 6 FINANCIAL STATEMENTS, ANNUAL RETURN AND AUDIT Chapter 1 Preliminary 269. What this Part contains and use of prefixes - Companies Act and IFRS. 270. Overall limitation on discretions with respect

More information

New Zealand Law Society

New Zealand Law Society New Zealand Law Society NON-BANK DEPOSIT TAKERS BILL 1. The New Zealand Law Society (Law Society) welcomes the opportunity to make a submission on the Non-Bank Deposit Takers Bill (NBDT Bill). 2. The Law

More information

Application of Accounting Standards to Financial Year Accounts and Consolidated Accounts of Disclosing Entities other than Companies

Application of Accounting Standards to Financial Year Accounts and Consolidated Accounts of Disclosing Entities other than Companies Accounting Standard AASB 1030 (12/94) Application of Accounting Standards to Financial Year Accounts and Consolidated Accounts of Disclosing Entities other than Companies Issued by the Australian Accounting

More information

Guidance Note AGN 520.1

Guidance Note AGN 520.1 Guidance Note AGN 520.1 Fit and Proper Requirements Definition of a responsible person 1. The definitions of responsible persons cover those persons whose conduct is most likely to have significant implications

More information

ANNEXURE TO Australian Standard Minor Works Contract Conditions (Superintendent Administered) AS 4905 2002. Part A

ANNEXURE TO Australian Standard Minor Works Contract Conditions (Superintendent Administered) AS 4905 2002. Part A ANNEXURE TO Australian Standard Minor Works Contract Conditions (Superintendent Administered) AS 4905 2002 Part A This Annexure shall be completed and issued as part of tender documents and subject to

More information

The Mortgage Brokerages and Mortgage Administrators Regulations

The Mortgage Brokerages and Mortgage Administrators Regulations 1 AND MORTGAGE ADMINISTRATORS M-20.1 REG 1 The Mortgage Brokerages and Mortgage Administrators Regulations being Chapter M-20.1 Reg 1 (effective October 1, 2010) as amended by Saskatchewan Regulations,

More information

SOUTH AUSTRALIA FINANCIAL INSTITUTIONS DUTY REGULATIONS 1998

SOUTH AUSTRALIA FINANCIAL INSTITUTIONS DUTY REGULATIONS 1998 SOUTH AUSTRALIA FINANCIAL INSTITUTIONS DUTY REGULATIONS 1998 SUMMARY OF PROVISIONS 1. Citation 2. Commencement 3. Revocation 4. Interpretation 5. Non-dutiable receipts 6. Non-ADI financial institutions

More information

Regulated Mortgages. March 2012

Regulated Mortgages. March 2012 Regulated Mortgages March 2012 1 Introduction Since 31 October 2004, Regulated Mortgage Contracts have been subject to statutory control, supervised by the Financial Services Authority ("FSA"). Under Section

More information

The General Manager Business Tax Division The Treasury Langton Crescent PARKES ACT 2600. Dear Sir/Madam. Tax Agent Services Bill

The General Manager Business Tax Division The Treasury Langton Crescent PARKES ACT 2600. Dear Sir/Madam. Tax Agent Services Bill The General Manager Business Tax Division The Treasury Langton Crescent PARKES ACT 2600 Financial Planning Association of Australia Limited ABN 62 054 174 453 Level 4, 75 Castlereagh Street Sydney NSW

More information

Auditing Standard ASA 600 Special Considerations Audits of a Group Financial Report (Including the Work of Component Auditors)

Auditing Standard ASA 600 Special Considerations Audits of a Group Financial Report (Including the Work of Component Auditors) ASA 600 (October 2009) Auditing Standard ASA 600 Special Considerations Audits of a Group Financial Report (Including the Work of Component Auditors) Issued by the Auditing and Assurance Standards Board

More information

Mortgage Credit Directive - amendments to lender mortgage documentation information for stakeholders

Mortgage Credit Directive - amendments to lender mortgage documentation information for stakeholders Mortgage Credit Directive - amendments to lender mortgage documentation information for stakeholders This table provides information about the changes lenders are making to their mortgage documentation

More information

Consumer Credit Authorisation. Guidance for housing associations

Consumer Credit Authorisation. Guidance for housing associations Consumer Credit Authorisation Guidance for housing associations Contents 3 4 5 7 12 13 14 17 Introduction Background When is authorisation required? Activities requiring authorisation Summary of regulated

More information

Set-off and Extinguishment of Debt

Set-off and Extinguishment of Debt Accounting Standard AASB 1014 December 1996 Set-off and Extinguishment of Debt Issued by the Australian Accounting Standards Board Obtaining a Copy of this Accounting Standard Copies of this Standard are

More information

The Income Tax (Recommended Medical Treatment) Regulations 2014 Consultation document on the draft legislation published on 17 September 2014

The Income Tax (Recommended Medical Treatment) Regulations 2014 Consultation document on the draft legislation published on 17 September 2014 15 October 2014 Ms L Meikle Employment Income Policy Team Her Majesty's Revenue and Customs Room 1E/08 100 Parliament Street London SW1A 2BQ Dear Ms. Meikle, The Income Tax (Recommended Medical Treatment)

More information

Accounting and Controls In law practices

Accounting and Controls In law practices LAW SOCIETY NORTHERN TERRITORY Accounting and Controls In law practices TRUST MONEY & TRUST RECORDS V0911 GPO BOX 2388, Darwin Northern Territory 0801 TELEPHONE: (08) 8981 5104 FAX: (08) 8941 1623 EMAIL:

More information

ONLINE SAVINGS ACCOUNT.

ONLINE SAVINGS ACCOUNT. ONLINE SAVINGS ACCOUNT. TERMS AND CONDITIONS. THE FINE PRINT. All the details to keep everyone smiling. ABOUT THIS BOOKLET. Congratulations on choosing an Online Savings Account with ME Bank. We know that

More information

Property, Stock and Business Agents Regulation 2014

Property, Stock and Business Agents Regulation 2014 New South Wales Property, Stock and Business Agents Regulation 2014 under the Property, Stock and Business Agents Act 2002 [If this Regulation is made, the following enacting formula will be included:]

More information

VISA REWARDS CONSUMER CREDIT CARD AGREEMENT

VISA REWARDS CONSUMER CREDIT CARD AGREEMENT VISA REWARDS CONSUMER CREDIT CARD AGREEMENT In this Agreement, Agreement means this Consumer Credit Card Agreement. Disclosure means the Credit Card Account Opening Disclosure. The Account Opening Disclosure

More information

VISA PLATINUM/VISA PLATINUM REWARDS/ VISA GOLD/VISA CLASSIC CONSUMER CREDIT CARD AGREEMENT

VISA PLATINUM/VISA PLATINUM REWARDS/ VISA GOLD/VISA CLASSIC CONSUMER CREDIT CARD AGREEMENT VISA PLATINUM/VISA PLATINUM REWARDS/ VISA GOLD/VISA CLASSIC CONSUMER CREDIT CARD AGREEMENT In this Agreement, Agreement means this Consumer Credit Card Agreement. Disclosure means the Credit Card Account

More information

MASTERCARD CONSUMER CREDIT CARD AGREEMENT

MASTERCARD CONSUMER CREDIT CARD AGREEMENT MASTERCARD CONSUMER CREDIT CARD AGREEMENT In this Agreement, Agreement means this Consumer Credit Card Agreement. Disclosure means the Credit Card Account Opening Disclosure. The Account Opening Disclosure

More information

The Mortgage Brokerages and Mortgage Administrators Act

The Mortgage Brokerages and Mortgage Administrators Act MORTGAGE BROKERAGES AND 1 The Mortgage Brokerages and Mortgage Administrators Act being Chapter M-20.1* of The Statutes of Saskatchewan, 2007 (effective October 1, 2010), as amended by the Statutes of

More information

Criminal Code (Child Pornography and Abuse) Amendment Bill 2004

Criminal Code (Child Pornography and Abuse) Amendment Bill 2004 1 Criminal Code (Child Pornography and Abuse) Explanatory Notes General Outline Short Title The short title of the Bill is the Criminal Code (Child Pornography and Abuse). Policy Objectives of the Legislation

More information

HSBC Personal Loan Contract. Standard Terms And Conditions

HSBC Personal Loan Contract. Standard Terms And Conditions HSBC Personal Loan Contract Standard Terms And Conditions Published December 2015 CONTENTS 1. Your HSBC Personal Loan contract from HSBC 2 2. What we lend and when 2 3. Interest rate (the annual percentage

More information

BT Margin Lending. Application Form

BT Margin Lending. Application Form BT Margin Lending Third Party Security Provider Application Form Complete this form when security for your BT Margin Loan Facility is being provided (owned) by someone other than the borrower(s) i.e. a

More information

Financial Services and Credit Reform Green Paper

Financial Services and Credit Reform Green Paper THE FINANCE BROKERS ASSOCIATION OF AUSTRALIA (FBAA) MAKES THIS SUBMISSION TO THE Financial Services and Credit Reform Green Paper Corporations and Financial Services Division Treasury Langton Crescent

More information

Trust and Loan Companies Act

Trust and Loan Companies Act Finance and Treasury Board TH 4. Flr. Bus: 902 424-6331 1723 Hollis Street Fax: 902 424-1298 PO Box 2271 E-mail: Halifax, NS B3J 3C8 Financial Institutions Section Our File #: License No. OFFICE USE ONLY

More information

CONSUMER CREDIT CARD AGREEMENT

CONSUMER CREDIT CARD AGREEMENT CONSUMER CREDIT CARD AGREEMENT In this Agreement, Agreement means this Consumer Credit Card Agreement. Disclosure means the Credit Card Account Opening Disclosure. The Account Opening Disclosure is incorporated

More information

CONSULTATION PAPER P008-2013 Sepember 2013. Draft Amendments to Credit Cards and Unsecured Credit Rules

CONSULTATION PAPER P008-2013 Sepember 2013. Draft Amendments to Credit Cards and Unsecured Credit Rules CONSULTATION PAPER P008-2013 Sepember 2013 Draft Amendments to Credit Cards and Unsecured Credit Rules PREFACE i On 21 December 2012, MAS issued a consultation paper on proposed changes to MAS rules on

More information

* Licensed in this guidance note refers to holding an Australian Credit Licence (ACL) or being a credit representative of an ACL.

* Licensed in this guidance note refers to holding an Australian Credit Licence (ACL) or being a credit representative of an ACL. FINANCIAL ADVISORY SERVICES Consumer credit reform Guidance for CPA Australia Public Practitioners February 2011 Introduction On 1 July 2010 ASIC took over the regulation of consumer credit and finance

More information

Lombard Visa Card. Terms and Conditions

Lombard Visa Card. Terms and Conditions Lombard Visa Card Terms and Conditions Last Updated 30 Feb 2008 CONTENTS Lombard Visa Card Conditions of Use... pg 1-27 Part A: The Visa Card Account... pg 4-15 Part B: The Lombard Visa Card... pg 16-27

More information

10500862-MXC50-P-1-091515 (MXC503 CCM004)-e

10500862-MXC50-P-1-091515 (MXC503 CCM004)-e VISA SIGNATURE CREDIT CARD/VISA SELECT CREDIT CARD CONSUMER CREDIT CARD AGREEMENT In this Agreement, Agreement means this Consumer Credit Card Agreement. Disclosure means the Credit Card Account Opening

More information

ASIC CONSULTATION PAPER 146

ASIC CONSULTATION PAPER 146 ASIC CONSULTATION PAPER 146 This submission is made in response to ASIC s Consultation Paper 146: Over-the- Counter Contracts For Difference: Improving disclosure for retail investors ( CP146 ). The submission

More information

LANGLEY SELECT - VISA PLATINUM LANGLEY REWARDS VISA SIGNATURE LANGLEY CASH BACK VISA SIGNATURE CONSUMER CREDIT CARD AGREEMENT

LANGLEY SELECT - VISA PLATINUM LANGLEY REWARDS VISA SIGNATURE LANGLEY CASH BACK VISA SIGNATURE CONSUMER CREDIT CARD AGREEMENT LANGLEY SELECT - VISA PLATINUM LANGLEY REWARDS VISA SIGNATURE LANGLEY CASH BACK VISA SIGNATURE CONSUMER CREDIT CARD AGREEMENT Interest Rates and Interest Charges Variable Annual Percentage Rate (APR) Rates

More information

INSURANCE INTERMEDIARIES (GENERAL BUSINESS) ACT 1996 (As it has effect at 1st June 1999)

INSURANCE INTERMEDIARIES (GENERAL BUSINESS) ACT 1996 (As it has effect at 1st June 1999) (As it has effect at 1st June 1999) Copyright Treasury of the Isle of Man Crown Copyright reserved The text of this legislation is subject to Crown Copyright protection. It may be copied free of charge

More information

Consolidated and Separate Financial Statements

Consolidated and Separate Financial Statements Compiled Accounting Standard AASB 127 Consolidated and Separate Financial Statements This compiled Standard applies to annual reporting periods beginning on or after 1 July 2007. Early application is permitted.

More information

ATO ID 2012/32 and legislation in relation to reserves

ATO ID 2012/32 and legislation in relation to reserves ATO ID 2012/32 and legislation in relation to reserves Australian Taxation Office Treasury Submission by the Superannuation Committee of the Legal Practice Section of the Law Council of Australia 25 June

More information

FINANCIAL ADVICE AND REGULATIONS

FINANCIAL ADVICE AND REGULATIONS FINANCIAL ADVICE AND REGULATIONS GUIDANCE FOR THE ACCOUNTING PROFESSION FINANCIAL ADVICE AND REGULATIONS 2 DEVELOPED EXCLUSIVELY FOR THE MEMBERS IN PUBLIC PRACTICE OF CPA AUSTRALIA AND CHARTERED ACCOUNTANTS

More information

ARCHIVE. Table of Contents. 12.01.10 - Rules Pursuant to the Idaho Residential Mortgage Practices Act

ARCHIVE. Table of Contents. 12.01.10 - Rules Pursuant to the Idaho Residential Mortgage Practices Act Table of Contents 12.01.10 - Rules Pursuant to the Idaho 000. Legal Authority (Rule 0).... 2 001. Title And Scope (Rule 1).... 2 002. Written Interpretations -- Agency Access -- Filings (Rule 2).... 2

More information

VISA PLATINUM/VISA PLATINUM REWARDS/VISA PLATINUM SECURED CONSUMER CREDIT CARD AGREEMENT

VISA PLATINUM/VISA PLATINUM REWARDS/VISA PLATINUM SECURED CONSUMER CREDIT CARD AGREEMENT VISA PLATINUM/VISA PLATINUM REWARDS/VISA PLATINUM SECURED CONSUMER CREDIT CARD AGREEMENT In this Agreement, Agreement means this Consumer Credit Card Agreement. Disclosure means the Credit Card Account

More information

$1.00 1.00% of each multiple currency transaction in U.S. dollars 0.80% of each single currency transaction in U.S. dollars

$1.00 1.00% of each multiple currency transaction in U.S. dollars 0.80% of each single currency transaction in U.S. dollars FULDA AREA CREDIT UNION 205 N. St. Paul Ave. PO Box 329 Fulda, MN 56131 (507) 425-2544 Fax: (507) 425-2546 www.fuldaareacreditunion.com This Addendum is incorporated into and becomes part of your LOANLINER

More information

BELIZE LIMITED LIABILITY PARTNERSHIP ACT CHAPTER 258 REVISED EDITION 2003 SHOWING THE SUBSTANTIVE LAWS AS AT 31ST MAY, 2003

BELIZE LIMITED LIABILITY PARTNERSHIP ACT CHAPTER 258 REVISED EDITION 2003 SHOWING THE SUBSTANTIVE LAWS AS AT 31ST MAY, 2003 BELIZE LIMITED LIABILITY PARTNERSHIP ACT CHAPTER 258 REVISED EDITION 2003 SHOWING THE SUBSTANTIVE LAWS AS AT 31ST MAY, 2003 This is a revised edition of the Substantive Laws, prepared by the Law Revision

More information

2. Key problems in the current consumer policy framework.

2. Key problems in the current consumer policy framework. Productivity Commission Review of Consumer Policy Submission by Foresters ANA Mutual Society Ltd Submitted by email on 11 May 2007 to consumer@pc.gov.au. 1. About the submitting organisation. Foresters

More information

PUBLIC FINANCE MANAGEMENT ACT NO. 1 OF 1999

PUBLIC FINANCE MANAGEMENT ACT NO. 1 OF 1999 PUBLIC FINANCE MANAGEMENT ACT NO. 1 OF 1999 as amended by Public Finance Management Amendment Act, No. 29 of 1999 ACT To regulate financial management in the national government and provincial governments;

More information

Melanie Spong Senior Specialist Deposit Takers, Credit and Insurers Australian Securities and Investments Commission

Melanie Spong Senior Specialist Deposit Takers, Credit and Insurers Australian Securities and Investments Commission Submission to Melanie Spong Senior Specialist Deposit Takers, Credit and Insurers Australian Securities and Investments Commission Re Consultation Paper 198 Review of the effectiveness of an online database

More information

Submission to the Australian Government. Discussion Paper: Development of the retail corporate bond market

Submission to the Australian Government. Discussion Paper: Development of the retail corporate bond market Submission to the Australian Government Discussion Paper: Development of the retail corporate bond market streamlining disclosure and liability requirements February 2012 TABLE OF CONTENTS A. Executive

More information

Definitions. Broker means Veda Advantage Information Systems and Solutions Limited;

Definitions. Broker means Veda Advantage Information Systems and Solutions Limited; Definitions Authorised Purposes means: (a) dealings with interests in land authorised by Law; or (b) a purpose directly related to such dealing provided that the purpose is not contrary to any Law; or

More information

MoneySmartCo Limited Terms of Business MoneySmartCo Limited (Company Number 0861355) is a claims management company authorised and regulated by the

MoneySmartCo Limited Terms of Business MoneySmartCo Limited (Company Number 0861355) is a claims management company authorised and regulated by the MoneySmartCo Limited Terms of Business MoneySmartCo Limited (Company Number 0861355) is a claims management company authorised and regulated by the Claims Management Regulator in respect of claims management

More information

Share Trading Policy MGT Resources Limited ACN 131 715 645

Share Trading Policy MGT Resources Limited ACN 131 715 645 Share Trading Policy MGT Resources Limited ACN 131 715 645 75418791/v2 Table of Contents 1. Introduction... 1 2. Definitions... 1 3. Scope of transactions... 2 4. Standards... 2 5. Insider trading... 2

More information

VISA CONSUMER CREDIT CARD AGREEMENT

VISA CONSUMER CREDIT CARD AGREEMENT VISA CONSUMER CREDIT CARD AGREEMENT In this Agreement, Agreement means this Consumer Credit Card Agreement. Disclosure means the Credit Card Account Opening Disclosure. The Account Opening Disclosure is

More information

2015docs\INSLM02. 1 See Intelligence Services Act 1994, s 5(1): No entry on or interference with property or with wireless telegraphy

2015docs\INSLM02. 1 See Intelligence Services Act 1994, s 5(1): No entry on or interference with property or with wireless telegraphy Professor Clive Walker School of Law, University of Leeds Inquiry into section 35P of the Australian Security Intelligence Organisation Act 1979 Submission to the Independent Security Law Monitor 3 April

More information

visa platinum and visa secured Fax: (786) 845-3150 www.dcfcu.org

visa platinum and visa secured Fax: (786) 845-3150 www.dcfcu.org Dade County Federal Credit Union 1500 NW 107th Ave Doral, FL 33172 (305) 471-5080 (800) 299-7147 visa platinum and visa secured Fax: (786) 845-3150 www.dcfcu.org consumer credit card agreement In this

More information