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 |