Interest rate cap |
Draft legislation to introduce a 48 per cent cap on consumer loan interest rates, fees and charges is now available. There are currently no caps on interest rates in Queensland and lenders can charge high interest rates, fees and charges on loans.
The interest rate cap is intended to control the cost of credit in Queensland, in particular providing protection for consumers who take out high-cost loans.
The Queensland Government is seeking industry and community comment in relation to the draft bill that will amend the Consumer Credit (Queensland) Act 1994 and accompanying regulation.
The draft bill and regulation have been prepared after public consultation. The current consultation will allow Queenslanders to provide input regarding whether the proposed legislation meets its objective. Submissions closed on 15 February 2008.
Last reviewed 25/03/2011 |
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