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Question and Answer Tracking Details

2985 - WALLSEND ELECTORATE - PREDATORY FINANCIAL SERVICES

Hornery, Sonia to the Treasurer

Considering the recent bank closures across the Wallsend electorate and the vulnerability of people to use predatory financial practices including pay day lending and cash machines, what steps are being taken to ensure people do not need to turn to these services?

 
Answer -

On 2 December 2019, the National Consumer Credit Protection Amendment (Small Amount Credit Contract and Consumer Lease Reforms) Bill 2019 (No. 2) was introduced to the Australian Senate.

The Bill's purpose is to impose a cap on total payments that can be made under a consumer lease, require small amount credit contracts (also known as pay day loans) to have equal repayment and payment intervals and prevents lessors and credit assistance providers from undertaking door-to-door selling of leases at residential homes.

The Bill was referred to the Senate Standing Committee on Economics on 5 December 2019 for inquiry and report due on 21 September 2020.

Legal Aid NSW (legalaid.nsw.gov.au), supported by the NSW Department of Communities and Justice, the Financial Rights Legal Centre (financialrights.org.au) and the Australian Securities and Investments Commission (ASIC - asic.gov.au) offer helpful advice in regards to responsible lending, credit law and regulation and consumer rights.

 

Question asked on 19 May 2020 (session 57-1) and printed in Questions & Answers Paper No. 57
Answer received on 23 June 2020 and printed in Questions & Answers Paper No. 69

The Parliament of New South Wales acknowledges and respects the traditional lands of all Aboriginal people, and pays respects to all Elders past and present. We acknowledge the Gadigal people as the traditional custodians of the land on which the Parliament of New South Wales stands.