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Australian lawmakers recommend stronger oversight of payday lenders
Source: Reuters
BUSINESS NEWS FEBRUARY 22, 2019 / 4:11 AM / UPDATED 19 MINUTES AGO
Australian lawmakers recommend stronger oversight of payday lenders
SYDNEY (Reuters) - Australia should introduce tougher laws that protect consumers from unscrupulous lenders, pay-day companies and ‘buy now, pay later’ providers, lawmakers recommended in a report released on Friday following a four-month inquiry.
The bipartisan senate committee that conducted the inquiry said pay-day lenders and ‘buy now, pay later’ companies, which offer immediate credit with little or no checks, should abide by the same strict laws that force banks to lend responsibly.
“The ‘buy now, pay later’ sector is one of Australia’s fintech growth stories. This growth has largely outstripped the regulatory response,” the report said.
“The committee considers that this regulatory gap should be filled,” it added.
Other recommendations include introducing licensing requirements for the industry, prohibiting upfront fees for services, and closing loopholes that allow providers of payday loans and consumer leases to be exempted from the National Consumer Credit Protection Act.
-snip-
Australian lawmakers recommend stronger oversight of payday lenders
SYDNEY (Reuters) - Australia should introduce tougher laws that protect consumers from unscrupulous lenders, pay-day companies and ‘buy now, pay later’ providers, lawmakers recommended in a report released on Friday following a four-month inquiry.
The bipartisan senate committee that conducted the inquiry said pay-day lenders and ‘buy now, pay later’ companies, which offer immediate credit with little or no checks, should abide by the same strict laws that force banks to lend responsibly.
“The ‘buy now, pay later’ sector is one of Australia’s fintech growth stories. This growth has largely outstripped the regulatory response,” the report said.
“The committee considers that this regulatory gap should be filled,” it added.
Other recommendations include introducing licensing requirements for the industry, prohibiting upfront fees for services, and closing loopholes that allow providers of payday loans and consumer leases to be exempted from the National Consumer Credit Protection Act.
-snip-
Read more: https://www.reuters.com/article/us-australia-regulation/australian-lawmakers-recommend-stronger-oversight-of-payday-lenders-idUSKCN1QB0X1
