Federal Corporate Law Minister Chris Bowen has announced a number of enhancements to the National Consumer Credit Protection legislation.

The key change will enable the commencement of the consumer credit reforms to be deferred by six months to 1 July 2010. This follows a recommendation by the Senate Economics Committee.

"The Rudd Government will defer commencement of the National Consumer Credit Code by six months to give the credit industry more time to make the necessary changes to move to the new regime," Mr Bowen said.

"Importantly, the Government's amendments will further enhance the credit hardship provisions, by requiring lenders to provide consumers with reasons for rejecting applications for hardship variation," he said.

"The start date for the new responsible lending obligations on Authorised Deposit-taking Institutions (ADIs) and Registered Financial Corporations (RFCs) will remain 1 January 2011," Mr Bowen said.

22 September, 2009