The Commonwealth Government has introduced a credit reform package that includes the National Consumer Credit Protection Act (NCCP Act).  This will see the Commonwealth assume responsibility for consumer credit regulation and the Australian Securities and Investment Commission (ASIC) becomes the regulator in relation to consumer credit.
 
Members that provide credit or that have relationships with credit providers will need to consider the impact of the proposed reform on their activities and in particular, whether they will be required to obtain a new Australian credit licence and/or change their documents and procedures.  The regime is likely to be of more relevance to retirement village operators than aged care providers because of certain exemptions available to aged care providers.

For more information click the following link Commentary for ACQ Members