April 7th, 2020
As of April 2, the Government temporarily amended the NCCP. Brokers are now exempt from responsible lending obligations for certain lending activity when dealing with existing small business customers.
In summary:
The exemption applies for all kinds of credit products, including personal loans, credit cards and loans secured by the borrower’s home.
Small business is defined as having fewer than 100 employees or revenue of $5M or less
The exemption is temporary and applies for a period of 6 months only and is now in force.
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