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business providing process should be the dominant in course of providing credit.
According to the amendment 2011 to the NCCPA, all creditors should provide the borrowers with Key Facts Sheet, concerning the standard home loans. There are some provisions for the crediting: the restriction of using the credit cards above the credit limit; the payments, which should be made under the credit contract and credit cards, should be specified in allocation hierarchy; the creditors prohibited to make the unsolicited invitations to the borrowers, concerning increasing of the credit limit of their credit cards.
The amendment in the credit contracts regulation implies the following issues. First of all, the reform is expected to assist the increasing of the consumers’ capacity in the credit products choosing and in reducing the fees level and charged interest. Secondly, this reform would assist in decreasing of the risk of being provided with such credit, which overcomes the paying capacity of the client, so that one won’t be able to pay the total balance within a relatively short period of time. The payments’ allocation in the requested way would be controlled.
The credit card industry participants’ income rate would be reduced because additional attention would be paid to their activity in order to provide the consumers with fair and detailed information, concerning the credit product. Finally, the main costs, which have been imposed on the home loan providers would be allocated for the development of the adequate system and resources in order to provide the client with the Key Facts Sheets.
After considering the theoretical background of the legislative base of Australian consumer crediting, the following suggestions for the system improvement have been made: disclosure requirements practical application, managing product innovation restrictions and avoiding of discrimination between credit providers.
