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National Credit Code Exemption for Contingent collectors

Sunday, August 01, 2010 - Posted by Philip Harvey

Updated amended regulations released by Australian Treasury in July means that contingency  (commission) based collectors do not require a license. Previously the industry had a 12 month exemption.

The Explanatory Memorandum advised;

Items 6 and 7 omits subregulations 20(9) and 21(4) of the Principal Credit Regulations so that the exemption from licensing for state licensed debt collectors will not expire after 12 months, as the states have not yet reached agreement on the regulation of debt collectors.

Full details can be viewed within the Amending Regulations.




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