Property Finance – Lenders are required to be registered
The National Consumer Protection Act has new guidelines which have taken effect from the 1 July 2010.
The Australian Securities Investments Commission (ASIC) has now been appointed the national regulator for financing, broking and consumer credit. This step takes the responsibility away from the states and makes this a national licensing regime. All providers of consumer credit, brokers and intermediaries must obtain a licence along with complying with other conditions.
Those already in the business before 1 July 2010 should have registered with the ASIC before 30 June 2010. By 31 December all those in the business prior to 30 june 2010 should have received their credit licence and from 1 July 2010 any new participants in the credit industry will have to apply and receive their Australian Credit Licence before they can provide credit services.
This national legislation will most certainly make it easier for property investors who are investing in the different states and territories.
More information regarding this credit change is available at www.asic.gov.au.
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