Page 4943 - Week 15 - Thursday, 8 December 1994

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BUSINESS PRACTICE. IT CONTAINS PROVISIONS WHICH SHOULD REFLECT GOOD LENDING PRACTICES BUT AT THE SAME TIME IS FLEXIBLE ENOUGH AND SUFFICIENTLY CONTEMPORARY TO ENSURE THAT IT WILL POSE NO SIGNIFICANT PROBLEMS TO LENDER AND BORROWER RELATIONSHIPS, PRODUCT INNOVATION, COMPETITION OR THE DEVELOPMENT OF SENSIBLE PRICING DECISIONS.

MEMBERS ONLY HAVE TO LOOK AT THE INDEX TO THE LEGISLATION TO SEE THAT THE CODE DEALS WITH EVERYTHING FROM PRECONTRACTUAL DISCLOSURE AND ADVERTISING, THE FORM AND CONTENT OF CREDIT DOCUMENTATION, THE ENFORCEMENT OF OBLIGATIONS AND THE CHANGES TO THOSE OBLIGATIONS, AS WELL AS SUCH IMPORTANT ANCILLARY MATTERS AS HARASSMENT, RELATED SALE CONTRACTS AND RELATED INSURANCE CONTRACTS.

THE LEGISLATION IS WRITTEN IN PLAIN LANGUAGE AND SHOULD ASSIST THE COURTS, PROFESSIONS AND THE LENDING FRATERNITY.

THE CONSUMER CREDIT BILL 1994 AND THE CONSUMER CREDIT CODE REQUIRE AN ADMINISTRATION ACT TO PROVIDE THE "MACHINERY" PROVISIONS. IT HAS BEEN AGREED THAT THIS WILL NOT BE A UNIFORM EXERCISE. DUE TO THE LARGE LEGISLATION PROGRAM THE ADMINISTRATION BILL WILL NOT BE READY FOR INTRODUCTION INTO THE ASSEMBLY UNTIL EARLY IN 1995. THE ADMINISTRATION LEGISLATION WILL CARRY FORWARD

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