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From 1 January 2011 the Trade Practices Act 1974 is now called the Competition and Consumer Act 2010

Changes which will impact credit professionals include:

• Returning the definition of a ‘consumer’ (which applies to provisions of the ACL dealing with consumer guarantees, unsolicited consumer agreements, lay-by sales, the provision of itemised bills, continuing credit contracts and linked credit contracts) to apply to any person that purchases goods and services below $40,000 in value;
• As a consequence of the aforementioned amendment, allow suppliers and manufacturers to limit their liability in respect of goods not ordinarily acquired for personal, domestic or household use or consumption that fail to meet the standards required by consumer guarantees (in line with existing sections 68A and 74L of the TP Act);

It should be noted that these changes will mean that credit providers will need to ensure that their business purpose declarations address these new provisions. Read the rest of this entry »

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