Introduced on April 9. The Bill seeks to limit usurious lending and predatory practices. It places a limit on the accumulation of interest and fees on high-cost loans to 100% of the original loan principal, over the life of the loan. This will apply only to loans with an annualised interest rate of 50% or more. All directors and executives of lenders will be required to meet a “fit and proper person” test. Regulation-making powers will provide for greater prescription about how assessments of affordability and suitability must be conducted. The presumption that lenders can rely on information provided by borrowers and guarantors without objective verification will be removed. Debt collectors will be required to disclose key information about the debt to the debtor, at the commencement of debt collection action. Completed first reading on April 30 with all parties in support and sent to the Finance and Expenditure Committee with an Oct 30 report back. This was extended and the Bill was reported back on Nov 11 with a number of changes including placing a limit on daily interest rates. Second reading on Nov 21 with all parties in support. Committee stage completed on Dec 11 and third reading on Dec 12 with all parties in support. Credit Contracts Legislation Amendment Bill.