29 April 2020
Lenders have written to 今日热门事件seeking guidance on a number of matters around regulation of lending during the COVID-19 pandemic.
今日热门事件has responded to provide clarity on issues of hardship, responsible lending and communication.
今日热门事件encourages lenders to continue to work closely with their customers to develop options that provide both short-term assistance to customers experiencing difficulty due to COVID-19 and also longer-term viability post COVID-19.
Responsible lending obligations apply to new lending (i.e. new loans or an increase to a credit limit on an existing loan). These obligations do not apply, and should not be considered by lenders as a barrier to, making appropriate changes to the terms of existing loans in response to hardship situations.聽
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Note: On 25 September 2020, the Government announced proposed reforms to the responsible lending obligations contained in Chapter 3 of the National Consumer Credit Protection Act 2009. The proposed reforms will amend the obligations that apply before entry into a credit product or the provision of credit assistance. ASIC鈥檚 guidance relating to the current responsible lending obligations will be reviewed and updated when the proposed reforms are finalised.