Also called: National Consumer Credit Protection Act, Consumer credit law
NCCP Act
The NCCP Act is the National Consumer Credit Protection Act 2009, the Commonwealth law regulating consumer credit in Australia. It imposes licensing, responsible lending and disclosure obligations where credit is provided wholly or predominantly for personal, domestic or household purposes.
What is a nccp act?
The NCCP Act is the National Consumer Credit Protection Act 2009, the Commonwealth law regulating consumer credit in Australia. It imposes licensing, responsible lending and disclosure obligations where credit is provided wholly or predominantly for personal, domestic or household purposes.
Example
A car bought for family use falls under the NCCP Act; the same model bought and used predominantly for a business generally does not.
Why it matters
Whether a loan is regulated changes the protections you get and the assessment the lender must carry out.