Consumer Protection (Regulation of Credit Servicing Firms) (Amendment) Bill 2017

Public bill · Private Member · Introduced

Aims to protect borrowers whose loans are owned by firms that are not otherwise regulated, by bringing the owners of those loans within the regulatory net. It would broaden the definition of “retail credit firm” and add a definition of “securitisation special purpose vehicle,” while removing an existing subsection that narrows the current rules. In practice, it matters because it would give more oversight to loan owners and could improve protections for people whose mortgages or other credit are sold on.

Formal long title

Bill entitled an Act to provide for the protection of certain borrowers who are parties to credit agreements in respect of which the owners of the credit are unregulated through the regulation of the owners of the credit; and to provide for related matters

Last updated 14 November 2024