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House of Representatives

National Consumer Credit Protection Bill 2009

Explanatory Memorandum

(Circulated by the authority of the Minister for Human Services Minister for Financial Services, Superannuation and Corporate Law the Hon Chris Bowen MP)

Glossary

The following abbreviations and acronyms are used throughout this explanatory memorandum.

Abbreviation Definition
AAT Administrative Appeals Tribunal
ABN Australian Business Number
ACL Australian credit licence
AD(JR) Administrative Decisions (Judicial Review) Act 1977
ADIs Authorised deposit-taking institutions
Agreement Uniform Credit Laws Agreement 1993
APRA Australian Prudential Regulation Authority
ASIC Australian Securities and Investments Commission
ASIC Act Australian Securities and Investments Commission Act 2001
ASX Australian Securities Exchange
COAG Council of Australian Governments
COAG agreement Agreement by COAG to the Commonwealth assuming responsibility for regulating mortgage credit (including non-deposit-taking institutions) and advice, including persons and corporations engaged in mortgage broking activities. The agreement also extends to the Commonwealth regulating margin loans.
Code National Credit Code
Consumer Credit Protection Reform Package National Consumer Credit Protection Bill 2009, National Consumer Credit Protection (Transitional and Consequential Provisions) Bill 2009, and the National Consumer Credit Protection (Fees) Bill 2009
Corporations Act Corporations Act 2001
Credit Bill National Consumer Credit Protection Bill 2009
Crimes Act Crimes Act 1914
EDR Scheme External Dispute Resolution Scheme
EFT Code Electronic Funds Transfer Code of Conduct
Fees Bill National Consumer Credit Protection (Fees) Bill 2009
FSR Financial Services Reform Act 2001
GST goods and services tax
IDR internal dispute resolution
LVR loan to value ratio
MCCA Ministerial Council on Consumer Affairs
MCR mandatory comparison rates
Minister Minister responsible for administering the Credit Bill determined in accordance with section 19A of the Acts Interpretation Act 1901
PC Productivity Commission
PC Report Productivity Commission's report on the Review of Australia's Consumer Policy Framework
Referral Bill State Bill referring powers over credit matters to the Commonwealth pursuant to section 51(xxxvii) of the Constitution
the Council Ministerial Council for Uniform Credit Laws
Transitional Bill National Consumer Credit Protection (Transitional and Consequential Provisions) Bill 2009
UCCC Uniform Consumer Credit Code enacted in Queensland by the Consumer Credit (Queensland) Act 1994 (Qld) and applied in States and Territories since 1996
VCAT Victorian Civil and Administrative Tribunal


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