NCPA Member Summary of the Review Of SACC Laws
Apr 20 2016
Summary of the Review Of The Small Amount Credit Contract Laws
NCPA summary of the Review Of The Small Amount Credit Contract Laws - Final Report - March 2016.
The final report of the Small Amount Credit Contract Review Panel was handed to the government on 3 March 2016. Pursuant to be Credit Act, the report had to be tabled within a certain number of Parliamentary sitting days after its receipt. Whilst that time had not expired, the report was released by the Minister on 19 April 2016.
The report is 120 pages long and it is not intended in this document to give great detail about what is in it. There will be a significant discussion of what is in the report at the NCPA annual general meeting and conference in a couple of weeks. There will probably be a paper for that and it will be distributed after the conference.
It is important to note that the report does not represent the Government’s final position. The Minister has called for submissions and they are to be delivered by mid-May. The date given for the submissions is after the Parliament will be dissolved by which time the Government will be in “caretaker mode”, and as a result will not make any decisions.
The election appears to be set for 2 July 2016, and one would therefore not expect Parliament to be sitting again until the end of July, after which time it may be that the Minister (who may be an entirely new minister) will be able to direct his or her mind to this issue. Once they have made up their mind, legislation will need to be drawn and will then proceed through the Parliament. As a result, it is expected that the earliest we will see any change would probably be no earlier than the first half of next year.
This publication is exclusively for Members only.
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