- Date
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22 Aug 2011
- Chamber
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House of Representatives
- Status
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Not Proceeding
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Sponsor
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BANDT, Adam, MP
- Summary
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Amends the:
Banking Act 1959
to: impose certain conditions on authorised deposit-taking institutions (ADIs) in relation to the transfer of personal transaction accounts; and require ADIs that offer term deposits to provide certain information when those deposits are due for reinvestment; and National Consumer Credit Protection Act 2009
to: require credit contracts to expressly include advice of any unjust transactions and unconscionable interest and other charges; and provide for the termination of mortgage indemnity insurance contracts when the related mortgage is terminated and the rebate of associated premiums.