From jws.com.au: ASIC’s Regulatory Guide 281 outlines that starting June 10, 2025, low-cost credit contracts (LCCCs) and buy now pay later (BNPL) contracts will be regulated under the National Consumer Credit Protection Act 2009.

Key changes include modified responsible lending obligations, such as mandatory reasonable inquiries into a consumer’s financial situation, and a new presumption of suitability for LCCCs with credit limits of $2,000 or less.

Providers must review their policies and practices to comply with these regulations and potentially obtain an Australian credit license before the reforms take effect.