The Treasury has announced that the small amount credit contract (SACC) laws review panel is seeking views on the effectiveness of the laws relating to SACCs and whether a SACC database should be established. The panel are also calling for submissions on whether the provisions that apply to SACCs should be extended to consumer leases that are comparable to SACCs and, if so, how this would be achieved.
Closing date for submissions: Thursday, 15 October 2015
The review of small amount credit contract (SACC) laws and related provisions in the National Consumer Credit Protection Act 2009 was established on 7 August 2015 to consider the laws applying to SACCs and consumer leases which are comparable to SACCs.
The independent panel is undertaking a period of consultation to seek views on the effectiveness of the laws relating to SACCs and whether a SACC database should be established. The panel are also calling for submissions on whether the provisions that apply to SACCs should be extended to consumer leases that are comparable to SACCs and, if so, how this would be achieved.
The consultation paper can be found here.
