Page 4942 - Week 15 - Thursday, 8 December 1994

Next page . . . . Previous page . . . . Speeches . . . . Contents . . . . Debates(HTML) . . . . PDF . . . .

PENALTY APPLICATION EITHER TO ASSIST THE COURT OR TO REPRESENT DEBTORS. IN THE EVENT THAT A STATE CONSUMER AFFAIRS AGENCY INTERVENES, ANY CIVIL PENALTY OR PART THEREOF AWARDED AGAINST A CREDIT PROVIDER CAN BE PAID INTO THE FINANCIAL COUNSELLING TRUST FUND.

THE FINANCIAL COUNSELLING TRUST FUND IS INTENDED TO PROVIDE A CENTRAL LOCATION FROM WHICH MONEYS CAN BE DISBURSED TO ASSIST CONSUMERS AND THEIR REPRESENTATIVES IN RELATION TO CREDIT MATTERS.

FINALLY, I SHOULD ALSO MENTION THAT LINKED CREDIT PROVIDER PROVISIONS, NOW CALLED RELATED SALE CONTRACTS, REMAIN AN INTEGRAL ELEMENT OF THE CONSUMER CREDIT CODE.

MADAM SPEAKER, ALTHOUGH I HAVE ATTEMPTED TO PROVIDE MEMBERS WITH AN OVERVIEW OF THE CODE, I HAVE BY NO MEANS DEALT WITH ALL OF THE IMPORTANT PROVISIONS. THE CODE PROVIDES A COMPREHENSIVE FRAMEWORK FOR ALL ASPECTS OF CONSUMER CREDIT LENDING. FROM THE CONSUMERS VIEWPOINT ITS CENTRAL PILLARS ARE COVERAGE OF ALL CREDIT CONTRACTS INCLUDING HOUSING LOANS, DISCLOSURE, ACCESSIBILITY TO USEFUL INFORMATION AND ENFORCEMENT AND REOPENING MECHANISMS WHICH TARGET AREAS OF DEMONSTRATED CONSUMER NEED.

FROM THE CREDIT PROVIDERS POINT OF VIEW, THIS LEGISLATION

IS NOT JUST A CONSUMER CREDIT CODE BUT A CODE OF GOOD

4942

Next page . . . . Previous page . . . . Speeches . . . . Contents . . . . Debates(HTML) . . . . PDF . . . .