Consumer Credit Protection Amendment (Fees) Bill 2011
Information about the Inquiry
On 07 July 2011 the Senate referred the Consumer Credit Protection Amendment (Fees) Bill 2011 for inquiry and report.
Schedule 1 of the Bill amends the National Consumer Credit Protection Act 2009 to provide that:
· credit fees or charges relating to credit contracts must be reasonable; and
· the Australian Securities and Investments Commission may apply for a court order to annul or reduce a credit fee or charge it determines not to be reasonable.
Schedule 2 of the Bill amends the Banking Act 1959 to require the Australian Prudential Regulation Authority to prohibit banks with a market share of more than 10 per cent from imposing early termination fees in relation to loan agreements or mortgage contracts
Submissions should be received by 19 August 2011. The reporting date is 14 September 2011.
The Committee is seeking written submissions from interested individuals and organisations preferably in electronic form submitted online or sent by email to economics.sen@aph.gov.au as an attached Adobe PDF or MS Word format document. The email must include full postal address and contact details.
Alternatively, written submissions may be sent to:
Department of the Senate
PO Box 6100
Parliament House
Canberra ACT 2600
Australia
Notes to help you prepare your submission are available from the website at https://www.aph.gov.au/senate/committee/wit_sub/index.htm. Alternatively, the Committee Secretariat will be able to help you with your inquiries and can be contacted on telephone +61 2 6277 3540 or facsimile +61 2 6277 5719 or by email to economics.sen@aph.gov.au.
Inquiries from hearing and speech impaired people should be directed to Parliament House TTY number 02 6277 7799. Adobe also provides tools at http://access.adobe.com/ for the blind and visually impaired to access PDF documents. If you require any special arrangements to enable you to participate in the Committee's inquiry, please contact the Committee Secretariat.
Once the Committee accepts your submission, it becomes a confidential Committee document and is protected by Parliamentary Privilege. You must not release your submission without the Committee's permission. If you do, it will not be protected by Parliamentary Privilege. At some stage during the inquiry, the Committee normally makes submissions public and places them on its website. Please indicate if you want your submission to be kept confidential.
For further information, contact: Department of the Senate
PO Box 6100
Parliament House
Canberra ACT 2600
Australia