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Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Bill 2024

The Law Council of Australia provided a submission to the Senate Economics Legislation Committee (the Senate Committee), in response to its inquiry into the Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Bill 2024 (the Bill).

This submission has been informed by the following Law Council Committees:

  1. the Financial Services Committee of the Business Law Section; and
  2. the Australian Consumer Law Committee of the Legal Practice Section.

The Law Council seeks only to respond to Schedule 2 to the Bill, titled ‘Buy now, pay later’.1

The measures contained in Schedule 2 were previously considered as part of a Treasury consultation on ‘Buy Now Pay Later regulatory reforms’ conducted in March–April 2024.2 The Law Council provided a submission to that consultation on 13 April 2024 (the previous submission). Noting the similarities between Schedule 2 of the current Bill and the Exposure Draft previously considered, the Law Council provides its previous submission at Appendix A for the consideration of the Senate Committee.

Read the full submission below.

1 The Law Council is aware that there will be changes to the structure of the Bill resulting from the agreement to divide the Bill into two bills including the Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Bill 2024 (Cth) – containing Schedules 2 to 7 – and Treasury Laws Amendment (Build to Rent) Bill 2024 (Cth) – containing Schedule 1.
2 The Treasury, Buy Now Pay Later regulatory reforms (Consultation, 12 March 2024).

Last Updated on 22/08/2024

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