On 5 August 2011, the Assistant Treasurer released for public consultation the exposure draft of the National Consumer Credit Protection Amendment (Enhancements) Bill 2011, which forms a part of Phase Two of the National Consumer Credit reforms. The proposal provides greater protection in relation to consumer leases that are functionally similar to other forms of credit – for example, leases for televisions and other consumer electronics. It also provides a number of specific enhancements to the National Credit Code. For example, the circumstances where credit contracts can be varied as well as changing the monetary threshold above which a consumer does not have a statutory right to request a hardship variation or postponement of enforcement proceedings. The Regulation Impact Statement was prepared by the Treasury and was assessed as adequate by the Office of Best Practice Regulation.
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