AFIA Submission to Treasury on Electronic Precontractual Disclosures
On 16 March 2023, AFIA made a submission to this Treasury consultation.
The consultation included proposed amendments to the National Consumer Credit Protection Act 2009 (Cth)(the Credit Act) and regulations, which facilitate precontractual disclosures under section 16 of the National Credit Code being made electronically.
In AFIA’s submission, we advocated for:
1. facilitating the electronic provision of all documents under the Credit Act;
2. ensuring there are not more onerous obligations placed on documents provided electronically than on paper documents;
3. harmonising obligations for electronic documents under the Credit Act with simplified obligations under the Electronic Transactions Regulations 2020.
AFIA agrees with the Government’s view that, where possible, we should always seek to: ‘reduce costs for consumers and businesses by addressing unnecessary barriers to the use of digital communications in Treasury portfolio laws.’