ACCC

Australian Competition and Consumer Commission

ADI

Authorised Deposit-taking Institutions; corporations which are authorised under the Banking Act to engage in banking business and are prudentially regulated. ADIs include banks, building societies and credit unions

ASIC

Australian Securities and Investments Commission; among other things, the national regulator for consumer credit and finance broking

ASIC Act

Australian Securities and Investments Commission Act 2001

APRA

Australian Prudential Regulation Authority

APRA Act

Australian Prudential Regulation Authority Act 1998

Australian Consumer Law

national law relating to consumer protection, including unfair contract terms for standard form contracts; aspects of this law which are related to financial services are contained in the ASIC Act

Banking Act

Banking Act 1959

COAG

Council of Australian Governments

Code

see National Credit Code

MFAA

Mortgage and Finance Association of Australia

National Credit Code

national law relating to consumer credit; contained in Schedule 1 to the NCCP Act

NCCP Act

National Consumer Credit Protection Act 2009

NCCP Regulations

National Consumer Credit Protection Regulations 2010; made under the NCCP Act

Non-ADI

certain entities involved in the finance sector which are not ADIs, such as money market corporations (merchant banks), finance companies (which provide loans to households and small to medium-sized businesses) and securitisers

Regulatory Guide 220

guidance published by ASIC regarding its approach to the unconscionable fees and unfair contract terms laws

Schedule 1

unless otherwise specified, refers to Schedule 1 to this Bill

Schedule 2

unless otherwise specified, refers to Schedule 2 to this Bill

section 9 authority

authority granted by APRA under section 9 of the Banking Act for a corporation to be an ADI