Responsible Lending Policy Essay - 2048 Words

Zagga NCCP Compliance – Responsible Lending Policy Nature/ purpose of document This Responsible Lending Policy deals with Zagga Market’s obligation to undertake an assessment of whether a consumer credit contract is unsuitable for the borrower. It sets out the procedures that must be followed to: ââ€"  make reasonable inquiries about the borrower s financial situation and their requirements and objectives; ââ€"  take reasonable steps to verify the borrower’s financial situation; ââ€"  make any further reasonable inquiries as required; and ââ€"  to undertake the assessment to determine whether the contract will be unsuitable. Application of policy /Distribution The Policy applies to the Zagga Management team and Representatives, Legal and Compliance team, and sales and lending personnel. Policy Owner Alan Greenstein, CEO Responsible Manager(s) Leonie Chapman, ACL Responsible Manager and Compliance Manager Zagga Compliance Committee Alan Greenstein, Marcus Morrison, Edwin Morrison Version/Last updated October 2016 1. Responsible Lending obligations under the NCCP Act 1.1 Introduction to NCCP Zagga Market Pty Limited (ACN 611 662 401) (Zagga Market) holds an Australian Credit Licence (ACL) to engage in credit activities as a credit provider acting on behalf of the Trustee credit provider, Zagga Investments Pty Limited (ACN 615 154 786) (Zagga Investments), under a CL13 Servicer Agreement. 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