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Businesses Are People Too? Anomalies In Widening The Ambits Of "Consumer" Under Consumer Credit Law, Francina Cantatore, Brenda Marshall
Businesses Are People Too? Anomalies In Widening The Ambits Of "Consumer" Under Consumer Credit Law, Francina Cantatore, Brenda Marshall
Francina Cantatore
The Government’s Green Paper on National Credit reform canvasses the possibility of affording small businesses the same degree of protection as consumers under consumer credit legislation. Such a step will enable manufacturing businesses with fewer than 100 employees, and other businesses with fewer than 20 employees, to be treated as “consumers” with all the concomitant privileges that this classification implies, including the ability to rely on hardship provisions when unable to pay their debts. Small businesses already benefit from hardship provisions under compulsory external dispute resolution (EDR) scheme Rules imposed on consumer credit providers, with some anomalous results. The definition …
Businesses Are People Too? Anomalies In Widening The Ambits Of "Consumer" Under Consumer Credit Law, Francina Cantatore, Brenda Marshall
Businesses Are People Too? Anomalies In Widening The Ambits Of "Consumer" Under Consumer Credit Law, Francina Cantatore, Brenda Marshall
Francina Cantatore
The Government’s Green Paper on National Credit reform canvasses the possibility of affording small businesses the same degree of protection as consumers under consumer credit legislation. Such a step will enable manufacturing businesses with fewer than 100 employees, and other businesses with fewer than 20 employees, to be treated as “consumers” with all the concomitant privileges that this classification implies, including the ability to rely on hardship provisions when unable to pay their debts. Small businesses already benefit from hardship provisions under compulsory external dispute resolution (EDR) scheme Rules imposed on consumer credit providers, with some anomalous results. The definition …
Responsible Lending Compliance: A “Common Sense” Approach, Francina Cantatore
Responsible Lending Compliance: A “Common Sense” Approach, Francina Cantatore
Francina Cantatore
In the wake of the July 2013 Enhancements to the National Consumer Credit Protection Act it has been necessary for credit providers to review and update their responsible lending processes. A year later, it is timely to assess whether enough has been done, and to consider if lenders are compliant. Inevitably, some grey areas exist under the new law which lenders need to deal with, and this paper will address some of those issues. Responsible lending is not a new phenomenon. It has been in place for consumer credit loans for some time; however, the recent enhancements required a revision …
Avoiding The Pitfalls: Advertising In A Competitive Market, Francina Cantatore
Avoiding The Pitfalls: Advertising In A Competitive Market, Francina Cantatore
Francina Cantatore
The consumer credit industry is a competitive market which is facing challenging times in view of more stringent regulation in recent times. Advertising is an essential ingredient in generating business in this environment, thus an awareness of acceptable advertising parameters is important for credit providers. Not only do organisations face civil and criminal sanctions for transgressions of the legislation, but directors and managers may be personally liable for misleading or deceptive advertising. This paper deals with a discussion of advertising legislation and current developments; advertising interest rates and requirements for comparison rates; false or misleading advertising and ASIC Guidelines; including …
Businesses Are People Too? Anomalies In Widening The Ambits Of "Consumer" Under Consumer Credit Law, Francina Cantatore, Brenda Marshall
Businesses Are People Too? Anomalies In Widening The Ambits Of "Consumer" Under Consumer Credit Law, Francina Cantatore, Brenda Marshall
Francina Cantatore
This article examines the position of the small business as "consumer" under existing consumer protection legislation and the incongruities arising from this characterisation in the area of consumer credit regulation. While the inclusion of small businesses may be defensible under the Australian Consumer Law, it is contended that this is not the case in consumer credit regulation. It is arguable that such an inclusion impacts significantly on commercial dealings and could have a lasting effect on the availability of credit to small businesses. The effects of treating businesses as consumers in relation to consumer credit transactions are far-reaching, potentially affecting …
Businesses Are People Too? Anomalies In Widening The Ambits Of "Consumer" Under Consumer Credit Law, Francina Cantatore, Brenda Marshall
Businesses Are People Too? Anomalies In Widening The Ambits Of "Consumer" Under Consumer Credit Law, Francina Cantatore, Brenda Marshall
Francina Cantatore
The Government’s Green Paper on National Credit reform canvasses the possibility of affording small businesses the same degree of protection as consumers under consumer credit legislation. Such a step will enable manufacturing businesses with fewer than 100 employees, and other businesses with fewer than 20 employees, to be treated as “consumers” with all the concomitant privileges that this classification implies, including the ability to rely on hardship provisions when unable to pay their debts. Small businesses already benefit from hardship provisions under compulsory external dispute resolution (EDR) scheme Rules imposed on consumer credit providers, with some anomalous results. The definition …