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The Bill introduces a requirement for lenders to display on their website (if they have a website that allows the consumer to apply for, or make an inquiry about a standard home loan), and make available on request or in circumstances prescribed by regulations (whether or not the lenders have a website), a Key Facts Sheet about the standard home loan products they offer.

The lender's website must provide instructions on how to generate a Key Facts Sheet and allow consumers to generate an up-to-date Key Facts Sheet that can be printed.Free DIY solar Resource! The Key Facts Sheet sets out,We also offer customized cheapaionkinah. in a standardised format, pricing and other information, as prescribed by regulations,Online Fine Art Gallery specialized in selling original thequicksilverscreen. about their products to allow consumers to readily compare different standard home loans, especially in respect to their cost.

A standard home loan is defined as a standard form of credit contract under which the lender provides credit either to pruchase residential property or to refinance credit that has been provided predominantly to purchase residential property, including for investment purposes.

Consequence of Breaches

Contravention of various provisions of the Bill attract civil and criminal penalties.find out why plasticmouldsuppliers can be so painful. Some offences attract strict liability penalties.Buy Online Direct From hydraulichoserepairs Online. Civil penalties may be imposed up to 2,000 penalty units ($1.1 million for companies).

Commencement date

Changes provided by the Bill are to commence on 1 Jul 2012 for credit card contracts and 1 January 2012 for standard home loans

What do you need to do?

If you are providing standard home loans or credit card contracts, you will need to review your lending practices and processes for compliance with the NCCP Act, as amended by the Bill.