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Consumer Credit (Western Australian) Amendment Bill 2001

Legislation Committee (2001 - 2005)· 23 October 2001general_report

The WA Legislation Committee reviewed the Consumer Credit (Western Australia) Amendment Bill 2001, which aimed to close a loophole exempting payday lenders from consumer credit regulations. The Bill sought to apply the Consumer Credit Code to payday loans by setting a maximum total cost of credit for loans under 62 days. The committee received submissions from community law services and social service organizations, supporting the bill's passage.

Impact

Consumers, particularly low-income individuals, will benefit from increased protection against unfair lending practices. Payday lenders will be subject to greater regulation and compliance requirements. Mainstream credit providers offering bridging finance will likely be unaffected.

financepublic_sectorconsumer creditpayday lendinginterest ratesconsumer protectionfinancial regulationshort-term loanscredit codelegislationfinancial hardshiploan contracts

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