Children and young people have what they need
The Credit Contracts Legislation Amendment Act was passed in December 2019. The Amendment Act introduces several important changes to better protect vulnerable consumers from getting into problem debt. This includes prescriptive requirements to make it clearer what lenders must do to comply with their obligations, and to better protect vulnerable consumers from getting into problem debt. The Act provides for the creation of regulations to support a range of new legislative requirements. MBIE will also develop updates to the Responsible Lending Code, to support implementation of the new Act and regulations.