Consumer Credit Insurance: Commonwealth Regulation

A new National Credit Code commenced on 1 July 2010 applying to "credit contracts" and "credit-related insurance contracts" entered into on or after 1 July 2010, and credit contracts and credit-related insurance contracts that are "carried over instruments".

There is an overview of the new law and  comment on its application  posted to Mondaq by Norton Rose.

This is an important change and another in the growing trend of legislation moving from state to federal responsibility. Recommended as reading and your feedback welcomed.