NEW national consumer credit laws, which include tougher penalties for dodgy lenders, are being introduced by the Federal Government.
Financial Services Minister Chris Bowen says the measure will make it less likely that families who can’t meet their debts will lose their homes.
Mr Bowen told parliament the measures will replace the present state-based system of consumer credit protection, which operates inconsistently across the eight jurisdictions.
“As well as making the consumer credit system fairer, more consistent and more workable, the new regime will significantly improve the effectiveness of protection for consumers,” he said