Mandatory Comprehensive Credit Reporting draft Bill

By David Jacobson The Government has released an exposure draft National Consumer Credit Protection Amendment (Mandatory Comprehensive Credit Reporting) Bill 2018 for consultation.
The Bill amends the National Credit Act to establish a mandatory comprehensive credit reporting regime which will apply from 1 July 2018.
Who will it affect?
The mandatory regime applies to ‘eligible licensees’ which initially will be large ADIs and their subsidiaries that hold an Australian credit licence. An ADI is considered large where its total resident assets on a 3 year average are greater than $100 billion.
Other credit providers will be subject to the regime if they are prescribed in regulations.
What are …read more

Source:: Bright Law

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