Contributed by: Deemple Budhia, Will Irving and Nicole Browne
Published on: November 11, 2019
The Finance and Expenditure Committee provided its report on the Credit Contracts Legislation Amendment Bill (the Bill) this morning. The Committee has recommended that the Bill be passed with a variety of amendments, the most notable being:
The Committee has not materially altered the proposed directors and senior managers regime or the proposed repeal of section 9C(7) (which currently enables creditors to rely on information provided by borrowers or guarantors unless there are reasonable ground not to).
The Bill will be presented for a Second Reading with the Committee's amendments before being referred to a Committee of the whole House.
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