Consumer Credit Issues Paper

The Victorian Government has urged the credit industry, community groups and the public to attend forums and make submissions on the Bracks Government’s review of credit laws.

Launching the Consumer Credit Review Issues Paper the Minister for Consumer Affairs, Marsha Thomson, says six public forums, to be held throughout regional Victoria and in Melbourne in coming weeks, would give the public a chance to get involved and have a say.

The Government describes the review as the most comprehensive look at Victoria’s credit laws in 10 years and will examine Victoria’s credit marketplace and credit regulation.

Headed by Labor MP James Merlino, the review will examine credit practices that may be harming Victorian families, such as irresponsible and unethical advertising and lending practices.

It will also be examining ways to improve access to affordable finance.

The Minister says that in Victoria there are some excellent micro-finance initiatives run by groups such as the Brotherhood of St Laurence and Good Shepherd Youth and Family Service, sometimes in partnership with banks such as Bendigo and National Australia.

Minister Thomson says the government wants to encourage these micro-finance initiatives, as they provide disadvantaged people with real alternatives to predatory finance.

James Merlino says input from the industry, consumer groups and the community would be crucial in developing the review’s report, due by the end of the year.

Timetable for public forums:
Geelong 4 July evening
Sunshine 7 July evening
Mildura 12 July evening
Ballarat 18 July evening
Latrobe Valley 25 July evening
Dandenong 28 July evening

If you would like to a PDF copy of the Credit Law Issues Paper send an email to probono@probonoaustralia.com.au with “Credit Law Issues” in the subject line.

For more information on the Forums call 1300 55 81 81 or go to http://www.consumer.vic.gov.au