ASIC released its policy proposals on implementing the responsible lending obligations for credit licensees on 2 September 2009. This is part of the extensive consultation process that ASIC is undertaking to implement the proposed National Consumer Credit Protection Program.

ASIC’s Consultation Paper 115 Responsible lending (CP 115) explains how ASIC proposes to implement the responsible lending obligations as they apply to credit licensees.

The National Consumer Credit Protection Bill 2009 requires credit licensees to meet responsible lending conduct obligations. These obligations will apply to both credit providers (e.g. lenders, such as banks, credit unions and finance companies) and credit assistance providers (e.g. mortgage or finance brokers).

This consultation paper seeks the views of stakeholders, including industry members, industry associations, consumer groups and consumers. Submissions on the proposals contained in CP 115, published today, close on 30 September 2009. Details on how to make a submission are contained in CP 115.

Further details are available at ASIC.