The new consumer credit law in Australia

Chun Yau, Clement SHUM, University of Newcastle, Australia

Abstract

This article aims to discuss the significant differences between the Australian Consumer Credit Code and the United Kingdom Consumer Credit Act 1974 (the “Act”). The New South Wales legislation is a part of the uniform scheme. The Consumer Credit (New South Wales) Act 1995, which received assent on June 8, 1995, contains the template legislation, the Consumer Credit Code, which features as a note to the New South Wales Act. The New South Wales legislature also passed the Consumer Credit Administration Act 1995 (No. 69 of 1995) to regulate credit providers under the Consumer Credit Code. The Consumer Credit Administration Act received assent on December 12, 1995. This article refers mainly to the position in New South Wales.