Australian Capital Territory Numbered Acts

CREDIT (AMENDMENT) ACT 1994 (NO 50 OF 1994)

TABLE OF PROVISIONS

           Long Title

   1.      This Act may be cited as the Credit (Amendment) Act 1994.  
   3.      In this Act, “Principal Act” means the Credit Act 1985.1  
   4.      Section 5 of the Principal Act is amended—  
   5.      Section 13 of the Principal Act is amended—  
   6.      Section 20 of the Principal Act is amended by omitting from paragraph (1) (a) “than $20,000” and substituting the following:  
   7.      Section 30 of the Principal Act is amended—  
   8.      Section 75 of the Principal Act is amended—  
   9.      After section 75 of the Principal Act the following section is inserted:  
   10.     After section 85 of the Principal Act the following section is inserted:  
   11.     After Part XV of the Principal Act the following Part is inserted:  

   PART XVAA--FINANCIAL COUNSELLING TRUST FUND

   12.     Section 241A of the Principal Act is amended by omitting from subsection (1) “before” and substituting “after”.  
   13.     Section 243 of the Principal Act is amended by omitting from paragraph (e) “$20,000” and substituting “the amount prescribed by the regulations for the purposes of paragraph 30 (2) (a)”.  
   14.     The Principal Act is amended as set out in the Schedule.  
   15.     Section 85AA of the Principal Act as amended by this Act applies in relation to any application made in accordance with section 86 of the Principal Act that was pending immediately before the day on which section 10 of this Act commences.  
   16.     Where a financial institution referred to in paragraph 156 (1) (g) of the Principal Act as amended by this Act was purportedly registered as a credit provider in accordance with the regulations before the commencement of this section, that registration shall be taken to be for all purposes as valid and effective as it would have been if the amendment effected by paragraph 4 (a) of this Act had been in force at the time of that purported registration.  
           SCHEDULE