RLC in the Media: 'Fundamentally defective': Consumer groups oppose proposed responsible lending changes
Consumer groups have called on the government to abandon the proposed roll back of responsible lending obligations.
Kate Hilder and Mark Standen report for Lexology.
On the 25 September, the government announced plans for the proposed overhaul of consumer credit laws, including plans to roll back what it considers to be overly prescriptive responsible lending obligations. The object of the proposed changes is to improve the flow of credit and support the nation's economic recovery.
Consumer groups - Consumer Action Law Centre (Consumer Action), Financial Rights Legal Centre (Financial Rights), Financial Counselling Australia, Consumer Credit Law Service (WA) Inc (CCLSWA), CHOICE, Uniting Communities Consumer Credit Law Centre SA (CCLCSA), Care and Consumer Law Centre ACT (CARE ACT), NILS Network of Tasmania, Indigenous Consumer Assistance Network and Redfern Legal Centre – have released their submission to the consultation on proposed changes to consumer credit laws.
The submission argues strongly against the proposed changes on the basis that they are contrary to the interests of consumers.
Read the full story here. (25 November 2020)