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Full-Text Articles in Law
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 …
The Australian Consumer Law In The Digital Sphere, Francina Cantatore
The Australian Consumer Law In The Digital Sphere, Francina Cantatore
Francina Cantatore
Extract: Application of the Australian Consumer Law (ACL) Emerging issues – the Internet and Social Media Misleading or Deceptive Conduct (s 18) False or Misleading Representations about Goods or Services (s 29) Enforcement challenges and solutions
Balancing Consumer Protection And Commercial Viability: The Impact Of The New Hardship Provisions In The Nccp Enhancements Act, Francina Cantatore
Balancing Consumer Protection And Commercial Viability: The Impact Of The New Hardship Provisions In The Nccp Enhancements Act, Francina Cantatore
Francina Cantatore
This paper considers the impact of the new Hardship Provisions in the Consumer Credit Legislation Amendment (Enhancements) Bill 2012 (“the Bill”) on credit providers. It focuses on, firstly, identifying the scope of the amendments, which are distinctly consumer orientated; secondly, it examines problematic issues arising from the wording and application of the new provisions, including a discussion of refusals of and disagreements on hardship variations; and, lastly, it considers the impact of complaint fees charged by the External Dispute Resolution schemes, Financial Ombudsman Services (“FOS”) and Credit Ombudsman Services (“COSL”) [now Credit and Investments Ombudsman (“CIO”)].
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 …