Safe Lending Laws - Stop the Debt Disaster

SAFCA calls on the government to save the safe lending laws that protect people from exploitative lending. SAFCA believes the changes introduced in the National Consumer Credit Protection Amendment (Supporting Economic Recovery) Bill will weaken responsible lending obligations by removing civil and criminal penalties for irresponsible lending and reducing assessment and verification obligations of lenders.

If passed, the Bill would remove lenders' obligations to consider people's requirements and objectives of the product, or determine loans are 'not unsuitable' for a borrower, and shift responsibility from lender to borrower by allowing lenders to rely on financial information without verifying it. This directly defies the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry's first recommendation that 'the NCCP Act should not be amended to alter the obligation to assess unsuitability'.


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