Summary
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; and
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.