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The Consumer Credit Code (CCC) is a federal law in Australia that regulates the provision of credit to individuals and small businesses. The CCC sets out the rights and responsibilities of credit providers, credit assistance providers and borrowers, and applies to all forms of consumer credit, including credit cards, personal loans, and mortgages.
In Victoria, the CCC is enforced by the Australian Securities and Investments Commission (ASIC) and applies to all credit providers, including banks, credit unions, and other financial institutions.
The CCC includes provisions that regulate issues such as the disclosure of credit fees and charges, the calculation of interest, the cooling-off period, and the handling of default and hardship.
The CCC also provides a framework for the responsible lending, which means that credit providers have to make an assessment of the borrower's capacity to repay the credit, and to not enter into a credit contract that is unsuitable for the borrower's needs.
The CCC also provides a dispute resolution process for borrowers who have a complaint about their credit provider.
It's important to note that in addition to the CCC, credit providers and credit assistance providers in Victoria are also subject to other federal, state and territory laws and regulations, such as the National Consumer Credit Protection Act 2009 and the Australian Securities and Investments Commission Act 2001.