Australian Capital Territory Numbered Acts

CONSUMER CREDIT (CONSEQUENTIAL (NO. 19 OF 1995) - SECT 3

“19B. (1) Subject to subsection (2), this Act does not apply to a credit contract made on or after the commencement of the provisions referred to in subsection 2 (2) of the Consumer Credit Act 1995.

“(2) This Act applies to—

        (a)     a credit contract (other than a continuing credit contract) and a mortgage or guarantee relating to such a credit contract—

              (i)     made on or after the commencement of the provisions referred to in subsection 2 (2) of the Consumer Credit Act 1995 if the offer to enter into it was made before that commencement; and

              (ii)     to which this Act would have applied if the credit contract had been made before that commencement; and

        (b)     a credit contract (other than a continuing credit contract) and a mortgage or guarantee relating to such a credit contract made on or after that commencement, but not later than 1 month after that commencement, if—

              (i)     the credit contract does not comply with the Consumer Credit (Australian Capital Territory) Code; and

              (ii)     had the credit contract been made before that commencement, this Act would have applied to it and it would have complied with this Act.

“19C. (1) Except as otherwise provided by this section, this Act continues to apply—

        (a)     to a continuing credit contract entered into before the commencement of the provisions referred to in subsection 2 (2) of the Consumer Credit Act 1995 , but only in respect of anything done or omitted to be done before that commencement;

        (b)     to a credit contract of any other kind entered into before that commencement in respect of anything done or omitted to be done, whether before or after that commencement;

        (c)     to a mortgage or guarantee relating to a continuing contract referred to in paragraph (a), but only in respect of anything done or omitted to be done before that commencement; and

        (d)     to a mortgage or guarantee relating to a credit contract referred to in paragraph (b) in respect of anything done or omitted to be done, whether before or after that commencement.

“(2) If the credit provider under a contract to which this Act continues to apply acts in accordance with a provision of section 34, 35, 66 to 69 (inclusive), 78 to 99 (inclusive), 163, 171, 172 or 173 of the Consumer Credit (Australian Capital Territory) Code, the credit provider is taken to have acted in accordance with the corresponding provision of this Act.

“(3) Notwithstanding subsection (2), paragraph 112 (1) (b) continues to apply in respect of goods subject to a regulated mortgage.”.