Senate
Consumer Credit and Corporations Legislation Amendment (Enhancements) Bill 2011
Revised Explanatory Memorandum
Circulated by the authority of the Minister for Financial Services and Superannuation, the Hon Bill Shorten MPThis memorandum takes account of amendments made by the House of Representatives to the bill as introduced.
Glossary
The following abbreviations and acronyms are used throughout this explanatory memorandum.
| Abbreviation | Definition |
| ACL | Australian credit licence |
| ADI | Authorised Deposit-taking Institution |
| AGM | annual general meeting |
| APR | Annual percentage rate |
| ASIC | Australian Securities and Investments Commission |
| ASIC Act | Australian Securities and Investments Commission Act 2001 |
| CCA | Competition and Consumer Act 2010 |
| COAG | Council of Australian Governments |
| Code | National Credit Code. This is Schedule 1 to the National Consumer Credit Protection Act 2009 |
| Corporations Act | Corporations Act 2001 |
| EDR scheme | External dispute resolution scheme |
| Enhancements Bill | Consumer Credit Legislation Amendment (Enhancements) Bill 2012 |
| FAA | Financiers Association of Australia |
| KMP | key management personnel |
| licensee | A holder of an Australia credit licence issued by ASIC under the NCCP Act |
| NCCP Act | National Consumer Credit Protection Act 2009 |
| NFSF | National Financial Services Federation |
| TPA | Trade Practices Act 1974 |
| RIS | Regulation Impact Statement |
| Transitional Act | National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009 |
| UCCC | Uniform Consumer Credit Code |