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Responsible Lending Obligations: Find out how Veda Advantage can help
16 July 2010
"As a credit licensee, you must decide how you will meet the responsible lending obligations.......Meeting your responsible lending obligations will require taking three steps:
- make reasonable inquiries about the consumer's financial situation, and their requirements and objectives;
- take reasonable steps to verify the consumer's financial situation; and
- make a preliminary assessment (if you are providing credit assistance) or final assessment (if you are the credit provider) about whether the credit contract is 'not unsuitable' for the consumer (based on the inquiries and information obtained in the first two steps).
In addition, if the consumer requests it, you must be able to provide them with a written copy of the preliminary assessment or final assessment (as relevant)."
Source: ASIC Regulatory Guide 209: Credit licensing: Responsible lending conduct (February 2010)
To find out how Veda Advantage can help with your Responsible Lending obligations visit www.vedaadvantage.com/responsiblelending
