Australian Capital Territory Numbered Acts

JUSTICE AND COMMUNITY SAFETY LEGISLATION AMENDMENT ACT 2010 (NO 3) (NO. 40 OF 2010) - SCHEDULE 1

Schedule 1     Amendments relating to repeal of consumer credit legislation

(see s 3)

Part 1.1     Civil Law (Property) Act 2006

[1.1]     Section 5 (3)

omit

Part 1.2     Commercial Arbitration Act 1986

[1.2]     Section 4 (4)

omit

Part 1.3     Door-to-Door Trading Act 1991

[1.3]     Section 15 (2)

substitute

    (2)     This section does not affect the operation of the National Credit Code in its application to a contract that is a tied loan contract within the meaning of that code.

[1.4]     Dictionary, note 2

insert

              •     National Credit Code

Part 1.4     Fair Trading Act 1992

[1.5]     Section 28A (5), definition of continuing credit contract and notes

substitute

"continuing credit contract"—see the National Credit Code,
section 204 (1).

Note     The National Credit Code, s 204 (1) defines a continuing credit contract as a credit contract under which:

        (a)     multiple advances of credit are contemplated; and

        (b)     the amount of available credit ordinarily increases as the amount of credit is reduced.

[1.6]     Section 51C

substitute

51C     Definitions—pt 4A

In this part:

"annual percentage rate"—see the code, section 204 (1).

"contract document"—see the code, section 204 (1).

"credit"—see the code, section 204 (1).

"credit contract"—see the code, section 204 (1).

"credit fees and charges"—see the code, section 204 (1).

[1.7]     Section 51D (3)

omit

division 2

substitute

division 3

[1.8]     Section 51E (1)

omit

section 15 (C)

substitute

section 17 (4)

[1.9]     Section 51E (2)

omit

section 15 (E)

substitute

section 17 (6)

[1.10]     Section 51E (3)

omit

section 14

substitute

section 16

[1.11]     Section 51E (4)

omit

section 14 or section 15

substitute

section 16 or section 17

[1.12]     Dictionary, note 2

omit

              •     Consumer Credit (Australian Capital Territory) Code

[1.13]     Dictionary, note 2

insert

              •     National Credit Code

[1.14]     Dictionary, definition of code

substitute

"code" means the National Credit Code.

Part 1.5     Fair Trading (Consumer Affairs) Act 1973

[1.15]     Section 8 (2), definition of consumer and trader legislation , paragraph (a)

omit

[1.16]     Section 10 (1)

omit

or the Consumer Credit (Administration) Act 1996

[1.17]     Section 11

omit

or the Consumer Credit (Administration) Act 1996

[1.18]     New schedule 3

insert

Schedule 3     Consumer credit transitional provisions

3.1     Definitions—sch 3

In this schedule:

"ASIC" means the Australian Securities and Investments Commission.

"national credit legislation" means—

        (a)     the National Consumer Credit Protection Act 2009 (Cwlth); and

        (b)     the National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009 (Cwlth).

"repealed credit legislation "means—

        (a)     the Consumer Credit (Administration) Act 1996 ; and

        (b)     the Consumer Credit (Administration) Regulation 1996 ; and

        (c)     the Consumer Credit Act 1995 ; and

        (d)     the Consumer Credit Regulation 1996 ; and

        (e)     the Credit Act 1985 ; and

        (f)     the Credit Regulation 1985 .

3.2     Transitional—financial counselling trust fund

    (1)     The financial counselling trust fund established under the Consumer Credit (Administration) Act 1996 , section 124 (the trust fund ) continues in existence as if the repealed credit legislation had not been repealed.

    (2)     Amounts payable under the repealed credit legislation continue to be payable to the trust fund as if the repealed credit legislation had not been repealed.

3.3     Transitional—provision of information and assistance to ASIC

    (1)     The commissioner may, on his or her own initiative or at the request of ASIC—

        (a)     provide ASIC with the documents and other information in the possession or control of the commissioner that are reasonably required by ASIC in connection with the exercise of its functions under the national credit legislation; and

        (b)     provide ASIC with other assistance that is reasonably required by ASIC to exercise a function under the national credit legislation.

    (2)     This section applies despite any other territory law.

3.4     Transitional—ASIC has particular functions

    (1)     The Minister, or a person authorised in writing by the Minister, may enter into an agreement or arrangement with ASIC for the exercise of functions by ASIC as an agent of the Territory, even if those functions are or may be conferred on another person under a territory law.

    (2)     An agreement or arrangement of a kind mentioned in subsection (1) has effect despite any other territory law in relation to a function that is the subject of the agreement or arrangement.

Note     The National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009 (Cwlth), sch 1, pt 4,
item 23 provides that ASIC has functions and powers in relation to appeal, review or enforcement proceedings that are expressed to be conferred on it by a law of a State or territory.

3.5     Transitional—reference to repealed legislation

    (1)     To the extent permitted or required by the context or subject matter, a reference in another territory law to any of the repealed consumer credit legislation is a reference to the national credit legislation.

    (2)     In this section:

"repealed consumer credit legislation "means—

        (a)     the Consumer Credit (Administration) Act 1996 ; and

        (b)     the Consumer Credit (Administration) Regulation 1996 ; and

        (c)     the Consumer Credit Act 1995 ; and

        (d)     the Consumer Credit Regulation 1996 .

3.6     Transitional—pre-credit code contracts

    (1)     The repealed credit legislation continues to apply to pre-credit code contracts as if the repealed credit legislation had not been repealed.

    (2)     In this section:

"pre-credit code contract" means a contract to which the repealed
pre-credit code legislation applied immediately before the repeal of that legislation.

"repealed pre-credit code legislation" means—

        (a)     the Credit Act 1985 ; and

        (b)     the Credit Regulation 1985 .

3.7     Transitional—finance broking commissions

    (1)     The repealed finance broking provisions continue to apply as if the repealed credit legislation had not been repealed.

    (2)     This section expires on the Chapter 3 start day.

    (3)     In this section:

Chapter 3 start day has the same meaning as in the National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009 (Cwlth), section 4.

"repealed finance broking provisions" means—

        (a)     the Consumer Credit (Administration) Act 1996 , section 35; and

        (b)     the Consumer Credit (Administration) Regulation 1996 , section 4.

3.8     Transitional—regulations

    (1)     A regulation may prescribe transitional matters necessary or convenient to be prescribed because of the repeal of the repealed credit legislation.

    (2)     A regulation may modify this schedule (including in relation to another territory law) to make provision in relation to anything that, in the Executive's opinion, is not, or is not adequately or appropriately, dealt with in this schedule.

    (3)     A regulation under subsection (2) has effect despite anything elsewhere in this Act.

3.9     Expiry—sch 3

    (1)     This schedule expires on 1 July 2013.

    (2)     This schedule is a law to which the Legislation Act, section 88 (Repeal does not end effect of transitional laws etc) applies.

[1.19]     Dictionary, note 2

insert

              •     territory law

Part 1.6     Fair Trading (Consumer Product Standards) Regulation 2009

[1.20]     Section 8 (a)

omit

Consumer Credit (Australian Capital Territory) Code

substitute

National Credit Code

[1.21]     Dictionary, note 2

omit

              •     Consumer Credit (Australian Capital Territory) Code

[1.22]     Dictionary, note 2

insert

              •     National Credit Code

Part 1.7     Firearms Act 1996

[1.23]     Section 13 (2), definition of credit contract

substitute

"credit"—see the National Credit Code, section 204 (1).

"credit contract" means a contract under which credit is or may be provided.

[1.24]     Dictionary, note 2

insert

              •     National Credit Code

Part 1.8     Legislation Act 2001

[1.25]     Dictionary, part 1

omit the definitions of

Consumer Credit (Australian Capital Territory) Code

Consumer Credit (Australian Capital Territory) Regulations

[1.26]     Dictionary, part 1, new definition of National Credit Code

insert

"National Credit Code"—see the National Consumer Credit Protection Act 2009 (Cwlth), section 5.

Part 1.9     Payroll Tax Act 1987

[1.27]     Section 4 (8), definition of credit contract

substitute

"credit contract"—see the National Credit Code, section 204 (1).

[1.28]     Section 4 (8), definition of regulated contract

omit

[1.29]     Section 4 (8), definition of supply

omit

or regulated contract

[1.30]     Dictionary, note 2

omit

              •     Consumer Credit (Australian Capital Territory) Code

[1.31]     Dictionary, note 2

insert

              •     National Credit Code

Part 1.10     Sale of Motor Vehicles Act 1977

[1.32]     Section 25B (6)

substitute

    (6)     The National Credit Code, section 135 does not apply to the termination of agreements under this section.

[1.33]     Dictionary, note 2

insert

              •     National Credit Code

Part 1.11     Second-hand Dealers
Regulation 2002

[1.34]     Dictionary, definition of financial institution ,
paragraph (b)

substitute

        (b)     a credit provider, registered or licensed under the National Consumer Credit Protection Act 2009 (Cwlth) or a corresponding law of an external Territory or New Zealand, that carries on the business of providing home loans.