Home›Committees›Uniform Legislation and Statutes Review Committee›Report

Consumer Credit (Bill Facilities) Amendment Regulation (No 1) 2007 (Qld)

Uniform Legislation and Statutes Review Committee· 11 March 2008general_report

The WA parliamentary committee reviewed Queensland's amendment to the Consumer Credit Code, specifically regarding bill facilities (promissory notes, bills of exchange). The amendment aims to close a loophole exploited by fringe lenders who charged high interest rates, by bringing bill facilities under the Code's consumer protections. The committee recommends approving a draft order to enact the same amendment in WA.

Impact

Vulnerable and disadvantaged consumers will benefit from increased protection under the Consumer Credit Code, including disclosure of fees, interest rate controls, and access to hardship arrangements. Fringe credit providers will be affected by the closure of the bill facility loophole.

financepublic_sectorConsumer Credit Codebill facilitiespromissory notesfringe lendingpredatory lendinginterest ratesconsumer protectionfinancial regulationcredit regulationshort-term loans

Download PDF →Parliament source →More from this committee