Article: Fed: Dodgy lenders under spotlight but banks say it's too much


AAP General News (Australia)
04-27-2009
Fed: Dodgy lenders under spotlight but banks say it's too much

By Kate Hannon, National Political Editor

CANBERRA, April 27 AAP - Dodgy lenders and shonky financial advisers have been put
on notice by the federal government with new consumer credit protection laws set to come
into effect in November.

Superannuation and Corporate Law Minister Nick Sherry says that under the new rules
all mortgage brokers and lenders must be licensed and will face criminal and civil penalties
for irresponsible lending.

But banks, credit unions and building societies say the new laws are "heavy-handed",
imposing red tape on responsible lenders which could result in ...

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