Credit Contracts Legislation Amendment Bill

Bills are proposals to make a new law or to change an existing one. Only Parliament can pass a bill. Each bill goes through several stages, giving MPs and the public the chance to have their say.

This bill amends the Credit Contracts and Consumer Finance Act 2003 by strengthening requirements to lend responsibly, especially in relation to how affordability and suitability tests should be conducted, limiting the accumulation of interest and fees on high-cost loans, and providing new remedies and penalties for non-compliance.