Download the Signed Copy of the Act & Regs
The National Credit Amendment Act is now in effect and has a big impact on how companies dealing with debt review related matters and credit granting conduct business on a day to day basis.
The National Credit Amendment Act was first published without an effective date in mid 2014 and the publishing of the effective date has been much anticipated. There are no subsequent changes to the first printing other than the effective date and signature.
The new regulations and Act make provision for many more types of applications and forms to be used at the National Credit Tribunal (NCT) and allows them to hear matters to do with reckless credit. The National Credit Amendment Act also makes it illegal to sell prescribed debt to other companies to try collect on which has in the past been a very common practice. Consumers under debt review will be happy to see that it is now not possible for credit providers to try withdraw from a debt review court hearing through abuse of NCA Section 86(10) any longer.