There are many banking and finance legislation that may be relevant to legal practitioners. These include the Banking Act 1959 (Cth) (see Overview — Banking Act — the essentials), Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (see Overview — Anti-money laundering and counter-terrorism financing legislation), and Privacy Act 1988 (Cth) (see Privacy Act basics), which includes the Australian privacy principles (see Australian privacy principles basics) and is supported by Privacy (Credit Reporting) Code 2014 (Version 2) (see Credit reporting basics).

For legal practitioners who advise Australian credit licence (commonly referred to as ACL) holders such as licenced credit providers (commonly include banks and financial institutions) and credit assistance providers (commonly include mortgage brokers and finance brokers) should be familiar with the National Consumer Credit Protection Act 2009 (Cth) (NCCP Act). Among other things, the operation of the NCCP Act affects both providers of credit and consumers of credit. There are specific rules that apply to credit cards, short-term loans, small amount credit contract, and reverse mortgages. For more on the NCCP Act, see What is consumer credit and what credit contracts are regulated by the NCC?

Other than this legislation, there are others that are relevant to banking and finance law and practice. Some may be more front of mind to practitioners, such as the Personal Property Securities Act 2009 (Cth) (PPS Act) that has received much attention since the reform of the law relating to personal property securities (PPS), but some may be less obvious, and an example here is the Electronic Transactions Act 1999 (Cth) (ET Act) that intersects with other banking and finance legislation as transactions now often involve electronic communications.

This subtopic outlines for legal practitioners some key concepts and key definitions of the PPS Act and the ET Act. It also outlines some key provisions of these legislation. Legal practitioners are likely to come across these concepts, definitions and provisions, and it is useful to have working knowledge of them when advising clients.

Legal framework of the Personal Property Securities Act and PPS Act basics

The guidance note provides an overview of the legal framework and the scope of the legislation, explains real property in the context of the PPS regime, the operation of the PPS Register, and selected key concepts of the PPS Act.

See Legal framework of the Personal Property Securities Act and PPS Act basics.

Legal framework of the Electronic Transactions Act and ET Act basics

The guidance note explains what is an electronic communication, provides an overview of the legal framework, explains the key principles of electronic transactions legislation, and outlines the important exemptions that legal practitioners should be aware of. Importantly, this guidance note explains the interaction between the NCCP Act and the ET Act.

See Legal framework of the Electronic Transactions Act and ET Act basics.

Legal framework of the Consumer Data Right regime

In November 2017, the Government announced the introduction of a consumer data right (CDR) in Australia. This guidance note provides an overview of the legal framework and the scope of the legislation and provides a timeline for the implementation of the CDR regime.

See Legal framework of the Consumer Data Right regime.