Legislation to implement uniform national consumer credit amendments is progressing through the Western Australian Parliament.
Fair Trading Minister Doug Shave said the Consumer Credit (Western Australia) Amendment Bill 1999 would ensure that uniform credit laws introduced Australia-wide in 1996 continue to be effective.
“The amendments apply to the Consumer Credit Code which gives consumers access to adequate information at all stages of credit transactions so that they can make informed decisions,” Mr Shave said.
The amendments have been introduced in consultation with other States and Territories. The date on which they will take effect is being discussed with all stakeholders and is expected to be in the first half of next year.
“The amendments will improve the operation of the code by correcting technical problems identified after it was first introduced,” the Minister said.
“They will replace transitional regulations which were used to overcome those problems until the amendments could be enacted.”
Mr Shave said the amendments would make compliance with the code easier. This would reduce compliance costs to business and consumers but not reduce the code’s protection mechanisms.
Media contact: John Clune 9213 6500