Two-speed reform of consumer credit laws 03 October 2008 4:52PM Ian Rogers Credit providers will have a two-year period to adapt to the Commonwealth government takeover of consumer credit legislation, which is likely to be enacted by June 2009.A statement issued by the prime minister yesterday said under the first phase of the plan, the Commonwealth will take over the Uniform Consumer Credit Code, introduce a national licensing scheme, bring payday lenders under the regulatory net and take responsibility for trustee companies.The changes are consistent with the green paper published in the middle of the year.Any new laws to tackle predatory lending, unsolicited credit card offers and reverse mortgages will take longer, with mid 2010 the timetable for the introduction of any new laws on those topics.