What is the Consumer Credit Code?
The Consumer Credit Code was
developed in response to business and consumer concerns as a national initiative to standardise credit practice in Australia.
If you buy goods, services or land now and pay a charge for them later, then you are being provided with credit. You may have borrowed money from a bank, paid for the goods on a credit card or simply owe money to a business. If you pay a business for credit and use it mainly for personal, household or domestic purposes, the Consumer Credit Code will affect you.
The Consumer Credit Code covers a considerably wider range of credit transactions than previous laws. A credit provider is defined as any business which provides finance to purchase goods, services and land or to lease goods. The Consumer Credit Code applies to these credit providers if they charge for the credit and if their customers are individuals or residential strata corporations who use it mostly for personal, household or domestic purposes.
Read on for how the Consumer Credit Code affects you and your business.
|
