fbpx
Enquire Here

UCCC to NCCP Changes

Call Us
1300 136 947

Enquire Here

UCCC to NCCP Changes

Mar 30, 2010

The introduction of national regulation of consumer credit involves changes to the existing Uniform Consumer Credit Code which will have implications for lenders and brokers alike. While the National Consumer Credit Protection Act (NCCP) largely replicates the content of the UCCC there are some important differences. Listed below are some of the key differences between the UCCC and the NCCP:

 

 Uniform Consumer Credit Code 
 (UCCC)

National Consumer Credit Protection ACT
(NCCP)

 1) Credit for predominantly personal,
 domestic or household use.
 1) UCCC credit plus credit to purchase,
 renovate, improve or refinance residential
 property for investment purposes.
 2) Applies where debtor is resident of an
 Australian State or Territory.
 2) Applies where credit provider carries on
 business in Australia.
 3) No fringe lending provisions.  3) Bans security over household goods.
 4) Hardship threshold = $345,290
 (adjusts periodically)
 4) Hardship threshold = $500,000
 (Variable by regulation) 
 5) Business Purpose Declaration
 “Conclusive”.
 5) Business Purpose Declaration no
 longer conclusive. Criminal Penalties. 
 6) Regulator = State or Territory FTA or
 Consumer Affairs.
 6) Regulator = ASIC.

More Information

Courses

We are here to help you find the right course.

Information and Guides

Looking for more information and guides on our website? 

Online Enrolment

Your Finance and Mortgage Broking career starts here.

Don’t Wait Any Longer. 

Next Upcoming Event
9 November 2020
  • 00

    days

  • 00

    hours

  • 00

    minutes

  • 00

    seconds

Do NOT follow this link or you will be banned from the site!