Submissions on RLO and BID extension released
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More than 100 submissions into the bill repealing responsible lending laws – which includes extending the best interests duty to more brokers – have been released as Senate begins hearings into the issue.
On Friday (19 February), the Senate economics legislation committee began its hearings for its inquiry into the National Consumer Credit Protection Amendment (Supporting Economic Recovery) Bill 2020, which seeks to repeal responsible lending obligations (RLOs) and expand the best interests duty (BID) to more credit assistance providers (among other changes).
The inquiry and its hearings are largely centered on the impacts of removing RLOs, and more than 100 submissions from the lending and mortgage industry – as well as other stakeholders – were released in relation to the proposed laws.