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Australian Federal Treasury moves to change the law so Banks don’t have to provide Information Statements to borrowers

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In April 2013 The Australian Federal Treasury released it’s views on changes that it wants made to Disclosure Requirements in the National Consumer Protection Act 2009. Read below to see what existing consumer rights Treasury intends should be stripped away from all borrowers:

‘ ISSUE 1- REMOVING THE REQUIREMENT TO PROVIDE THE INFORMATION STATEMENT

1.15. Lenders are currently required to provide an Information Statement of the debtor’s statutory rights and obligations to borrowers; see section 16 of the Code and Form 5 as prescribed by Regulation 70.

Previous Treasury consultations suggested that there was  little point in retaining this requirement (noting that the Information Statement  includes disclosure of the credit provider’s membership of an External Dispute  Resolution scheme, with this disclosure replicated in the Credit Guide).

1.16. Treasury therefore considers that the requirement to provide the Information Statement should be repealed.

Borrowers may lose all rights they had by law to obtain the key information which Banks and Lenders are currently required to be disclosed to borrowers in FORM 5.

Form 5 provides borrowers with critical information relating to their  loan contract and places obligations on lenders to provide borrowers with this information and copies of loan contract documents.

Here are a just couple of examples of some of the rights that consumers could loose when the law is changed to remove Form 5 from the existing Disclosure Requirements under the National Consumer Protection Act 2009:

The contract

1       How can I get details of my proposed credit contract?

Your credit provider must give you a precontractual statement containing certain information about your contract. The precontractual statement, and this document, must be given to you before your contract is entered into; or you make an offer to enter into the contract; whichever happens first.

2       How can I get a copy of the final contract?

If the contract document is to be signed by you and returned to your credit provider, you must be given a copy to keep. Also, the credit provider must give you a copy of the final contract within 14 days after it is made. This rule does not, however, apply if the credit provider has previously given you a copy of the contract document to keep.

If you want another copy of your contract, write to your credit provider and ask for one. Your credit provider may charge you a fee. Your credit provider has to give you a copy - within 14 days of your written request if the original contract came into existence 1 year or less before your request; or otherwise within 30 days of your written request.

 

These are just two examples - there is much more involved  - read all twenty five sections of FORM 5 to find out what loan information our Federal Treasury is proposing will be removed.

A link to Form 5 Information Statement is here:

http://www.comlaw.gov.au/Details/F2013C00243/Html/Text#_Toc356400343

A link to the Australian Federal Treasury’s Media Release is here:

http://www.treasury.gov.au/ConsultationsandReviews/Submissions/2013/Changes-to-disclosure-requirements-under-NCCP

And in case you are thinking about making a submission to Federal Treasury on this issue – forget it because the request for submission was put out in April with a closing date for submissions on  the 13th of May 2013.

 A link to the Australian Federal Treasury’s “Changes to Disclosure Requirements under the National Consumer Protection Act 2009” is here:

http://www.treasury.gov.au/~/media/Treasury/Consultations%20and%20Reviews/2013/Changes%20to%20disclosure%20requirements%20under%20the%20NCCP/Key%20Documents/PDF/DP_Disclosure_Requirements.ashx

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  • doyla66
    doyla66 Friday, 31 May 2013

    Disgraceful conduct by Treasury

    So Medcraft and Swan want to leave us with a little stinger to remember them by?
    Politeness prohibits my expressing what I think of the miscreants who devised this insidious piece of anti-consumer nastiness. Anything to stay in good with the Banks and make things as difficult as they can for borrowers seeking justice and compensation?
    Anyone applying for a loan or refinance should pay attention to this latest piece of perfidy. Don't apply for anything on line unless you have a printout of every piece of it, plus your own signature. Refuse to deal with Banks and other lenders who don't understand that what the potential customer wants is what they get and their legal rights under Contract Law.
    I recommend writing to Treasury, regardless of the cut off date, expressing our sentiments on this idiotic and patently inappropriate proposal. Cc the letter to your local member, Senators, Tony Abbott and anyone who might like your vote on the coming election.
    With any luck the proposal won't get legs before the election.
    Keep an eye out for all legislation being hurried through in the last few weeks of parliamentary business.

  • doyla66
    doyla66 Friday, 31 May 2013

    THEY'RE THE BANKSTER'S MATES LISA.
    The banks would feel they have more chance two idiots doing it then anyone else,
    so they will be trying to rush it through as fast as they possibly can..the bloody stinkers!
    And you know what else, they'll leave it to the banks to draw up the paperwork like they
    did with the mine bosses.
    What a bunch of MORONS

  • doyla66
    doyla66 Friday, 31 May 2013

    Sneaky! Sneaky! Sneaky! BFCSA is causing grief to the banks so now they are going to try to sneak this stuff in through the back door.

  • doyla66
    doyla66 Friday, 31 May 2013

    They seem to forget that without the people depositing and borrowing they have no power.
    Everyone should take all their money out and stop borrowing and then see how much power they have .
    They would soon have to change their tactics pretty quickly and start doing some serious crawling.
    But with me they can crawl all they like - i never want anymore to do with them once this is all over.

  • doyla66
    doyla66 Friday, 31 May 2013

    Yes :)
    We gave them the power - now we are taking that power back.
    We are braver than government and others who are afraid of upsetting Banks.

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