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National Consumer Credit Protection

The National Consumer Credit Protection Act (NCCP Act) is an Act designed to regulate the provision of all forms of consumer credit contracts in Australia and provide a framework for those in the credit industry to act within. The National Consumer Credit Code is contained in schedule One of the Act.

The Act is, as the title suggests, designed to provide protection for consumers who seek credit, everything from home mortgages through to retail finances.

It is perhaps easier to explain what the Code does not regulate:

This Code does not apply to the provision of credit if, under the contract:

  1. the provision of credit is limited to a total period that does not exceed 62 days; and
  2.  the maximum amount of credit fees and charges that may be imposed or provided for does not exceed 5% of the amount of credit; and
  3. the maximum amount of interest charges that may be imposed or provided for does not exceed an amount (calculated as if the Code applied to the contract) equal to the amount payable if the annual percentage rate were 24% per annum.

It is best to consider all other forms of consumer credit to be regulated.

The Act provides for a wide range of possible offending, much of it mirrored from the Australian Securities and Investments Commission Act. The purpose of this section of the website is only to highlight the power of the Australia Securities and Investments Commission (ASIC) to conduct compulsory examinations. The wide-ranging power of ASIC and the effect of their powers sometimes comes as a surprise.

This section also draws your attention to the fact ASIC can ban people from engaging in the credit industry. Such bans can take the form of a specific period through to and including, life. These orders can be challenged.

This section does not set out the various offences under the NCCP Act.

If you are under investigation by ASIC or have been charged with a NCCP Act offence and you would like assistance to understand your options, J Sutton Associates, have a NSW Law Society recognised Accredited Specialist in criminal law, with decades of experience acting for people being investigated or charged with these matters. Call 02 8080 8055 for personalised advice and service.

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