“The code does not require credit providers to make inquiries beyond those ordinarily made by prudent lenders. Nor is it intended to place obstacles in the way of those lenders. It is intended to deal with credit providers who lend without making proper inquiries into the debtor’s ability to pay”.
“For consumers, its essential features are disclosure of useful information and the controls on the ability of credit providers to take advantage of their position to the unjustified detriment of consumers. In his second reading speech, the responsible Minister in Queensland observed that from the credit provider’s point of view this legislation is not just a consumer credit code but a code of good business practice. I endorse that view. It contains provisions which, if followed, should reflect good lending practice. At the same time, it is flexible enough and contemporary enough to ensure that it will will not detract from the establishment of good lender and borrower relationships, product innovations, competition or sensible pricing decisions.
30 pages.
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