Footnotes
Chapter 1 - Introduction
[1]
Council of Australian Governments, Communiqué 3 July 2008, http://www.coag.gov.au/coag_meeting_outcomes/2008-07-03/index.cfm#financial
(accessed 11 October 2011).
[2]
Council of Australian Governments, Communiqué 2 October 2008, http://www.coag.gov.au/coag_meeting_outcomes/2008-10-02/index.cfm#regulat
(accessed 11 October 2011).
[3]
The Consumer Credit Code is at Schedule 1, National Consumer Credit
Protection Act 2009.
[4]
Explanatory Memorandum, Consumer Credit and Corporations Legislation
Amendment (Enhancements) Bill 2011, paragraph 2.4.
[5]
Council of Australian Governments, Communiqué 2 October 2008, http://www.coag.gov.au/coag_meeting_outcomes/2008-10-02/index.cfm#regulat
(accessed 11 October 2011); Treasury, National Credit Reform: Enhancing
confidence and fairness in Australia's credit laws – Green paper, July
2010, p. 106.
[6]
Australian Government, Consumer credit – COAG agreement', http://www.treasury.gov.au/consumercredit/content/coag_agreement/default.asp
(accessed 26 October 2011).
[7]
Explanatory Memorandum, Consumer Credit and Corporations Legislation
Amendment (Enhancements) Bill 2011, paragraph 1.5.
[8]
Treasury, National Credit Reform – Green Paper, July 2010, p. 1.
[9]
National Consumer Credit Protection Act 2009, s. 111.
[10]
The Hon Nick Sherry, Minister for Superannuation and Corporate Law, 'New
national responsible lending laws', Media release 0. 38, 27 April 2009.
[11]
Treasury, National Credit Reform – Green Paper, July 2010, p. 1.
[12]
ASIC, Regulatory Guide 209, March 2011, p. 4.
[13]
National Consumer Credit Protection Act 2009, ss. 118 – 119.
[14]
ASIC, Regulatory Guide 209, March 2011, p. 5.
[15]
ASIC, Regulatory Guide 209, March 2011, p. 4.
[16]
Treasury, National Credit Reform – Green Paper, July 2010, p. 1.
[17]
Treasury, National Credit Reform – Green Paper, July 2010, p. 107.
[18]
Treasury, National Credit Reform – Green Paper, July 2010, p. 107.
[19]
Regulation Impact Statement, Explanatory Memorandum, Consumer Credit and
Corporations Legislation Amendment (Enhancements) Bill 2011, paragraph 9.12.
[20]
Regulation Impact Statement, Explanatory Memorandum, Consumer Credit and
Corporations Legislation Amendment (Enhancements) Bill 2011, paragraph 9.12.
[21]
Explanatory Memorandum, Consumer Credit and Corporations Legislation
Amendment (Enhancements) Bill 2011, paragraph 1.5.
[22]
National Consumer Credit Protection Amendment (Home Loans and Credit
Cards) Act 2011, s. 2; Explanatory Memorandum, Consumer Credit and
Corporations Legislation Amendment (Enhancements) Bill 2011, paragraph 1.4.
[23]
The Hon Bill Shorten MP, Assistant Treasurer, Minister for Financial
Services and Superannuation, 'New Consumer Credit Protections Introduced into
Parliament', Media release 133, 21 September 2011.
[24]
The Hon Bill Shorten MP, Assistant Treasurer, Minister for Financial
Services and Superannuation, House of Representatives Hansards, 21
September 2011, p. 10950.
[25]
The Hon Bill Shorten MP, Assistant Treasurer, Minister for Financial
Services and Superannuation, House of Representatives Hansards, 21
September 2011, p. 10954.
[26]
Senate Standing Committee for the Scrutiny of Bills, Alert Digest 12/11,
12 October 2011, pp 6 – 8.
[27]
National Financial Services Federation, Supplementary Submission,
p. 1; Financiers Association of Australia/Smiles Turner Delegation, Supplementary
Submission, p. 1.
[28]
Direct Selling Association of Australia, Submission 31;
p. 1.
[29]
Regulation Impact Statement, Explanatory Memorandum, Consumer Credit and
Corporations Legislation Amendment (Enhancements) Bill 2011, paragraph 9.16.
[30]
Treasury, National Credit Reform - Enhancing confidence and fairness in
Australia's credit law, http://www.treasury.gov.au/contentitem.asp?NavId=037&ContentID=1852
(accessed 27 October 2011).
[31]
Treasury, Exposure Draft - National Consumer Credit Protection
Amendment (Enhancements) Bill 2011, http://www.treasury.gov.au/contentitem.asp?NavId=037&ContentID=2116
(accessed 27 October 2011).
[32]
Treasury, Exposure Draft - National Consumer Credit Protection
Amendment (Enhancements) Bill 2011, http://www.treasury.gov.au/contentitem.asp?NavId=037&ContentID=2131
(accessed 27 October 2011).
[33]
Mr Ian Gilbert, Policy Director, Australian Bankers' Association, Proof
Committee Hansard, 24 October 2011, p. 12.
[34]
Mr Kevin Conlon, Chief Executive Officer, SEQUAL, Proof Committee
Hansard, 24 October 2011, p. 9.
[35]
Australian Finance Conference, Supplementary Submission 29a, p. 8.
[36]
Australian Finance Conference, Supplementary Submission 29a, p. 8.
[37]
For example, see Financiers Association of Australia/Smiles Turner
Delegation, Supplementary Submission, pp 4 – 6; First Stop
Financial, Additional Information, p. 1; Min-it Software, Submission
34, pp 5 – 7.
[38]
Financiers Association of Australia/Smiles Turner Delegation, Supplementary
Submission 40a, p. 4.
[39]
Australian Finance Conference, Supplementary Submission 29a, p. 2.
[40]
Australian Bankers' Association, Submission 43, p. 3.
[41]
Abacus – Australian Mutuals, Submission 38, p. 4.
[42]
Regulation Impact Statement, Explanatory Memorandum, Consumer Credit and
Corporations Legislation Amendment (Enhancements) Bill 2011, paragraph 9.15.
Chapter 2 - Hardship variation and enforcement of credit contracts
[1]
National Credit Code, s. 72.
[2]
Strict liability offences do not require proof of fault. That is, a
person commits the offence if he or she carries out the prohibited conduct. It
is irrelevant whether the person, for example, intended to commit the conduct.
For further information see the Criminal Code, section 6.1. 'Penalty
unit' is defined in section 4BB of the Crimes Act 1914 as $110.
[3]
Explanatory Memorandum, Consumer Credit and Corporations Legislation
Amendment (Enhancements) Bill 2011, table: 'Comparison of key features of new
and current law', p. 13.
[4]
Explanatory Memorandum, Consumer Credit and Corporations Legislation
Amendment (Enhancements) Bill 2011, table: 'Comparison of key features of new
and current law', p. 13.
[5]
Consumer Credit and Corporations Legislation Amendment (Enhancements)
Bill 2011, clause 2.
[6]
National Consumer Credit Protection Act 2009, s. 2. The National
Credit Code commenced on 1 April 2010.
[7]
Explanatory Memorandum, Consumer Credit and Corporations Legislation
Amendment (Enhancements) Bill 2011, paragraph 2.6.
[8]
Treasury, National Credit Reform: Enhancing confidence and fairness
in Australia's credit laws – Green paper, July 2010, p. 81.
[9]
Treasury, National Credit Reform: Enhancing confidence and fairness
in Australia's credit laws – Green paper, p. 81.
[10]
Treasury, National Credit Reform: Enhancing confidence and fairness in
Australia's credit laws – Green paper, p. 83.
[11]
Regulation Impact Statement, Explanatory Memorandum, Consumer Credit and
Corporations Legislation Amendment (Enhancements) Bill 2011, paragraph 9.140.
[12]
Regulation Impact Statement, Explanatory Memorandum, Consumer Credit and
Corporations Legislation Amendment (Enhancements) Bill 2011, paragraphs 9.136 -
138.
[13]
For example, Consumer Action Law Centre, Submission 20, p. 16;
Consumer Credit Legal Centre (NSW), Submission 47, p. 12.
[14]
Anglicare Victoria, Submission 39, p. 2.
[15]
Good Shepherd Youth and Family Services, Submission 23, p. 3.
[16]
Good Shepherd Youth and Family Services, Submission 23, p. 4.
[17]
ANZ, Submission 41, p. 2.
[18]
Mortgage and Finance Association of Australia, Submission 3, p. 1.
[19]
Credit Ombudsman Service, Submission 2, p. 2.
[20]
GE Capital, Submission 25, p. 2.
[21]
GE Capital, Submission 25, p. 2.
[22]
Abacus – Australian Mutuals, Submission 38, p. 2.
[23]
ANZ, Submission 41, p. 2.
[24]
Credit Ombudsman Service, Submission 2, p. 2.
[25]
First Stop Money, Submission 17, p. 4.
[26]
Mr Ian Gilbert, Policy Director, Australian Bankers' Association, Committee
Hansard, 24 October 2011, p. 13; Abacus – Australian Mutuals, Submission
38, p. 3.
[27]
Abacus – Australian Mutuals, Submission 38, p. 3.
[28]
ANZ, Submission 41, p. 3.
[29]
Australian Finance Conference, Supplementary Submission 29a, p. 4.
[30]
Abacus – Australian Mutuals, Submission 38, p. 3.
[31]
ANZ, Submission 41, p. 2.
[32]
ANZ, Submission 41, p. 2.
[33]
Australian Bankers' Association, Submission 43, p. 5.
[34]
Mr Ian Gilbert, Australian Bankers' Association, Committee Hansard,
24 October 2011,
pp 12–13.
[35]
Australian Finance Conference, Supplementary Submission 29a, p. 3.
[36]
Australian Finance Conference, Supplementary Submission 29a, p. 3;
Mr Ian Gilbert, Australian Bankers' Association, Committee Hansard,
24 October 2011, p. 13.
[37]
Aussie, Submission 10, p. 1.
[38]
Aussie, Submission 10, p. 1.
[39]
Australian Bankers' Association, Submission 43, pp 8–9.
[40]
Australian Bankers' Association, Submission 43, p. 9.
[41]
Aussie, Submission 10, p. 2.
[42]
Australian Finance Conference, Supplementary Submission, pp 6–7.
Chapter 3 - Reverse mortgages
[1]
Redfern Legal Centre, Submission 18, p. 7.
[2]
Explanatory Memorandum, Consumer Credit and Corporations Legislation
Amendment (Enhancements) Bill 2011, paragraph 3.1.
[3]
Consumer Action Legal Centre, Submission 20, p. 19; Consumer
Credit Legal Centre (NSW), Submission 47, p. 12; Redfern Legal Centre, Submission
18, p. 7.
[4]
Consumer Credit Legal Centre (NSW), Submission 47, p. 12.
[5]
Redfern Legal Centre, Submission 18, p. 7.
[6]
SEQUAL, Submission 44, p. 13; Australian Seniors Finance, Submission
4, p. 3.
[7]
Mrs Julie Campbell, General Manager, Australian Seniors Finance, Committee
Hansard, 24 October 2011, p. 3.
[8]
Mr Kevin Conlon, Chief Executive, SEQUAL, Committee Hansard, 24
October 2011, p. 8.
[9]
Mr Kevin Conlon, SEQUAL, Committee Hansard, 24 October 2011,
p. 10.
[10]
Australian Seniors Finance, Submission 4, p. 3.
[11]
Mrs Julie Campbell, Australian Seniors Finance, Committee Hansard,
24 October 2011, p. 4.
[12]
SEQUAL, Submission 44, p. 13.
[13]
SEQUAL, Submission 44, p. 13.
[14]
Mrs Julie Campbell, Australian Seniors Finance, Committee Hansard,
24 October 2011, p. 4.
[15]
SEQUAL, Submission 44, p. 13.
[16]
SEQUAL, Submission 44, p. 13; Mrs Julie Campbell, Australian
Seniors Finance, Committee Hansard, 24 October 2011, p. 4.
[17]
SEQUAL, Submission 44, p. 13.
[18]
Australian Bankers' Association, Submission 43, p. 15.
[19]
Australian Bankers' Association, Submission 43, p. 15.
[20]
Explanatory Memorandum, Consumer Credit and Corporations Legislation
Amendment (Enhancements) Bill 2011, paragraph 3.63.
[21]
Mrs Julie Campbell, Australian Seniors Finance, Committee Hansard,
24 October 2011, p. 2.
[22]
SEQUAL, Submission 44, p. 14.
[23]
SEQUAL, Submission 44, p. 14.
[24]
Mrs Julie Campbell, Australian Seniors Finance, Committee Hansard,
24 October 2011, p. 2.
[25]
Mrs Julie Campbell, Australian Seniors Finance, Committee Hansard,
24 October 2011, p. 5.
[26]
SEQUAL, Submission 44, p. 14.
[27]
SEQUAL, Submission 44, p. 14.
[28]
Explanatory Memorandum, Consumer Credit and Corporations Legislation
Amendment (Enhancements) Bill 2011, paragraph 3.79.
[29]
Mr Kevin Conlon, SEQUAL, Committee Hansard, 24 October 2011,
p. 11.
[30]
Mr Kevin Conlon, SEQUAL, Committee Hansard, 24 October 2011,
p. 11.
[31]
Consumer Action Law Centre, Submission 20, p. 19.
[32]
Explanatory Memorandum, Consumer Credit and Corporations Legislation
Amendment (Enhancements) Bill 2011, paragraph 3.87.
[33]
ABA, Submission 43, p. 15.
[34]
ANZ, Submission 41, p. 5.
[35]
Attorney-General Department, A guide to framing Commonwealth criminal
offences, civil penalties and enforcement powers, December 2007, pp 14,
16–17.
Chapter 4 - Consumer leases
[1]
National Credit Code, s. 9.
[2]
Explanatory Memorandum, Consumer Credit and Corporations Legislation
Amendment (Enhancements) Bill 2011, paragraph 6.8.
[3]
Explanatory Memorandum, Consumer Credit and Corporations Legislation
Amendment (Enhancements) Bill 2011, paragraph 6.9.
[4]
The Hon Mr Bill Shorten, Assistant Treasurer, Minister for Financial
Services and Superannuation, House of Representatives Hansard, 21
September 2011, p. 10954.
[5]
Explanatory Memorandum, Consumer Credit and Corporations Legislation
Amendment (Enhancements) Bill 2011, paragraph 2.4.
[6]
The Hon Mr Bill Shorten, Assistant Treasurer, Minister for Financial
Services and Superannuation, House of Representatives Hansard, 21
September 2011, p. 10954.
[7]
Treasury, National Credit Reform: Enhancing confidence and fairness
in Australia's credit laws – Green paper, July 2010, pp 72–73.
[8]
Treasury, National Credit Reform: Enhancing confidence and fairness
in Australia's credit laws – Green paper, July 2010, p. 70; citing Micah
Law Centre, A loan in lease clothing: Problems identified with instalment
based rent/purchase contracts for household goods, 2007.
[9]
Anglicare Victoria, Submission 39, p. 7; Consumer Action Law
Centre, Submission 20, p. 14; Consumer Credit Legal Centre (NSW) Inc, Submission
47, p. 10; Redfern Legal Centre, Submission 18, p. 9.
[10]
Abacus – Australian Mutuals, Submission 38, p. 4.
[11]
Consumer Action Law Centre, Submission 20, p. 14; Consumer Credit
Legal Centre (NSW) Inc, Submission 47, p. 10; Redfern Legal Centre, Submission
18, p. 9.
[12]
Redfern Legal Centre, Submission 18, p. 9.
[13]
Consumer Credit Legal Centre (NSW) Inc, Submission 47, p. 11.
[14]
Redfern Legal Centre, Submission 18, p. 9.
[15]
Anglicare Victoria, Submission 39, p. 8.
[16]
Consumer Action Law Centre, Submission 20, p. 14.
[17]
Consumer Action Law Centre, Submission 20, p. 15; Consumer Credit
Legal Centre (NSW) Inc, Submission 47, p. 11.
[18]
Consumer Action Law Centre, Submission 20, p. 15.
[19]
Consumer Credit Legal Centre (NSW) Inc, Submission 47, p. 11.
[20]
National Legal Aid, Submission 19, p. 5.
[21]
Redfern Legal Centre, Submission 18, p. 9.
[22]
Australian Finance Conference, Supplementary Submission 29a, p. 12.
[23]
Australian Finance Conference, Supplementary Submission 29a, p. 2.
[24]
Australian Finance Conference, Supplementary Submission 29a, p. 12.
[25]
Australian Finance Conference, Supplementary Submission 29a, p. 12.
Chapter 5 - Introduction of caps and new regulations for certain kinds of credit contracts
[1]
Council of Australian Governments, Communiqué 2 October 2008, http://www.coag.gov.au/coag_meeting_outcomes/2008-10-02/index.cfm#regulat
(accessed 11 October 2011).
[2]
Treasury, National Credit Reform: Enhancing confidence and fairness
in Australia's credit laws – Green paper, July 2010, Chapter 5.
[3]
Explanatory Memorandum, Consumer Credit and Corporations Legislation
Amendment (Enhancements) Bill 2011, Chapter 11: Regulation Impact Statement
June 2011, paragraphs 11.1 – 11.2.
[4]
Explanatory Memorandum, Consumer Credit and Corporations Legislation
Amendment (Enhancements) Bill 2011, Chapter 11: Regulation Impact Statement
June 2011, paragraphs 11.117.
[5]
The Hon Bill Shorten MP, Assistant Treasurer, Minister for Financial
Services and Superannuation, 'Reforms to payday lending', Media release 123, 25
August 2011.
[6]
The Hon Bill Shorten, Assistant Treasurer, Minister for Financial
Services and Superannuation, House of Representatives Hansard, 21
September 2011, p. 10952.
[7]
Consumer Credit and Corporations Legislation Amendment (Enhancements)
Bill 2011, clause 2.
[8]
Consumer Credit and Corporations Legislation Amendment (Enhancements)
Bill 2011, Schedule 3, item 1, subclause 5(1).
[9]
Consumer Credit and Corporations Legislation Amendment (Enhancements)
Bill 2011, Schedule 3, item 3, clause 124A.
[10]
The value of a penalty unit is established by section 4AA of the Crimes
Act 1914. One penalty unit is $110. A civil penalty is an alternative to a
criminal offence. The penalty is a fine imposed by a court.
[11]
Consumer Credit and Corporations Legislation Amendment (Enhancements) Bill
2011, Schedule 3, item 4, clause 133CA.
[12]
Explanatory Memorandum, Consumer Credit and Corporations Legislation
Amendment (Enhancements) Bill 2011, paragraph 4.35.
[13]
Consumer Credit and Corporations Legislation Amendment (Enhancements) Bill
2011, Schedule 3, item 3, clause 124B; Schedule 3, item 4, clause 133CB.
[14]
Consumer Credit and Corporations Legislation Amendment (Enhancements) Bill
2011, Schedule 3, item 4, clause 133C.
[15]
Explanatory Memorandum, Credit and Corporations Legislation Amendment
(Enhancements) Bill 2011, paragraph 4.45.
[16]
Consumer Credit and Corporations Legislation Amendment (Enhancements) Bill
2011, Schedule 3, item 3, clause 124C; Schedule 3, item 4, clause 133CD.
[17]
Consumer Credit and Corporations Legislation Amendment (Enhancements) Bill
2011, Schedule 3, item 4.
[18]
Consumer Credit and Corporations Legislation Amendment (Enhancements) Bill
2011, clause 2.
[19]
Consumer Credit and Corporations Legislation Amendment (Enhancements) Bill
2011, Schedule 4, item 12, clause 31A.
[20]
Consumer Credit and Corporations Legislation Amendment (Enhancements) Bill
2011, Schedule 4, item 15, clause 39A and clause 39B. 'Adjusted credit amount'
is defined at Schedule 4, item 20, as 'the first amount of credit that is, or
is to be, provided under the contract but does not include the amount of a
permitted establishment fee, or a permitted monthly fee, payable in relation to
the contract, and the prohibited credit amount, and any other amount prescribed
by the regulations'.
[21]
Consumer Credit and Corporations Legislation Amendment (Enhancements) Bill
2011, Schedule 4, item 4, clause 23A.
[22]
Consumer Credit and Corporations Legislation Amendment (Enhancements) Bill
2011, Schedule 4, items 6 and 7.
[23]
Consumer Credit and Corporations Legislation Amendment (Enhancements) Bill
2011, Schedule 4, item 8, clause 24A.
[24]
Consumer Credit and Corporations Legislation Amendment (Enhancements) Bill
2011, Schedule 4, item 8, clause 24A.
[25]
Explanatory Memorandum, Consumer Credit and Corporations Legislation
Amendment (Enhancements) Bill 2011, paragraph 5.36.
[26]
Explanatory Memorandum, Consumer Credit and Corporations Legislation
Amendment (Enhancements) Bill 2011, Table: 'Comparison of key features of new
law and current law', p. 62.
[27]
Treasury Discussion Paper: Maximum Annual Cost Rate (The
secretariat has not received an official copy of this discussion paper. A copy
is available at NFSF, Supplementary Submission 22A, Appendix 2, p. 13).
[28]
Treasury Discussion Paper: Maximum Annual Cost Rate (The
secretariat has not received an official copy of this discussion paper. A copy
is available at NFSF, Supplementary Submission 22A, Appendix 2, p. 13).
[29]
Cash Converters, Submission 27, p. 3; Ms Catriona Lowe, Co-Chief
Executive Officer, Consumer Action Law Centre and Mr Gerard Brody, Director
Policy and Campaigns, Consumer Action Law Centre, Committee Hansard, 24 October
2011, p. 38.
[30]
Cash Converters, Submission 27, Attachment 3; Professor Stephen
Corones et al, Phase two of the national credit reforms examining the
regulation of payday lenders, March 2011, Queensland University of
Technology, p. 7.
[31]
National Financial Services Federation, Submission 22, p. 1.
[32]
Cash Converters, Submission 27, Attachment 3, Professor Stephen
Corones et al, Phase two of the national credit reforms examining the
regulation of payday lenders, March 2011, Queensland University of
Technology, p. 7.
[33]
Cash Converters, Submission 27, p. 3. P. 58.
[34]
Mr Ian Day, General Manager, Cash Converters International, Proof Committee
Hansard, 24 October 2011, p.
[35]
The Cash Store, Submission 42, p. 2.
[36]
Cash Converters, Submission 27, p. 3; The Cash Store, Submission
42, p. 2.
[37]
Money 3, Submission 7, p. 1; 8.
[38]
Can Do Credit Pty Ltd, Submission 15, p. 1.
[39]
Action Cash, Submission 36, p. 1.
[40]
Moneyplus, Submission 12, p. 2.
[41]
First Stop Money, Submission 17, p. 3.
[42]
Ms Lucy Auchincloss, Commercial Director, First Stop Money, Committee
Hansard, 24 October 2011, p. 54.
[43]
Ms Lucy Auchincloss, First Stop Money, Committee Hansard,
24 October 2011, p. 55.
[44]
First Stop Money, additional information received 25 October 2011, p. 1.
[45]
Mr Daniel Shteyn, Managing Director, Dollars Direct, Committee Hansard,
24 October 2011, p. 61.
[46]
Mr Daniel Shteyn, Dollars Direct, Committee Hansard,
24 October 2011, p. 60.
[47]
Cash Doctors, Submission 33, p. 2.
[48]
Cash Doctors, Submission 33, p. 2.
[49]
Mr Gregory Ellis, Co-Chief Executive Officer, Cash Doctors;
Mr Sean Teahan, Co-Chief Executive Officer, Cash Doctors, Committee
Hansard, 24 October 2011, p. 21.
[50]
Super Nexus Pty Ltd, Submission 24, p. 8).
[51]
Mrs L Pozzebon, Submission 30, p. 2.
[52]
Cash Converters, Submission 27, p. 2.
[53]
First Stop Money, Submission 17, p. 3.
[54]
Mr Daniel Shteyn, Dollars Direct, Committee Hansard, 24 October 2011,
p. 61.
[55]
Can Do Credit Pty Ltd, Submission 15, p. 1.
[56]
Action Finance, Submission 36, p. 1.
[57]
Mr Daniel Shteyn, Dollars Direct, Committee Hansard,
24 October 2011, p. 61.
[58]
Mr Phillip Smiles, Consultant, Financiers Association of Australia, Committee
Hansard, 24 October 2011, p. 18.
[59]
Explanatory Memorandum, Consumer Credit and Corporations Legislation
Amendment (Enhancements) Bill 2011, Chapter 11: Regulation Impact Statement
June 2011, paragraph 11.3.
[60]
Explanatory Memorandum, Consumer Credit and Corporations Legislation
Amendment (Enhancements) Bill 2011, Chapter 11: Regulation Impact Statement
June 2011, paragraph 11.3.
[61]
Marcus Banks, Caught Short: Exploring the role of small, short-term
loans in the lives of Australians, Interim Report, August 2011, RMIT
University.
[62]
Banks, Caught Short: Exploring the role of small, short-term loans in
the lives of Australians, Interim Report, p. 6.
[63]
Banks, Caught Short: Exploring the role of small, short-term loans in
the lives of Australians, Interim Report, p. 7.
[64]
Banks, Caught Short: Exploring the role of small, short-term loans in
the lives of Australians, Interim Report, p. 10.
[65]
Banks, Caught Short: Exploring the role of small, short-term loans in
the lives of Australians, Interim Report, p. 8.
[66]
Banks, Caught Short: Exploring the role of small, short-term loans in
the lives of Australians, Interim Report, p. 13.
[67]
Banks, Caught Short: Exploring the role of small, short-term loans in
the lives of Australians, Interim Report, p. 10.
[68]
Banks, Caught Short: Exploring the role of small, short-term loans in
the lives of Australians, Interim Report, p. 9.
[69]
Banks, Caught Short: Exploring the role of small, short-term loans in
the lives of Australians, Interim Report, p. 11.
[70]
Banks, Caught Short: Exploring the role of small, short-term loans in
the lives of Australians, Interim Report, p. 14.
[71]
Banks, Caught Short: Exploring the role of small, short-term loans in
the lives of Australians, Interim Report, p. 15.
[72]
Banks, Caught Short: Exploring the role of small, short-term loans in
the lives of Australians, Interim Report, pp 4 – 5.
[73]
Banks, Caught Short: Exploring the role of small, short-term loans in
the lives if Australians, Interim report, p. 11.
[74]
Banks, Caught Short: Exploring the role of small, short-term loans in
the lives of Australians, Interim Report, p. 18.
[75]
Banks, Caught Short: Exploring the role of small, short-term loans in
the lives of Australians, Interim Report, p. 17.
[76]
Banks, Caught Short: Exploring the role of small, short-term loans in
the lives of Australians, Interim Report, Figure 11: 'Borrowing
practices by recipient of Centrelink payment', p. 17.
[77]
Banks, Caught Short: Exploring the role of small, short-term loans in
the lives of Australians, Interim Report, p. 13.
[78]
Banks, Caught Short: Exploring the role of small, short-term loans in
the lives of Australians, Interim Report, p. 19.
[79]
Banks, Caught Short: Exploring the role of small, short-term loans in
the lives of Australians, Interim Report, p. 19.
[80]
Zac Gillam and the Consumer Action Law Centre, Payday loans: Helping
hand or quick sand? Examining the growth of high-cost short-term lending in
Australian, 2002 -2010, September 2010, http://www.consumeraction.org.au/downloads/PayDayLendingReport-FINAL.pdf
(accessed 1 November 2011).
[81]
Gillam et al, Payday loans: Helping hand or quicksand?, pp 36–39.
[82]
Gillam et al, Payday loans: Helping hand or quicksand?, pp 45, 49.
[83]
Gillam et al, Payday loans: Helping hand or quicksand?, p. 47.
[84]
The Henderson Poverty Line was defined in 1973 by the Commonwealth
Commission of Inquiry into Poverty as $62.70 per week for a family of two
adults and two dependent children. As of the June Quarter 2011, the Henderson
Poverty Line is defined as $838.59 per week for a family comprising two adults,
one of whom is working, and two dependent children. This figures is decreased
to $754.15 where an adult is not employed (University of Melbourne, Poverty
Lines: Australia, http://melbourneinstitute.com/miaesr/publications/indicators/poverty-lines-australia.html
(accessed 15 November 2011)).
[85]
Gillam et al, Payday loans: Helping hand or quicksand?, p. 53.
[86]
Gillam et al, Payday loans: Helping hand or quicksand?, pp 58–60.
[87]
Gillam et al, Payday loans: Helping hand or quicksand?, p. 60.
[88]
Gillam et al, Payday loans: Helping hand or quicksand?, p. 60.
[89]
National Australia Bank, Do you really want to hurt me? Exploring the
costs of fringe lending – a report on the NAB Small Loans Pilot, March
2010, p. 6.
[90]
National Australia Bank, Do you really want to hurt me? Exploring the
costs of fringe lending – a report on the NAB Small Loans Pilot, p. 6.
[91]
National Australia Bank, Do you really want to hurt me? Exploring the
costs of fringe lending – a report on the NAB Small Loans Pilot, p. 4.
[92]
Mr Ian Day, Cash Converters International, Committee Hansard,
24 October 2011, p. 58.
[93]
Moneyplus, Submission 12, p. 2.
[94]
Money 3, Submission 7, p. 2.
[95]
Money Centre, Submission 1, p. 2.
[96]
Fundco, Submission 35, p. 3.
[97]
Mr Daniel Shteyn, Dollars Direct, Committee Hansard,
24 October 2011, p. 59.
[98]
Mr Gregory Ellis, Cash Doctors, Committee Hansard, 24 October 2011,
p. 16.
[99]
Ms Lucy Auchincloss, First Stop Money, Committee Hansard,
24 October 2011, p. 52.
[100] St Luke's Anglicare, Submission
45, p. 4.
[101] Mr Robert Bryant, Chief
Executive Officer, Money 3, Committee Hansard,
24 October 2011,
p. 24.
[102] Action Cash, Submission
32, p. 2.
[103] St Luke's Anglicare, Submission
45, p. 4.
[104] St Luke's Anglicare, Submission
45, p. 7.
[105] Mr Gregory Ellis, Cash
Doctors, Committee Hansard, 24 October 2011, p. 16.
[106] Explanatory Memorandum,
Consumer Credit and Corporations Legislation Amendment (Enhancements) Bill
2011, Chapter 11: Regulation Impact Statement June 2011, paragraph 11.4.
[107] Explanatory Memorandum,
Consumer Credit and Corporations Legislation Amendment (Enhancements) Bill
2011, Chapter 11: Regulation Impact Statement June 2011, paragraph 11.29.
[108] St Luke's Anglicare, Submission
45, p. 6.
[109] Cash Converters, Submission
27, Attachment 3, Professor Stephen Corones et al, Phase two of the
national credit reforms examining the regulation of payday lenders, March
2011, Queensland University of Technology, pp 8 – 9.
[110] National Legal Aid, Submission
19, p. 2.
[111] Ms Catherine Uhr, Senior
Solicitor, Legal Aid Queensland, representing National Legal Aid, Committee
Hansard, 24 October 2011, p. 43.
[112] Consumer Action Law Centre, Submission
20, p. 2.
[113] National Financial Services
Federation, Submission 22, p. 20.
[114] Explanatory Memorandum,
Consumer Credit and Corporations Legislation Amendment (Enhancements) Bill
2011, Chapter 11: Regulation Impact Statement June 2011, paragraph 11.3.
[115] Consumer Action Law Centre, Submission
20, p. 4.
[116] Marcus Banks, Caught
Short: Exploring the role of small, short-term loans in the lives of
Australians, Interim Report, August 2011, RMIT University, p. 23.
[117] Cash Converters, Submission
27, p. 13; Super Nexus Pty Ltd, Submission 24, p. 2.
[118] Min-it Software / Financial
Association of Australia, Submission 34, p. 11.
[119] Super Nexus Pty Ltd, Submission
24, p. 2.
[120] Indigenous Money Mentor
Network, Submission 5, p. 1.
[121] Ms Felicia Andersen,
Community Care Sustainable Living Coordinator, Anglicare Sydney, Committee
Hansard, 24 October 2011, pp 67–68.
[122] Redfern Legal Centre, Submission
18, Attachment 1, p. 5.
[123] Consumer Action Law Centre, Supplementary
Submission 20a, p. 2.
[124] Consumer Action Law Centre, Submission
20, p. 7.
[125] Fair Finance Australia, Submission
51, p. 1.
[126] National Legal Aid, answer
to question on notice, 24 October 2011 (received 4 November 2011).
[127] For example, Consumer Credit
Legal Centre (NSW) Inc, Submission 47, p. 2; Financial Counselling
Australia, Submission 49, p. 2.
[128] Anglicare Victoria, Submission
39, p. 5.
[129] Ms Catherine Uhr, National
Legal Aid, Committee Hansard, 24 October 2011, p. 43.
[130] Ms Catherine Uhr, National
Legal Aid, Committee Hansard, 24 October 2011, p. 44.
[131] Financial and Consumer
Rights Council Inc, Submission 28, Attachment 1, page 1.
[132] Redfern Legal Centre, Submission
18, Attachment 1, p. 5.
[133] Consumer Action Law Centre, Supplementary
Submission 20a, pp 1–2.
[134] Consumer Action Law Centre, Submission
20, p. 7.
[135] Good Shepherd Youth and
Family Services, Submission 23, p. 6.
[136] Financial Counselling
Australia, Submission 49, p. 2.
[137] Financial Counselling
Australia, Submission 49, Attachment 1, Financial Counselling Australia,
What financial Counsellors say about payday lending, October 2011, p.
10.
[138] Consumer Credit Legal Centre
(NSW) Inc, Submission 47, p. 3.
[139] Consumer Action Law Centre, Submission
20, p. 1.
[140] Financial Counselling
Australia, Submission 49, p. 1.
[141] Financial Counselling
Australia, Submission 49, Attachment 1, Financial Counselling Australia,
What financial Counsellors say about payday lending, p. 8.
[142] Financial Counselling
Australia, Submission 49, Attachment 1, Financial Counselling Australia,
What financial Counsellors say about payday lending, October 2011, p. 6.
[143] Good Shepherd Youth and
Family Services, answer to question on notice (24 October 2011)
received 2 November 2011.
[144] Mr Paul McDonald, Chief
Executive Officer, Anglicare Victoria, Committee Hansard,
24 October 2011, p. 67.
[145] Ms Felicia Andersen,
Community Care Sustainable Living Coordinator, Anglicare Sydney, Committee
Hansard, 24 October 2011, p. 69.
[146] Redfern Legal Centre, Submission
18, Attachment 1, p. 6.
[147] Indigenous Money Mentor
Network, Submission 5, p. 1.
[148] National Legal Aid, Submission
19, p. 3.
[149] Redfern Legal Centre, Submission
18, Attachment 1, p. 4.
[150] Consumer Credit and
Corporations Legislation Amendment (Enhancements) Bill 2011, Schedule 4, item
15, clause 39B.
[151] Mr Christian Mikula,
Manager, Consumer Credit Unit, Retail Investor Division, Treasury, Committee
Hansard, 24 October 2011, p. 75. The committee considers that this would
limit the repayment amount to the principal lent plus an additional amount not
exceeding the principal.
[152] Anglicare Victoria, Submission
39, p. 5.
[153] Fundco, Submission 35,
p. 3.
[154] First Stop Money, additional
information, received 25 October 2011, p. 1.
[155] Mr Robert Bryant, Chief
Executive Officer, Money 3, Committee Hansard,
24 October 2011,
p. 26.
[156] Moneyplus, Submission 12,
p. 3.
[157] Mr Robert Bryant, Money 3, Committee
Hansard, 24 October 2011, p. 22.
[158] National Financial Services
Federation, Submission 22, p. 12.
[159] National Financial Services
Federation, Submission 22, p. 12.
[160] Financiers' Association of
Australia, Submission 40, p. 28.
[161] St Luke's Anglicare, Submission
45, p. 6.
[162] Financial Counselling
Australia, Submission 49, Attachment 1, Financial Counselling Australia,
What financial Counsellors say about payday lending, October 2011, p. 6.
[163] Ms Catriona Lowe, Co-Chief
Executive Officer, Consumer Action Law Centre, Committee Hansard, 24
October 2011, p. 34.
[164] Consumer Action Law Centre, Submission
20, p. 13.
[165] Financiers' Association of
Australia, Submission 40, pp 32–33.
[166] Cash Converters, Submission
27, pp 5–6; First Stop Money, Submission 17, p. 1; Min-it Software, Submission
34, p. 10.
[167] Can Do Credit, Submission
15, p. 2.
[168] Cash Converters, Submission
27, p. 9.
[169] Mr Peter Cumins, Managing
Director, Cash Converters, Committee Hansard, 24 October 2011,
p. 53.
[170] Quoted in National Financial
Services Federation, Submission 22, p. 4.
[171] First Stop Money, Submission
17, p. 1.
[172] Money Centre, Submission
1, p. 3.
[173] Prof Stephen Corones, Phase
Two of the National Credit Reforms Examining the Regulation of Payday Lenders,
(March 2011) http://www.ljrc.law.qut.edu.au/files/PhaseIICreditReforms-regulationofPaydayLending.pdf,
p. 56.
[174] Australian Finance
Conference, Submission 29, p. 2.
[175] Cash Converters, Submission
27, p. 6; National Financial Services Federation, Submission 22, p.
6.
[176] Explanatory Memorandum,
Consumer Credit and Corporations Legislation Amendment (Enhancements) Bill 2011,
Chapter 11: Regulation Impact Statement June 2011,
paragraphs 11.108–11.111.
[177] FAA/Industry/Smiles Turner
Delegation, Supplementary Submission, pp 4, 8.
[178] National Financial Services
Federation, Submission 22, p. 13; p. 14.
[179] National Financial Services
Federation, Submission 22, p. 13; p. 14.
[180] Australian Bankers'
Association, Submission 43, p. 16.
[181] Australian Finance
Conference, Supplementary Submission 29a, p. 11.
[182] Mr Phillip Smiles,
Consultant, Financiers' Association of Australia, Committee Hansard,
24 October 2011, p. 18.
[183] Cash Converters, Submission
27, pp 9–10.
[184] First Stop Money, Submission
17, p. 9.
[185] Cash Converters, Submission
27, pp 9–10
[186] Fast Access Finance, Submission
13, p. 17.
[187] Mr Paul Baril, Committee
Member, Financiers' Association of Australia, Committee Hansard, 24
October 2011, p. 20.
[188] Cash Converters, Submission
27, p. 6. See also First Stop Money, Submission 17, p. 9.
[189] Mr David Prosser, Chief
Executive Officer, Moneyplus, Committee Hansard,
24 October 2011, p. 28.
[190] Mr Phillip Smiles,
Consultant, Financiers' Association of Australia, Committee Hansard,
24 October 2011, p. 28.
[191] First Stop Money, Submission
17, p. 9.
[192] First Stop Money, Submission
17, p. 9.
[193] Action Cash, Submission
32, p. 3.
[194] Can Do Credit, Submission
15, p. 2.
[195] Fundco, Submission 35,
p. 3.
[196] First Stop Money, Submission
17, p. 11.
[197] First Stop Money, Submission
17, p. 12.
[198] Fundco, Submission 35,
p. 3.
[199] Action Finance, Submission
36, p. 1.
[200] See, for example, Min-it
Software, Submission 34, p. 21.
[201] Mr Paul Baril, Committee
Member, Financiers' Association of Australia, Committee Hansard, 24
October 2011, p. 19.
[202] Mr Paul Baril, Financiers'
Association of Australia, Committee Hansard, 24 October 2011,
p. 19.
[203] Money 3, Submission 7,
p. 3.
[204] First Stop Money, Submission
17, p. 13.
[205] First Stop Money, Submission
17, p. 14.
[206] Super Nexus Pty Ltd, Submission
24, pp 2–3.
[207] Super Nexus Pty Ltd, Submission
24, p. 2.
[208] Cash Converters, Submission
27, p. 7.
[209] Cash Converters, Submission
27, pp 7–8. Do you really want to hurt me? Exploring the costs of fringe
lending—A report on the NAB Small Loans Pilot (March 2010), p. 41.
[210] Cash Converters, Submission
27, p. 13.
[211] Mr Cumins, Managing
Director, Cash Converters International, Committee Hansard,
24 October 2011, p. 53.
[212] Mr Phillip Smiles,
Financiers' Association of Australia, Committee Hansard,
24 October 2011, p. 18.
[213] Money Centre, Submission
1, p. 3.
[214] Action Finance, Submission
36, p. 1.
[215] Action Cash, Submission
32, p. 1.
[216] Financiers' Association of
Australia, Submission 40, p. 21.
[217] Financiers' Association of
Australia, Submission 40, p. 17.
[218] Action Cash, Submission
32, p. 3.
[219] Super Nexus Pty Ltd, Submission
24, Attachment A, p. 2.
[220] Mr Paul Baril, Financiers'
Association of Australia Committee Hansard, 24 October 2011,
pp 19–20.
[221] First Stop Money, Submission
17, p. 14.
[222] Financiers' Association of
Australia, Submission 40, p. 18.
[223] Mr Christian Mikula,
Manager, Consumer Credit Unit, Retail Investor Division, Department of the
Treasury, Committee Hansard, 24 October 2011, p. 73.
[224] Mr Phillip Smiles,
Consultant, Financiers' Association of Australia, Committee Hansard,
24 October 2011, p. 18.
[225] Mr Robert Bryant, Committee
Hansard, 24 October 2011, p. 17.
[226] Cash Converters, Submission
27, Attachment 4, p. 15.
[227] Australian Finance
Conference, Supplementary Submission 29a, p. 9.
[228] Australian Bankers'
Association, Submission 43, pp 16–17.
[229] Financiers' Association of
Australia, Submission 40, p. 28.
[230] Do you really want to
hurt me? Exploring the costs of fringe lending—A report on the NAB Small
Loans Pilot (March 2010), p. 13.
[231] Do you really want to
hurt me? Exploring the costs of fringe lending—A report on the NAB Small
Loans Pilot (March 2010), p. 5.
[232] Cash Converters, Submission
27, Attachment 1, Anna Ellison and Robert Forster, The impact of
interest rate ceilings, p. 7.
[233] Mr David Prosser, Moneyplus,
Committee Hansard, 24 October 2011, p. 17.
[234] Explanatory Memorandum,
Consumer Credit and Corporations Legislation Amendment (Enhancements) Bill
2011, Chapter 11: Regulation Impact Statement June 2011, paragraph 1.143.
[235] See for example, National
Financial Services Federation, Submission 22, p. 7ff; First Stop Money,
Submission 17, p. 15; Cash Converters, Submission 27, pp 8–9.
[236] Cash Converters, Submission
27, p. 9.
[237] Cash Converters, Submission
27, p. 9.
[238] National Financial Services
Federation, Submission 22, p. 9.
[239] Mr Baril, Committee
Hansard, 24 October 2011, p. 19.
[240] National Financial Services
Federation, Submission 22, p. 18.
[241] National Financial Services
Federation, Submission 22, p. 18.
[242] Financiers' Association of
Australia, Submission 40, p. 28.
[243] First Stop Money, Submission
17, p. 15.
[244] First Stop Money, Submission
17, p. 15.
[245] Cash Converters, Submission
27, p. 8.
[246] Cash Converters, Submission
27, p. 9.
[247] Money 3, Submission 7,
p. 3; National Financial Services Federation, Submission 22, p. 7.
[248] National Financial Services
Federation, Submission 22, p. 7.
[249] Money 3, Submission 7,
p. 6.
[250] National Financial Services
Federation, Supplementary Submission 22a, p. 1.
[251] National Financial Services
Federation, Supplementary Submission 22a, p. 10.
[252] Financier's Association of
Australia, Supplementary Submission 40a, p. 1.
[253] Financiers' Association of
Australia, Supplementary Submission 40a, p. 17.
[254] Australian Finance
Conference, Supplementary Submission 29a, p. 11.
[255] Australian Finance
Conference, Supplementary Submission 29a, p. 11.
[256] Cf. Banks, Caught Short:
Exploring the role of small, short-term loans in the lives if Australians –
Interim report, p. 14
[257] Dr Miller, Section Manager,
Innovation and Design, Money Management Branch, FaHCSIA, Committee Hansard,
24 October 2011, p. 73.
[258] Dr Miller, Section Manager,
Innovation and Design, Money Management Branch, FaHCSIA, Committee Hansard,
24 October 2011, p. 73.
[259] Ms Catriona Lowe, Committee
Hansard, 24 October 2011, p. 37.
[260] Ms Catriona Lowe and Mr
Gerard Brody, Director, Policy and Campaigns, Consumer Action Law Centre, Committee
Hansard, 24 October 2011, p. 38.
[261] Good Shepherd Youth and
Family Services, Loans, http://www.goodshepvic.org.au/stepupandnils
(accessed 4 November 2011).
[262] Good Shepherd Youth and
Family Services, Loans, http://www.goodshepvic.org.au/stepupandnils
(accessed 4 November 2011).
[263] Department of Human
Services, Centrepay, http://www.centrelink.gov.au/internet/internet.nsf/services/centrepay.htm
(accessed 17 October 2011). See also Department of Human Services, Submission
37, pp 6–7.
[264] For more on this scheme see
Department of Human Services, Submission 37, pp 3–4.
[265] The Hon Bill Shorten MP,
Assistant Treasurer, Minister for Financial Services and Superannuation,
'Reforms to payday lending', Media release no. 123, 25 August 2011.
[266] Community Sector Banking, Submission
11, p. 3.
[267] 'Reforms to Payday Lending',
Media Release No. 123, the Hon. Bill Shorten, MP.
[268] Community Sector Banking, Submission
11, p. 3.
[269] Community Sector Banking, Submission
11, p. 3.
[270] Fair Finance Australia, Submission
51, p. 2.
[271] Department of Human
Services, Submission 37, p. 8.
[272] DHS, Submission 37,
p. 6.
[273] DHS, Submission 37,
p. 8.
[274] Can Do Credit Pty Ltd, Submission
15, p. 2.
[275] Money 3, Submission 7,
p. 2.
[276] Mr Phillip Smiles,
Consultant, Financiers' Association of Australia, Committee Hansard,
24 October 2011, p. 19.
[277] Mr Robert Bryant, Money 3, Committee
Hansard, 24 October 2011, p. 19.
[278] Cash Doctors, answer to
question on notice, 24 October 2011 (received 3 November 2011).
[279] Parliamentary Joint
Committee on Corporations and Financial Services, Access for small and medium
business to finance, April 2011, Chapter three, p. 19.
Chapter 6 - Other matters
[1]
Explanatory Memorandum, Consumer Credit and Corporations Legislation
Amendment (Enhancements) Bill 2011, paragraph 2.58.
[2]
Explanatory Memorandum, Consumer Credit and Corporations Legislation
Amendment (Enhancements) Bill 2011, paragraph 2.63.
[3]
Mr Ian Gilbert, Policy Director, ABA, Committee Hansard, 24
October 2011, p. 14.
[4]
Consumer Action Law Centre, Submission 20, p. 17.
[5]
Redfern Legal Centre, Submission 18, p. 6.
[6]
National Consumer Credit Protection Amendment (Home Loans and Credit
Cards) Act 2011, s. 133BC.
[7]
Mr Gilbert, ABA, Committee Hansard, 24 October 2011, p. 14.
[8]
ABA, Submission 43, p. 13.
[9]
Mr Gilbert, ABA, Committee Hansard, 24 October 2011, pp 13–14.
[10]
Explanatory Memorandum, Consumer Credit and Corporations Legislation
Amendment (Enhancements) Bill 2011, paragraph 2.79.
[11]
Abacus Australian Mutuals, Submission 38, p. 3.
[12]
Anglicare Victoria, Submission 39, p. 4.
[13]
Consumer Action Law Centre, Submission 20, p. 17.
[14]
Parliamentary Joint Committee on Corporations and Financial Services, Inquiry
into financial products and services in Australia, November 2009.
[15]
Explanatory Memorandum, Consumer Credit and Corporations Legislation
Amendment (Enhancements) Bill 2011, paragraph 2.29.
[16]
Regulation Impact Statement: Phase two of the national consumer credit
reforms, Explanatory Memorandum, Consumer Credit and Corporations Legislation
Amendment (Enhancements) Bill 2011, paragraphs 9.238–9.239.
[17]
Aussie, Submission 10, p. 3; Consumer Action Law Centre, Submission
20, p. 16; Consumer Credit Legal Centre (NSW) Inc, Submission 47, p.
12; Good Shepherd Youth and Family Services p. 4.
[18]
Consumer Action Law Centre, Submission 20, p. 16.
[19]
Consumer Credit Legal Centre (NSW) Inc, Submission 47, p. 12.
[20]
Consumer Action Law Centre, Submission 20, pp 17–18.
[21]
Good Shepherd Youth and Family Services p. 5.
[22]
ANZ, Submission 41, p. 4.
[23]
Item 2, Schedule 7, Consumer Credit and Corporations Legislation Amendment
(Enhancements Bill) 2011.
[24]
Item 12, Schedule 1, Corporations Amendment (Improving Accountability on
Director and Executive Remuneration) Bill 2011.
[25]
Explanatory Memorandum, Consumer Credit and Corporations Legislation Amendment
(Enhancements Bill) 2011, paragraphs 8.1 – 8.2.
[26]
Explanatory Memorandum, Consumer Credit and Corporations Legislation Amendment
(Enhancements Bill) 2011, paragraphs 8.3.
[27]
AFC, Submission 29, p. 2.
[28]
Chartered Secretaries Australia, Submission 50, pp 2–3.
[29]
Australian Institute of Company Directors, Submission 9, p. 1.
Chapter 7 - Unsolicited residential sale of credit dependent products
[1]
Australian Finance Conference, Supplementary Submission 29a; A
Better Chance Pty Ltd, Submission 46; Direct Selling Association of
Australia, Submission 31; Tony Davis and Associates, Submission
48; UCFS Australia Pty Ltd, Submission 6.
[2]
Direct Selling Association of Australia, Submission 31, p. 1.
[3]
Treasury, Exposure Draft National Consumer Credit Protection
Amendment (Enhancements) Bill 2011, Commentary on amendments: Enhancements,
5 August 2011, p. 5.
[4]
Direct Selling Association of Australia, Submission 31, p. 1.
[5]
A Better Chance Pty Ltd, Submission 46, p. 2.
[6] Treasury, Exposure
Draft National Consumer Credit Protection Amendment (Enhancements) Bill 2011,
Commentary on amendments: Enhancements, 5 August 2011, p. 3.
[7]
Direct Selling Association of Australia, Submission 31, p. 3.
[8]
A Better Chance Pty Ltd, Submission 46, p. 2.
[9]
UCFS Australia, Submission 6, p. 2.
[10]
Tony Davis and Associates, Submission 48, p. 2.
[11]
AFC, Supplementary Submission, p. 7.
[12]
Direct Selling Association of Australia, Submission 31, pp 1–2.
Additional Comments by Coalition Members and Senators
[1] Money3, Submission
7, p 2.
[2] Bill
Shorten, Media Release, 25/8/11, ‘Reforms to Payday Lending’
[3] Committee
Hansard, 24 October 2011, pp 38-39
[4] Committee
Report, paragraphs 5.72-5.76.
[5] Ian Day,
Cash Converters International, Committee Hansard,
24 October 2011, p. 58.
[6] Australian
Bankers’ Association, Submission 43, p 16
[7] Committee
Report para 5.180
[8] Fair
Finance Australia, Submission51, p 1.
[9] Committee
Hansard, 24 October 2011, p. 77.
Appendix 3 - Clause 156 – Exposure Draft of the National Consumer Credit Protection Amendment (Enhancements) Bill 2011
[1]
Treasury, Exposure Draft National Consumer Credit Protection
Amendment (Enhancements) Bill 2011, Commentary on amendments: Enhancements,
5 August 2011, pp 3 - 4.
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