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This is a Bill, not an Act. For current law, see the Acts databases.
NATIONAL CONSUMER CREDIT PROTECTION BILL 2009
2008-2009
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
National Consumer Credit Protection
Bill 2009
No. , 2009
(Treasury)
A Bill for an Act relating to credit, and for related
purposes
i National Consumer Credit Protection Bill 2009 No. , 2009
Contents
Chapter 1--Introduction
1
Part 1-1--Introduction
1
1
Short title................................................................................ 1
2
Commencement ..................................................................... 2
3
The National Credit Code ...................................................... 2
Part 1-2--Definitions
3
Division 1--Introduction
3
4
Guide to this Part.................................................................... 3
Division 2--The Dictionary
4
5
The Dictionary ....................................................................... 4
Division 3--Definitions relating to the meaning of credit activity
16
6
Meaning of credit activity .................................................... 16
7
Meaning of credit service .................................................... 17
8
Meaning of credit assistance ............................................... 17
9
Meaning of acts as an intermediary .................................... 18
10
Assignees of credit providers, lessors, mortgagees
and beneficiaries of a guarantee........................................... 18
Division 4--Other definitions
20
11
Meaning of approved external dispute resolution
scheme .................................................................................. 20
12
When a business is carried on in this jurisdiction ............... 20
13
Meaning of misleading......................................................... 20
14
Meaning of person--generally includes a partnership ........ 21
15
Meaning of person--generally includes multiple
trustees ................................................................................. 21
16
Qualified privilege ............................................................... 23
Part 1-3--Application of this Act and the Transitional Act
24
Division 1--Introduction
24
17
Guide to this Part.................................................................. 24
Division 2--Constitutional basis and application of this Act and
the Transitional Act
25
18
Constitutional basis for this Act and the Transitional
Act ........................................................................................ 25
19
Meaning of referring State................................................... 26
National Consumer Credit Protection Bill 2009 No. , 2009 ii
20
Meaning of referred credit matters...................................... 28
21
General application of this Act and the Transitional
Act ........................................................................................ 32
22
Acts bind Crown .................................................................. 33
Division 3--Interaction between the Commonwealth credit
legislation and State and Territory laws
34
23
Concurrent operation intended............................................. 34
24
When Commonwealth credit legislation does not
apply..................................................................................... 34
25
Avoiding direct inconsistency between
Commonwealth and State and Territory laws...................... 35
26
Regulations to deal with interaction between laws .............. 36
Chapter 2--Licensing of persons who engage in credit
activities
39
Part 2-1--Require ment to be licensed to engage in credit
activities
39
Division 1--Introduction
39
27
Guide to this Part.................................................................. 39
Division 2--Engaging in credit activities without a licence
40
28
Application of this Division ................................................. 40
29
Prohibition on engaging in credit activities without a
licence .................................................................................. 40
Division 3--Other prohibitions relating to the requirement to be
licensed and to credit activities
42
30
Prohibitions on holding out and advertising etc................... 42
31
Prohibition on conducting business with unlicensed
persons ................................................................................. 43
32
Prohibition on charging a fee etc. ........................................ 43
33
Prohibition on giving misleading information etc. .............. 44
Part 2-2--Australian credit licences
45
Division 1--Introduction
45
34
Guide to this Part.................................................................. 45
Division 2--Australian credit licences
46
35
Australian credit licences ..................................................... 46
Division 3--How to get an Australian credit licence
47
36
Applying for a licence.......................................................... 47
iii National Consumer Credit Protection Bill 2009 No. , 2009
37
When a licence may be granted--applicants other
than ADIs ............................................................................. 47
38
When a licence may be granted--ADIs............................... 49
39
Regulations may prescribe streamlined process for
other applicants .................................................................... 50
40
Licences must not be granted to certain applicants.............. 50
41
Applicant must be given hearing before refusal of
licence .................................................................................. 50
42
Notice of grant or refusal of licence and date of
effect..................................................................................... 51
43
Australian credit licence numbers ........................................ 51
44
Basis on which licence is granted ........................................ 51
Division 4--Conditions on an Australian credit licence
53
45
The conditions on the licence............................................... 53
46
Licence conditions--special procedures for
APRA-regulated bodies ....................................................... 54
Division 5--Obligations of licensees
56
47
General conduct obligations of licensees ............................. 56
48
Requirements for compensation arrangements .................... 57
49
Obligation to provide a statement or obtain an audit
report if directed by ASIC.................................................... 58
50
Obligation to give ASIC information required by the
regulations ............................................................................ 60
51
Obligation to provide ASIC with assistance if
reasonably requested ............................................................ 61
52
Obligation to cite Australian credit licence number ............ 61
53
Obligation to lodge annual compliance certificate .............. 62
Division 6--When a licence can be suspended, cancelled or
varied
64
Subdivision A--Sus pensions and c ancellations
64
54
Suspension or cancellation without hearing......................... 64
55
Suspension or cancellation after offering a hearing............. 64
56
Suspension and cancellation--special procedures for
APRA-regulated bodies ....................................................... 66
Subdivision B--Variations
67
57
Varying licences ................................................................... 67
Subdivision C--Miscellaneous rules about suspensions,
cancellations and variations
67
58
Effect of suspension ............................................................. 67
59
Revocation of suspension..................................................... 67
National Consumer Credit Protection Bill 2009 No. , 2009 iv
60
Date of effect, notice and publication of variation,
cancellation or suspension etc.............................................. 67
61
Statement of reasons ............................................................ 68
62
ASIC may allow licence to continue in force ...................... 68
Part 2-3--Credit representatives and other representatives of
licensees
69
Division 1--Introduction
69
63
Guide to this Part.................................................................. 69
Division 2--Authorisation of credit representatives
70
64
Licensee may authorise credit representatives..................... 70
65
Credit representative that is a body corporate may
sub-authorise natural persons as credit
representatives...................................................................... 71
66
Credit representative of 2 or more licensees ........................ 72
67
A person cannot be a credit representative in relation
to credit activities authorised by a person's licence............. 73
68
Variation and revocation of authorisations and
sub-authorisations ................................................................ 73
69
Obligation not to give authorisation that has no effect ........ 74
70
Obligation to vary or revoke authorisation that ceases
to have effect ........................................................................ 74
71
Obligation to notify ASIC etc. about credit
representatives...................................................................... 75
72
Credit representative numbers ............................................. 77
Division 3--Information about representatives
78
73
ASIC may give licensee information about
representatives...................................................................... 78
Division 4--Liability of licensees for representatives
81
74
Application of this Division ................................................. 81
75
Responsibility if representative of only one licensee........... 81
76
Representatives of multiple licensees .................................. 81
77
Responsibility extends to loss or damage suffered by
client ..................................................................................... 82
78
Effect of this Division .......................................................... 82
Part 2-4--Banning or disqualification of persons from
engaging in credit activities
84
Division 1--Introduction
84
79
Guide to this Part.................................................................. 84
v National Consumer Credit Protection Bill 2009 No. , 2009
Division 2--Banning orders
85
80
ASIC's power to make a banning order............................... 85
81
What is a banning order?..................................................... 86
82
Effect of banning orders ....................................................... 87
83
Variation or cancellation of banning orders ......................... 88
84
Date of effect, notice and publication of banning
order, variation or cancellation ............................................ 88
85
Statement of reasons ............................................................ 89
Division 3--Disqualification by the court
90
86
Disqualification by the court................................................ 90
Part 2-5--Financial records, trust accounts and audit reports
91
Division 1--Introduction
91
87
Guide to this Part.................................................................. 91
Division 2--Financial records of licensees
92
88
Obligation to keep financial records .................................... 92
89
How financial records are to be kept ................................... 93
90
Language of financial records .............................................. 93
91
Location of financial records ............................................... 93
92
Information to be shown in financial records ...................... 94
93
Regulations may impose additional requirements ............... 94
94
Financial records taken to be made with licensee's
authority ............................................................................... 95
95
Obligation to retain financial records for 7 years ................ 95
96
Financial records are prima facie evidence of matters......... 96
Division 3--Trust accounts of credit service licensees
97
97
Application of this Division ................................................. 97
98
Obligation for credit service licensees to maintain
trust account ......................................................................... 97
99
Obligations in relation to trust account money .................... 98
100
Obligation to lodge trust account statement and trust
account audit report.............................................................. 99
101
Time of lodgment of trust account statement and
trust account audit report.................................................... 100
Division 4--Matters relating to audit reports
102
102
Auditor's right of access to records, information etc. ........ 102
103
Auditor's fees and expenses............................................... 103
104
Auditor to report on certain matters ................................... 103
105
Qualified privilege for auditor etc...................................... 104
106
Regulations in relation to audit reports etc. ....................... 105
National Consumer Credit Protection Bill 2009 No. , 2009 vi
Part 2-6--Exe mptions and modifications relating to this
Chapter
106
Division 1--Introduction
106
107
Guide to this Part................................................................ 106
Division 2--Exemptions and modifications relating to this
Chapter
107
108
Provisions to which this Part applies ................................. 107
109
Exemptions and modifications by ASIC............................ 107
110
Exemptions and modifications by the regulations ............. 108
Chapter 3--Responsible lending conduct
110
Part 3-1--Licensees that provide credit assistance in relation to
credit contracts
110
Division 1--Introduction
110
111
Guide to this Part................................................................ 110
112
Application of this Part ...................................................... 111
Division 2--Credit guide of credit assistance providers
112
113
Credit guide of credit assistance providers ........................ 112
Division 3--Quote for providing credit assistance etc. in relation
to credit contracts
115
114
Quote for providing credit assistance etc. .......................... 115
Division 4--Obligations of credit assistance providers before
providing credit assistance for credit contracts
117
115
Obligations of credit assistance providers before
providing credit assistance for credit contracts.................. 117
116
Preliminary assessment of unsuitability of the credit
contract............................................................................... 118
117
Reasonable inquiries etc. about the consumer ................... 118
118
When the credit contract must be assessed as
unsuitable--entering contract or increasing the credit
limit .................................................................................... 119
119
When the credit contract must be assessed as
unsuitable--remaining in credit contract ........................... 120
120
Providing the consumer with the preliminary
assessment .......................................................................... 121
Division 5--Fees, commissions etc. relating to credit contracts
123
121
Fees, commissions etc. relating to credit contracts ............ 123
122
No profiting from fees etc. paid to third parties................. 124
vii National Consumer Credit Protection Bill 2009 No. , 2009
Division 6--Prohibition on suggesting, or assisting with,
unsuitable credit contracts
125
123
Prohibition on suggesting or assisting consumers to
enter, or increase the credit limit under, unsuitable
credit contracts ................................................................... 125
124
Prohibition on suggesting to consumers to remain in
unsuitable credit contracts.................................................. 127
Part 3-2--Licensees that are credit providers under credit
contracts
129
Division 1--Introduction
129
125
Guide to this Part................................................................ 129
Division 2--Credit guide of credit providers
130
126
Credit guide of credit providers ......................................... 130
127
Credit guide of credit providers who are assignees ........... 131
Division 3--Obligations of credit providers before entering
credit contracts or increasing credit limits
133
128
Obligations of credit providers before entering credit
contracts or increasing credit limits ................................... 133
129
Assessment of unsuitability of the credit contract ............. 133
130
Reasonable inquiries etc. about the consumer ................... 133
131
When credit contract must be assessed as unsuitable ........ 135
132
Giving the consumer the assessment ................................. 136
Division 4--Prohibition on entering, or increasing the credit
limit of, unsuitable credit contracts
138
133
Prohibition on entering, or increasing the credit limit
of, unsuitable credit contracts ............................................ 138
Part 3-3--Licensees that provide credit assistance in relation to
consume r leases
140
Division 1--Introduction
140
134
Guide to this Part................................................................ 140
135
Application of this Part ...................................................... 141
Division 2--Credit guide of credit assistance providers
142
136
Credit guide of credit assistance providers ........................ 142
Division 3--Quote for providing credit assistance etc. in relation
to consumer leases
145
137
Quote for providing credit assistance etc. .......................... 145
National Consumer Credit Protection Bill 2009 No. , 2009 viii
Division 4--Obligations of credit assistance providers before
providing credit assistance for consumer leases
147
138
Obligations of credit assistance providers before
providing credit assistance for consumer leases ................ 147
139
Preliminary assessment of unsuitability of the
consumer lease ................................................................... 148
140
Reasonable inquiries etc. about the consumer ................... 148
141
When the consumer lease must be assessed as
unsuitable--entering lease ................................................. 149
142
When the consumer lease must be assessed as
unsuitable--remaining in lease .......................................... 150
143
Providing the consumer with the preliminary
assessment .......................................................................... 151
Division 5--Fees, commissions etc. relating to consumer leases
153
144
Fees, commissions etc. relating to consumer leases .......... 153
145
No profiting from fees etc. paid to third parties................. 154
Division 6--Prohibition on suggesting, or assisting with,
unsuitable consumer leases
155
146
Prohibition on suggesting, or assisting with,
unsuitable consumer leases ................................................ 155
147
Prohibition on suggesting to consumers to remain in
unsuitable consumer leases ................................................ 156
Part 3-4--Licensees that are lessors unde r consumer leases
159
Division 1--Introduction
159
148
Guide to this Part................................................................ 159
Division 2--Credit guide of lessors
160
149
Credit guide of lessors........................................................ 160
150
Credit guide of lessors who are assignees .......................... 161
Division 3--Obligations of lessors before entering consumer
leases
163
151
Obligations of lessors before entering consumer
leases .................................................................................. 163
152
Assessment of unsuitability of the consumer lease............ 163
153
Reasonable inquiries etc. about the consumer ................... 163
154
When consumer lease must be assessed as unsuitable....... 164
155
Giving the consumer the assessment ................................. 166
Division 4--Prohibition on entering unsuitable consumer leases
168
156
Prohibition on entering unsuitable consumer leases .......... 168
ix National Consumer Credit Protection Bill 2009 No. , 2009
Part 3-5--Credit representatives
170
Division 1--Introduction
170
157
Guide to this Part................................................................ 170
Division 2--Credit guide of credit representatives
171
158
Credit guide of credit representatives ................................ 171
Part 3-6--Debt collectors
174
Division 1--Introduction
174
159
Guide to this Part................................................................ 174
Division 2--Credit guide of debt collectors
175
160
Credit guide of debt collectors ........................................... 175
Part 3-7--Exe mptions and modifications relating to this
Chapter
177
Division 1--Introduction
177
161
Guide to this Part................................................................ 177
Division 2--Exemptions and modifications relating to this
Chapter
178
162
Provisions to which this Part applies ................................. 178
163
Exemptions and modifications by ASIC............................ 178
164
Exemptions and modifications by the regulations ............. 179
Chapter 4--Remedies
180
Part 4-1--Civil penalty provisions
180
Division 1--Introduction
180
165
Guide to this Part................................................................ 180
Division 2--Declarations and pecuniary penalty orders for
contraventions of civil penalty provisions
181
166
Declaration of contravention of civil penalty
provision............................................................................. 181
167
Court may order person to pay pecuniary penalty for
contravening civil penalty provision.................................. 181
Division 3--General provisions relating to civil penalty
provisions
183
168
Contravening a civil penalty provision is not an
offence................................................................................ 183
169
Involvement in contravention treated in same way as
actual contravention ........................................................... 183
National Consumer Credit Protection Bill 2009 No. , 2009 x
170
Civil evidence and procedure rules for proceedings
relating to civil penalty provisions..................................... 183
171
Criminal proceedings before civil proceedings ................. 183
172
Criminal proceedings during civil proceedings ................. 183
173
Criminal proceedings after civil proceedings .................... 184
174
Evidence given in proceedings for pecuniary penalty
not admissible in criminal proceedings .............................. 184
175
Civil double jeopardy......................................................... 184
Part 4-2--Powe r of the court to grant remedies
186
Division 1--Introduction
186
176
Guide to this Part................................................................ 186
Division 2--Power of the court to grant remedies
187
177
Injunctions.......................................................................... 187
178
Compensation orders.......................................................... 188
179
Other orders to compensate loss or damage....................... 189
180
Orders in relation to unlawful credit activities................... 191
181
Preference must be given to compensate consumers ......... 192
182
Adverse publicity orders .................................................... 193
183
Relief from liability for contravention of civil
penalty provision................................................................ 193
184
Multiple remedies may be granted..................................... 194
Part 4-3--Jurisdiction and procedure of courts
195
Division 1--Introduction
195
185
Guide to this Part................................................................ 195
Division 2--Civil proceedings
196
Subdivision A--Application of this Division
196
186
Application of this Division ............................................... 196
Subdivision B--Conferral of civil juris diction
196
187
Civil jurisdiction of courts ................................................. 196
188
Jurisdiction--decisions to prosecute and related
criminal justice process decisions made by
Commonwealth officers ..................................................... 197
189
Cross-jurisdictional appeals ............................................... 199
190
Courts to act in aid of each other ....................................... 199
Subdivision C--Transfers between courts
200
191
Transfers--application of Subdivision .............................. 200
192
Transfers--exercise of transfer power ............................... 201
193
Transfers--criteria for transfer .......................................... 201
xi National Consumer Credit Protection Bill 2009 No. , 2009
194
Transfers--how initiated.................................................... 202
195
Transfers--documents and procedure ............................... 202
196
Transfers--conduct of proceedings ................................... 203
197
Transfers--entitlement to practise as a lawyer .................. 203
198
Transfers--limitation on appeals ....................................... 203
Subdivision D--Other matters
204
199
Plaintiffs may choose small claims procedure ................... 204
200
Costs only if proceedings brought vexatiously etc. ........... 208
201
Civil proceedings not to be stayed ..................................... 208
202
Standard of proof in civil proceedings ............................... 208
Division 3--Criminal proceedings
210
Subdivision A--Application of this Division
210
203
Application of this Division ............................................... 210
Subdivision B--Conferral of criminal jurisdiction
210
204
Criminal jurisdiction of courts ........................................... 210
205
Criminal proceedings--laws to be applied ........................ 213
206
Criminal proceedings--how taken..................................... 213
207
Certain persons to assist in prosecutions............................ 214
208
Privilege against self-incrimination not available to
bodies corporate in criminal proceedings .......................... 215
Division 4--Proceedings generally
216
209
ASIC's power to intervene in proceedings ........................ 216
210
Evidence of contravention ................................................. 216
211
Power of court to punish for contempt of court ................. 217
Chapter 5--Administration
218
Part 5-1--Registers relating to cre dit activities
218
Division 1--Introduction
218
212
Guide to this Part................................................................ 218
Division 2--Registers relating to credit activities
219
213
Credit registers ................................................................... 219
214
Inspection and public availability of credit registers ......... 220
Part 5-2--Documents lodged with ASIC or require d by this Act
221
Division 1--Introduction
221
215
Guide to this Part................................................................ 221
Division 2--Lodgment of documents with ASIC
222
216
When documents are lodged with ASIC............................ 222
National Consumer Credit Protection Bill 2009 No. , 2009 xii
217
Approved forms for documents to be lodged with
ASIC................................................................................... 222
218
ASIC may refuse to receive document etc......................... 223
Division 3--ASIC's register of documents
225
219
Register of documents lodged with ASIC.......................... 225
220
ASIC may require person to give information for
document registers ............................................................. 225
221
Written document setting out information from
document registers is prima facie evidence of matters ...... 226
Division 4--Other provisions relating to documents lodged with
ASIC or required under this Act
227
222
Certified copy or extract of document lodged with
ASIC is admissible in evidence ......................................... 227
223
ASIC may destroy or dispose of certain documents .......... 227
224
Court may order lodgment of document etc. ..................... 227
225
Offences relating to documents lodged with ASIC
etc. ...................................................................................... 228
Part 5-3--Concealment or falsification of credit books
231
Division 1--Introduction
231
226
Guide to this Part................................................................ 231
Division 2--Prohibitions relating to the concealment or
falsification of credit books
232
227
Concealing etc. of credit books.......................................... 232
228
Falsification of credit books............................................... 233
229
Precautions against falsification of credit books................ 234
Part 5-4--Fees imposed by the National Consume r Credit
Protection (Fees) Act 2009
235
Division 1--Introduction
235
230
Guide to this Part................................................................ 235
Division 2--Fees imposed by the National Consumer Credit
Protection (Fees) Act 2009
236
231
Fees are payable to the Commonwealth ............................ 236
232
Lodgment of document without payment of fee ................ 236
233
Doing act without payment of fee...................................... 236
234
Effect of sections 232 and 233 ........................................... 236
235
Waiver and refund of fees .................................................. 236
236
Debts due to the Commonwealth ....................................... 237
xiii National Consumer Credit Protection Bill 2009 No. , 2009
237
Payment of fee does not give right to inspect or
search ................................................................................. 237
Part 5-5--Other administrative matters
238
Division 1--Introduction
238
238
Guide to this Part................................................................ 238
Division 2--Other administrative matters
239
239
ASIC has general administration of this Act ..................... 239
240
Obstructing or hindering ASIC etc. ................................... 239
241
Approved codes of conduct................................................ 239
242
ASIC may arrange for use of computer programs to
make decisions ................................................................... 240
243
Qualified privilege for information given to ASIC ............ 241
244
ASIC certificate is prima facie evidence of matters .......... 241
245
Operator of approved external dispute resolution
scheme may give information to ASIC.............................. 242
Chapter 6--Compliance and enforcement
243
Part 6-1--Investigations
243
Division 1--Introduction
243
246
Guide to this Part................................................................ 243
Division 2--Investigations
244
247
General powers of investigation ........................................ 244
248
Minister may direct investigations ..................................... 244
249
Interim report on investigation........................................... 245
250
Final report on investigation .............................................. 246
251
Distribution of report ......................................................... 246
Part 6-2--Examination of persons
248
Division 1--Introduction
248
252
Guide to this Part................................................................ 248
Division 2--Examination of persons
249
253
Notice requiring appearance for examination .................... 249
254
Proceedings at examination ............................................... 249
255
Requirements made of examinee ....................................... 249
256
Examination to take place in private.................................. 250
257
Examinee's lawyer may attend .......................................... 250
258
Record of examination ....................................................... 251
259
Giving to other persons copies of record ........................... 251
260
Copies given subject to conditions..................................... 252
National Consumer Credit Protection Bill 2009 No. , 2009 xiv
261
Record to accompany report .............................................. 252
Part 6-3--Inspection of books and audit information-gathering
powe rs
254
Division 1--Introduction
254
262
Guide to this Part................................................................ 254
Division 2--Inspection of books and audit information-gathering
powers
255
263
When certain powers may be exercised ............................. 255
264
ASIC may inspect books without charge ........................... 255
265
Notice to auditors concerning information and books ....... 256
266
Notice to produce books about credit activities ................. 257
267
Notice to produce documents in person's possession ........ 258
268
ASIC may authorise persons to require production of
books, giving of information etc. ....................................... 258
269
Application for warrant to seize books not produced ........ 259
270
Grant of warrant ................................................................. 259
271
Powers if books produced or seized................................... 260
272
Powers if books not produced ............................................ 262
Part 6-4--Proceedings after an investigation
263
Division 1--Introduction
263
273
Guide to this Part................................................................ 263
Division 2--Proceedings after an investigation
264
274
ASIC may prosecute .......................................................... 264
275
ASIC may bring civil proceedings ..................................... 265
Part 6-5--Hearings
266
Division 1--Introduction
266
276
Guide to this Part................................................................ 266
Division 2--Hearings
267
277
Power to hold hearings ....................................................... 267
278
General discretion to hold hearing in public or
private................................................................................. 267
279
Request by person appearing at hearing that it take
place in public .................................................................... 267
280
Certain hearings to take place in private ............................ 268
281
ASIC may restrict publication of certain material ............. 268
282
Who may be present when hearing takes place in
private................................................................................. 269
283
Involvement of person entitled to appear at hearing.......... 269
xv National Consumer Credit Protection Bill 2009 No. , 2009
284
Power to summon witnesses and take evidence................. 270
285
Proceedings at hearings ...................................................... 271
286
ASIC to take account of evidence and submissions .......... 272
287
Reference to court of question of law arising at
hearing................................................................................ 272
288
Protection of ASIC members etc. ...................................... 272
Part 6-6--Offences
274
Division 1--Introduction
274
289
Guide to this Part................................................................ 274
Division 2--Offences
275
290
Contraventions of requirements made under this
Chapter ............................................................................... 275
291
False information ............................................................... 276
292
Obstructing person executing a warrant under this
Chapter ............................................................................... 276
293
Disrupting hearings ............................................................ 277
294
Concealing books relevant to investigation ....................... 277
295
Self-incrimination .............................................................. 278
296
Legal professional privilege............................................... 279
297
Powers of court relating to contraventions of this
Chapter ............................................................................... 280
Part 6-7--ASIC's powe rs in relation to contraventions of this
Chapter
281
Division 1--Introduction
281
298
Guide to this Part................................................................ 281
Division 2--ASIC's powers in relation to contraventions of this
Chapter
282
299
Application of this Part ...................................................... 282
300
Orders by ASIC relating to credit contracts,
mortgages, guarantees or consumer leases ........................ 282
301
Orders under this Part ........................................................ 283
Part 6-8--Evidentiary use of certain material
284
Division 1--Introduction
284
302
Guide to this Part................................................................ 284
Division 2--Evidentiary use of certain material
285
303
Statements made at an examination: proceedings
against examinee ................................................................ 285
National Consumer Credit Protection Bill 2009 No. , 2009 xvi
304
Statements made at an examination: other
proceedings ........................................................................ 285
305
Weight of evidence admitted under section 304 ................ 286
306
Objection to admission of statements made at
examination ........................................................................ 287
307
Copies of, or extracts from, certain books ......................... 288
308
Report under Part 6-1 ......................................................... 289
309
Exceptions to admissibility of report ................................. 289
310
Material otherwise admissible ........................................... 290
Part 6-9--Miscellaneous provisions relating to compliance and
enforcement
291
Division 1--Introduction
291
311
Guide to this Part................................................................ 291
Division 2--Miscellaneous provisions relating to compliance and
enforcement
292
312
Requirement made of a body corporate ............................. 292
313
Evidence of authority ......................................................... 292
314
Giving documents to natural persons................................. 292
315
Place and time for production of books ............................. 293
316
Application of Crimes Act and Evidence Act.................... 293
317
Allowances and expenses................................................... 293
318
Expenses of investigation under Part 6-1........................... 294
319
Recovery of expenses of investigation............................... 294
320
Compliance with this Chapter............................................ 295
321
Effect of this Chapter ......................................................... 295
322
Enforcement of undertakings ............................................. 295
Chapter 7--Miscellaneous
297
Part 7-1--Miscellaneous
297
Division 1--Introduction
297
323
Guide to this Part................................................................ 297
Division 2--Liability of persons for conduct of their agents etc.
298
324
Liability for bodies corporate for conduct of their
agents, employees etc......................................................... 298
325
Liability of persons (other than bodies corporate) for
the conduct of their agents, employees etc. ....................... 299
326
Regulations for the purposes of this Division .................... 300
xvii National Consumer Credit Protection Bill 2009 No. , 2009
Division 3--Review of ASIC's decisions
301
327
Review by Administrative Appeals Tribunal of
decisions by ASIC under this Act ...................................... 301
328
Notice of reviewable decision and review rights ............... 301
Division 4--Regulations
303
329
Regulations......................................................................... 303
330
Regulations--where proceedings may be brought ............ 303
331
Regulations--infringement notices.................................... 303
Division 5--Other miscellaneous provisions
304
332
Civil penalty provisions contravened or offences
committed partly in and partly out of this jurisdiction....... 304
333
Contravention of Act does not generally affect
validity of transactions etc. ................................................ 304
334
Contracting out etc. ............................................................ 304
335
Indemnities ......................................................................... 305
336
Acquisition of property ...................................................... 306
337
Minister may delegate prescribed functions and
powers under this Act ........................................................ 306
Schedule 1--National Credit Code
307
Part 1--Preliminary
307
1
Short title............................................................................ 307
2
Interpretation generally ...................................................... 307
3
Meaning of credit and amount of credit............................. 307
4
Meaning of credit contract ................................................ 308
5
Provision of credit to which this Code applies .................. 308
6
Provision of credit to which this Code does not apply ...... 309
7
Mortgages to which this Code applies ............................... 313
8
Guarantees to which this Code applies .............................. 313
9
Goods leases with option to purchase to be regarded
as sale by instalments ......................................................... 314
10
Deciding application of Code to particular contracts
for the sale of land by instalments ..................................... 315
11
Deciding application of Code to particular contracts
for the sale of goods by instalments................................... 316
12
Deciding application of Code to particular contracts
for the sale of goods by instalments under related
contracts ............................................................................. 317
13
Presumptions relating to application of Code .................... 318
National Consumer Credit Protection Bill 2009 No. , 2009 xviii
Part 2--Credit contracts
320
Division 1--Negotiating and making credit contracts
320
14
Credit contract to be in form of written contract
document ............................................................................ 320
15
Other forms of contract ...................................................... 320
16
Precontractual disclosure ................................................... 321
17
Matters that must be in contract document ........................ 321
18
Form and expression of contract document ....................... 327
19
Alteration of contract document ........................................ 327
20
Copy of contract for debtor ................................................ 327
21
When debtor may terminate contract ................................. 327
22
Offence for noncompliance................................................ 328
Division 2--Debtor's monetary obligations
329
23
Prohibited monetary obligations ........................................ 329
24
Offences related to prohibited monetary obligations ......... 329
25
Loan to be in money or equivalent..................................... 330
26
Early payments and crediting of payments ........................ 330
Division 3--Interest charges
332
27
Definitions relating to interest............................................ 332
28
Limit on interest charges .................................................... 332
29
Early debit or payment of interest charges prohibited ....... 333
30
Default interest ................................................................... 333
Division 4--Fees and charges
334
31
Prohibited credit fees or charges ........................................ 334
32
Fees or charges passed on to other parties ......................... 334
Division 5--Credit provider's obligation to account
335
33
Statements of account ........................................................ 335
34
Information to be contained in statements of account ....... 336
35
Opening balance must not exceed closing balance of
previous statement.............................................................. 338
36
Statement of amount owing and other matters................... 339
37
Court may order statement to be provided......................... 340
38
Disputed accounts .............................................................. 340
39
Dating and adjustment of debits and credits in
accounts.............................................................................. 341
Division 6--Certain transactions not to be treated as contracts
343
40
Deferrals, waivers and changes under contracts ................ 343
xix National Consumer Credit Protection Bill 2009 No. , 2009
Part 3--Related mortgages and guarantees
344
Division 1--Mortgages
344
41
Application of Division...................................................... 344
42
Form of mortgage............................................................... 344
43
Copy of mortgage for mortgagor ....................................... 344
44
Mortgages over all property void....................................... 345
45
Restriction on mortgage of future property........................ 345
46
Mortgages and continuing credit contracts ........................ 345
47
All accounts mortgages ...................................................... 346
48
Third party mortgages prohibited ...................................... 346
49
Maximum amount which may be secured ......................... 347
50
Prohibited securities ........................................................... 347
51
Assignment or disposal of mortgaged property by
mortgagor ........................................................................... 348
52
Conditions on consent to assignment or disposal of
property subject to mortgage.............................................. 349
53
Offence for noncompliance................................................ 350
Division 2--Guarantees
351
54
Application of Division...................................................... 351
55
Form of guarantee .............................................................. 351
56
Disclosure........................................................................... 351
57
Copies of documents for guarantor .................................... 351
58
Guarantor may withdraw before credit is provided ........... 352
59
Extension of guarantee....................................................... 352
60
Limitation of guarantor's liability...................................... 353
61
Increase in guarantor's liabilities ....................................... 354
62
Offence for noncompliance................................................ 354
Part 4--Changes to obligations under credit contracts,
mortgages and guarantees
356
Division 1--Unilateral changes by credit provider
356
63
Application of Division...................................................... 356
64
Interest rate changes ........................................................... 356
65
Repayment changes............................................................ 358
66
Credit fees and charges changes ........................................ 359
67
Changes to credit limits etc. in continuing credit
contracts ............................................................................. 360
68
Other unilateral changes by credit provider ....................... 360
69
Particulars of matters as changed only required to be
given under this Division in certain cases .......................... 361
70
Prohibited increases in liabilities ....................................... 361
National Consumer Credit Protection Bill 2009 No. , 2009 xx
Division 2--Changes by agreement of parties
363
71
Changes by agreement ....................................................... 363
Division 3--Changes on grounds of hardship and unjust
transactions
364
72
Changes on grounds of hardship ........................................ 364
73
Notice of change ................................................................ 365
74
Changes by court................................................................ 366
75
Credit provider may apply for variation of change............ 366
76
Court may reopen unjust transactions ................................ 366
77
Orders on reopening of transactions .................................. 369
78
Court may review unconscionable interest and other
charges ............................................................................... 370
79
Applications by ASIC ........................................................ 371
80
Time limit........................................................................... 372
81
Joinder of parties ................................................................ 372
Part 5--Ending and enforcing credit contracts, mortgages and
guarantees
373
Division 1--Ending of credit contract by debtor
373
82
Debtor's or guarantor's right to pay out contract............... 373
83
Statement of pay out figure ................................................ 373
84
Court may determine pay out figure if credit provider
does not provide a pay out figure....................................... 374
85
Surrender of mortgaged goods and goods subject to
sale by instalments ............................................................. 374
86
Compensation to debtor or mortgagor ............................... 377
87
One-off notice to be given the first time a direct debit
default occurs ..................................................................... 377
Division 2--Enforcement of credit contracts, mortgages and
guarantees
379
88
Requirements to be met before credit provider can
enforce credit contract or mortgage against
defaulting debtor or mortgagor .......................................... 379
89
Defaults may be remedied.................................................. 382
90
Requirements to be met before credit provider can
enforce guarantee against guarantor .................................. 382
91
Requirements to be met before credit provider can
repossess mortgaged goods ................................................ 383
92
Acceleration clauses ........................................................... 383
93
Requirements to be met before credit provider can
enforce an acceleration clause............................................ 384
xxi National Consumer Credit Protection Bill 2009 No. , 2009
Division 3--Postponement of enforcement proceedings
386
94
Postponement of exercise of rights .................................... 386
95
Effect of negotiated postponement .................................... 386
96
Postponement by court....................................................... 387
97
Credit provider may apply for variation of
postponement order............................................................ 388
Division 4--Enforcement procedures for goods mortgaged
389
98
Information as to location of mortgaged goods ................. 389
99
Entry to residential property to take possession of
goods .................................................................................. 389
100
Court may order entry ........................................................ 390
101
Order for possession........................................................... 390
102
Procedures to be followed by credit provider after
taking possession of goods................................................. 390
103
Mortgagor may nominate purchaser of goods taken
by credit provider ............................................................... 392
104
Sale of goods by credit provider ........................................ 392
105
Matters for which account can be debited after
mortgagee sale of goods ..................................................... 393
106
Compensation to mortgagor............................................... 393
Division 5--Enforcement expenses
395
107
Recovery of enforcement expenses.................................... 395
Division 6--Mortgagor's remedies
396
108
Mortgagor may apply to regain possession of
mortgaged goods ................................................................ 396
109
Order for possession for mortgagor ................................... 396
110
Ancillary or consequential orders ...................................... 397
Part 6--Civil penalties for defaults of credit providers
398
Division 1--Civil penalties for breach of key disclosure and
other requirements
398
111
Key requirements ............................................................... 398
112
Application for order relating to key requirements............ 399
113
Civil penalty may be imposed for contravention of
key requirement.................................................................. 399
114
Penalty if application made by debtor or guarantor ........... 401
115
Payment of penalty to debtor or guarantor......................... 401
116
Penalty if application made by a credit provider or
ASIC................................................................................... 402
117
Payment of penalty............................................................. 402
118
Compensation for debtor or guarantor ............................... 402
National Consumer Credit Protection Bill 2009 No. , 2009 xxii
119
General provisions relating to applications by credit
providers or ASIC .............................................................. 403
120
ASIC may represent interests of debtors............................ 403
121
Directions pending court's decision................................... 403
122
Offences ............................................................................. 404
123
Time limit for application for orders under this
Division .............................................................................. 404
Division 2--Other civil penalties
405
124
Civil effect of other contraventions ................................... 405
Part 7--Related sale contracts
406
Division 1--Interpretation and application
406
125
Meaning of sale contract ................................................... 406
126
Sale contracts to which this Part applies ............................ 406
127
Linked credit providers and tied credit contracts............... 406
Division 2--Liability of credit providers for suppliers'
misrepresentations
408
128
Credit provider liable with respect to supplier's
misrepresentations etc. about tied credit contract .............. 408
Division 3--Liability of credit providers in relation to goods
409
129
Right to damages under sale contract against both
supplier and linked credit provider (cf. section 73 of
the Trade Practices Act 1974) ........................................... 409
130
Limits on debtor's right of action against linked
credit provider (cf. section 73 of the Trade Practices
Act 1974) ............................................................................ 410
131
Liability of supplier to linked credit provider (cf.
section 73 of the Trade Practices Act 1974)...................... 413
132
Interest may be awarded (cf. section 73 of the Trade
Practices Act 1974) ............................................................ 413
133
Subrogation of credit provider (cf. section 73 of the
Trade Practices Act 1974) ................................................. 413
Division 4--Termination of related transactions
415
134
Termination of sale contract which is conditional on
obtaining credit .................................................................. 415
135
Termination of (or recredit under) tied credit contract
if sale contract terminated .................................................. 415
136
Termination of linked maintenance services contract
if credit contract terminated ............................................... 417
137
Termination of contract under this Part to be in
writing ................................................................................ 418
xxiii National Consumer Credit Protection Bill 2009 No. , 2009
138
Powers of court with respect to termination of
contract under this Part ...................................................... 418
139
Part 5 not to apply to termination of contract under
this Part .............................................................................. 418
Division 5--Other provisions
419
140
Requirement as to source of credit for goods or
services ............................................................................... 419
141
Prohibition on payment for goods or services by
postdated bills of exchange or notes which exceed
cash price of goods or services .......................................... 419
Part 8--Related insurance contracts
420
142
Interpretation and application ............................................ 420
143
Requirement to take out insurance or to insure with
particular insurer or on particular terms............................. 420
144
Financing of insurance premiums over mortgaged
property .............................................................................. 421
145
Commission for consumer credit insurance....................... 422
146
Supply of copy of credit-related insurance contract
by insurer............................................................................ 423
147
Rejection of debtor's proposal for insurance ..................... 423
148
Termination of consumer credit insurance contract if
credit contract terminated................................................... 424
149
Termination of insurance contract over mortgaged
property if credit contract terminated................................. 424
Part 9--Advertising and related conduct
426
150
Advertising......................................................................... 426
151
Persons liable for advertisements....................................... 427
152
Defence .............................................................................. 427
153
Interest rates which may be disclosed................................ 427
154
False or misleading representations ................................... 428
155
Harassment......................................................................... 428
156
Canvassing of credit at home ............................................. 428
Part 10--Comparison rates
430
Division 1--Preliminary
430
157
Object of Part ..................................................................... 430
158
Part not to apply to continuing credit contracts ................. 430
159
Definitions.......................................................................... 430
Division 2--Comparison rate in credit advertising
432
160
Comparison rate mandatory in advertisements
containing annual percentage rate...................................... 432
National Consumer Credit Protection Bill 2009 No. , 2009 xxiv
161
The relevant comparison rate ............................................. 432
162
Information about comparison rate .................................... 432
163
Warning about comparison rate ......................................... 433
164
Other requirements for comparison rate ............................ 433
Division 3--Comparison rate in other documents
435
165
Comparison rates in documents other than credit
advertising .......................................................................... 435
Division 4--Miscellaneous
436
166
Calculation of comparison rates......................................... 436
167
Compliance grace period following changes in
interest or fees .................................................................... 436
168
Regulations--exemptions and other matters ..................... 436
Part 11--Consumer leases
437
Division 1--Interpretation and application
437
169
Meaning of consumer lease ............................................... 437
170
Consumer leases to which this Part applies ....................... 437
171
Consumer leases to which this Part does not apply ........... 438
172
Presumptions relating to application of this Part ............... 439
Division 2--Form of and information to be included in consumer
leases
441
173
Form of consumer lease ..................................................... 441
174
Disclosures in consumer leases .......................................... 441
175
Copy of lease etc. for lessee............................................... 442
176
Further goods and deferrals or waivers under
consumer leases.................................................................. 442
Division 3--Other provisions applicable to consumer leases
444
177
Application of certain Code provisions to consumer
leases .................................................................................. 444
178
Notice of repossession ....................................................... 444
179
Termination of lease........................................................... 445
Part 12--Miscellaneous
446
Division 1--Tolerances and assumptions
446
180
Tolerances and assumptions relating to information ......... 446
181
Tolerances relating to contracts and other documents ....... 447
182
Regulations......................................................................... 448
Division 2--Documentary provisions
449
183
Form of notices .................................................................. 449
184
Legibility and language...................................................... 449
xxv National Consumer Credit Protection Bill 2009 No. , 2009
185
Copies of contracts and other documents .......................... 450
186
Signing of documents......................................................... 450
187
Electronic transactions and documents .............................. 451
Division 3--General provisions
452
188
Assignment by credit provider ........................................... 452
189
Assignment by debtor, mortgagor or guarantor ................. 452
190
Appropriation of payments ................................................ 452
191
Contracting out................................................................... 453
192
Indemnities ......................................................................... 453
193
Effect of noncompliance .................................................... 454
194
Giving notice or other document ....................................... 454
195
Manner of giving notice or other document....................... 456
196
Date of notice or other document....................................... 457
197
Extensions of time.............................................................. 457
198
Orders of court ................................................................... 457
199
Conduct of agents and related matters ............................... 458
Division 4--Provisions relating to offences
459
200
Offences by officers, agents or employees ........................ 459
201
Offences by corporations ................................................... 459
202
Limitations ......................................................................... 459
203
Application of section 4K of the Crimes Act 1914 ............ 459
Part 13--Principal definitions
460
204
Principal definitions ........................................................... 460
Part 14--Miscellaneous provisions relating to interpretation
470
Division 1--Preliminary
470
205
Displacement of Part by contrary intention ....................... 470
Division 2--General
471
206
Material that is, and is not, part of this Code ..................... 471
207
References to particular Acts and to enactments ............... 471
208
Compliance with forms ...................................................... 471
Division 3--Terms and references
473
209
Provisions relating to defined terms and gender and
number ............................................................................... 473
210
Meaning of may and must etc. ........................................... 473
211
Effect of express references to bodies corporate and
individuals .......................................................................... 473
212
Reference to certain provisions of Code ............................ 474
213
Reference to provisions of this Code or an Act is
inclusive ............................................................................. 474
National Consumer Credit Protection Bill 2009 No. , 2009 xxvi
Division 4--Functions and powers
476
214
Power to make instrument or decision includes
power to amend or repeal................................................... 476
215
Matters for which statutory instruments may make
provision............................................................................. 476
216
Presumption of validity and power to make ...................... 477
217
Exercise of powers between enactment and
commencement .................................................................. 478
Division 5--Distance, time and age
481
218
Matters relating to distance, time and age.......................... 481
National Consumer Credit Protection Bill 2009 No. , 2009 1
A Bill for an Act relating to credit, and for related
1
purposes
2
The Parliament of Australia enacts:
3
Chapter 1--Introduction
4
Part 1-1--Introduction
5
6
1 Short title
7
This Act may be cited as the National Consumer Credit Protection
8
Act 2009.
9
Chapter 1 Introduction
Part 1-1 Introduction
Section 2
2 National Consumer Credit Protection Bill 2009 No. , 2009
2 Commence ment
1
(1) Each provision of this Act specified in column 1 of the table
2
commences, or is taken to have commenced, in accordance with
3
column 2 of the table. Any other statement in column 2 has effect
4
according to its terms.
5
6
Commencement information
Column 1
Column 2
Column 3
Provision(s)
Commencement
Date/Details
1. Sections 1 and
2 and anything in
this Act not
elsewhere covered
by this table
The day on which this Act receives the
Royal Assent.
2. Sections 3 to
337 and
Schedule 1
A single day to be fixed by Proclamation.
However, if any of the provision(s) do not
commence with in the period of 6 months
beginning on the day on which this Act
receives the Royal Assent, they commence
on the first day after the end of that period.
Note:
This table relates only to the provisions of this Act as originally
7
passed by both Houses of the Parliament and assented to. It will not be
8
expanded to deal with provisions inserted in this Act after assent.
9
(2) Column 3 of the table contains additional information that is not
10
part of this Act. Information in this column may be added to or
11
edited in any published version of this Act.
12
3 The National Credit Code
13
Schedule 1 (which is the National Credit Code) has effect as a law
14
of the Commonwealth.
15
16
Introduction Chapter 1
Definitions Part 1-2
Introduction Division 1
Section 4
National Consumer Credit Protection Bill 2009 No. , 2009 3
Part 1-2--Definitions
1
Division 1--Introduction
2
4 Guide to this Part
3
This Part is about the terms that are defined in this Act (other than
4
the National Credit Code). (For the terms that are defined in the
5
National Credit Code, see section 204 of that Code.)
6
Division 2 has the Dictionary (see section 5). The Dictionary is a
7
list of every term that is defined in this Act (other than the National
8
Credit Code). A term will either be defined in the Dictionary itself,
9
or in another provision of this Act. If another provision defines the
10
term, the Dictionary will have a signpost to that definition.
11
Division 3 has definitions relating to the meaning of credit activity.
12
Division 4 has some other definitions that apply across this Act
13
(other than the National Credit Code).
14
15
Chapter 1 Introduction
Part 1-2 Definitions
Division 2 The Dictionary
Section 5
4 National Consumer Credit Protection Bill 2009 No. , 2009
Division 2--The Dictionary
1
5 The Dictionary
2
(1) In this Act (other than the National Credit Code):
3
acts as an intermediary: see section 9.
4
ADI has the same meaning as in subsection 5(1) of the Banking Act
5
1959.
6
adverse publicity order: see section 182.
7
affairs, in relation to a person that is a body corporate, has the
8
same meaning as in Part 3 of the ASIC Act.
9
affidavit includes affirmation.
10
ancillary offence, in relation to another offence, means:
11
(a) an offence against section 6 of the Crimes Act 1914; or
12
(b) an ancillary offence within the meaning of the Criminal
13
Code;
14
that relates to the other offence.
15
appeal includes:
16
(a) an application for a new trial; and
17
(b) proceedings to review or call in question the proceedings,
18
decision or jurisdiction of a court or judge.
19
approved external dispute resolution scheme: see section 11.
20
APRA means the Australian Prudential Regulation Authority.
21
ASIC means the Australian Securities and Investments
22
Commission.
23
ASIC Act means the Australian Securities and Investments
24
Commission Act 2001, and includes instruments made under that
25
Act.
26
ASIC member means a member of ASIC within the meaning of the
27
ASIC Act.
28
Introduction Chapter 1
Definitions Part 1-2
The Dictionary Division 2
Section 5
National Consumer Credit Protection Bill 2009 No. , 2009 5
ASIC staff member means a staff member within the meaning of
1
subsection 5(1) of the ASIC Act.
2
Australia, when used in a geographical sense, does not include an
3
external Territory.
4
Note:
Paragraph 17(a) of the Acts Interpretation Act 1901 would otherwise
5
provide that Australia included the Territory of Christmas Island and
6
the Territory of Cocos (Keeling) Islands.
7
Australian credit licence: see subsection 35(1).
8
Australian credit licence number means the number given to a
9
licence under section 43.
10
Australian financial services licence has the same meaning as in
11
section 761A of the Corporations Act 2001.
12
authorised, in relation to a credit activity: see subsection 35(2).
13
banker has the same meaning as in section 9 of the Corporations
14
Act 2001.
15
banned from engaging in a credit activity under a law of a State
16
or Territory: a person is banned from engaging in a credit activity
17
under a law of a State or Territory if:
18
(a) the person holds a State or Territory credit licence that is
19
suspended (otherwise than by request of the person); or
20
(b) the person has held a State or Territory credit licence that has
21
been cancelled within the last 7 years (otherwise than by the
22
person's request); or
23
(c) an order of a court made under a law of a State or Territory
24
prohibits the person from engaging in a credit activity; or
25
(d) the person is otherwise prohibited under a law of a State or
26
Territory from engaging in a credit activity.
27
banning order: see subsection 81(1).
28
beneficiary of a guarantee means a person who is a party to a
29
guarantee and who has the benefit of the guarantee, and includes a
30
person who is a beneficiary of a guarantee because of section 10.
31
Chapter 1 Introduction
Part 1-2 Definitions
Division 2 The Dictionary
Section 5
6 National Consumer Credit Protection Bill 2009 No. , 2009
body regulated by APRA has the same meaning as in subsection
1
3(2) of the Australian Prudential Regulation Authority Act 1998.
2
book includes:
3
(a) a register; and
4
(b) any other record of information; and
5
(c) financial reports or financial records, however compiled,
6
recorded or stored; and
7
(d) a document.
8
business day has the same meaning as in section 204 of the
9
National Credit Code.
10
carried on in this jurisdiction has a meaning affected by
11
section 12.
12
civil penalty provision: a subsection of this Act (or a section of this
13
Act that is not divided into subsections) is a civil penalty provision
14
if:
15
(a) the words "civil penalty" and one or more amounts in penalty
16
units are set out at the foot of the subsection (or section); or
17
(b) another provision of this Act specifies that the subsection (or
18
section) is a civil penalty provision.
19
coastal sea:
20
(a) in relation to Australia--means:
21
(i) the territorial sea of Australia; and
22
(ii) the sea on the landward side of the territorial sea of
23
Australia and not within the limits of a State or internal
24
Territory;
25
and includes the airspace over, and the sea-bed and subsoil
26
beneath, any such sea; and
27
(b) in relation to a State or Territory--means so much of the
28
coastal sea of Australia as is within the area described in
29
Schedule 1 to the Offshore Petroleum and Greenhouse Gas
30
Storage Act 2006 under the heading that refers to that State or
31
Territory.
32
commission includes any financial or other benefit in the nature of
33
a commission.
34
Introduction Chapter 1
Definitions Part 1-2
The Dictionary Division 2
Section 5
National Consumer Credit Protection Bill 2009 No. , 2009 7
Commonwealth credit legislation means this Act and the
1
Transitional Act.
2
consumer means a natural person or a strata corporation.
3
consumer lease means a consumer lease to which Part 11 of the
4
National Credit Code applies.
5
contravention, in relation to a Commonwealth law, includes an
6
ancillary offence relating to an offence against that law.
7
credit has the same meaning as in subsection 3(1) of the National
8
Credit Code.
9
credit activity: see section 6.
10
credit assistance: see section 8.
11
credit book: see subsection 227(4).
12
credit contract has the same meaning as in section 4 of the
13
National Credit Code.
14
credit legislation means:
15
(a) this Act; and
16
(b) the Transitional Act; and
17
(c) Division 2 of Part 2 of the ASIC Act and regulations made
18
for the purpose of that Division; and
19
(d) any other Commonwealth, State or Territory legislation that
20
covers conduct relating to credit activities (whether or not it
21
also covers other conduct), but only in so far as it covers
22
conduct relating to credit activities.
23
credit limit of a credit contract means the maximum amount of
24
credit that may be provided under the contract.
25
credit provider has the same meaning as in section 204 of the
26
National Credit Code, and includes a person who is a credit
27
provider because of section 10.
28
credit registers: see section 213.
29
credit representative: see subsections 64(2) and 65(2).
30
Chapter 1 Introduction
Part 1-2 Definitions
Division 2 The Dictionary
Section 5
8 National Consumer Credit Protection Bill 2009 No. , 2009
credit representative number means the number given to a credit
1
representative under section 72.
2
credit service: see section 7.
3
criminal procedure: see section 205.
4
debtor has the same meaning as in section 204 of the National
5
Credit Code.
6
director has the same meaning as in section 9 of the Corporations
7
Act 2001.
8
disqualification order means an order of the court under
9
section 86.
10
document registers: see section 219.
11
engage in conduct means:
12
(a) do an act; or
13
(b) omit to perform an act.
14
examination, when used in Chapter 6 (which deals with
15
compliance and enforcement), means an examination of a person
16
pursuant to a requirement made under section 253.
17
expenses, in relation to an investigation under Part 6-1, includes
18
costs and expenses incurred by ASIC in relation to proceedings
19
brought under section 275 as a result of the investigation.
20
Federal Court means the Federal Court of Australia.
21
financial records: see subsection 88(2).
22
financial year: see subsection 100(6).
23
function includes a duty.
24
give:
25
(a) when used in Chapter 6 (which deals with compliance and
26
enforcement) in relation to a document--has a meaning
27
affected by section 314; and
28
(b) when used in relation to information, includes:
29
Introduction Chapter 1
Definitions Part 1-2
The Dictionary Division 2
Section 5
National Consumer Credit Protection Bill 2009 No. , 2009 9
(i) explaining or stating a matter; and
1
(ii) identifying a person, matter or thing; and
2
(iii) disclosing information; and
3
(iv) answering a question.
4
guarantee means a guarantee to which the National Credit Code
5
applies.
6
hearing, when used in Chapter 6 (which deals with compliance
7
and enforcement), means a hearing before ASIC and, in
8
sections 278, 280, 281 and 282 (which are in that Chapter),
9
includes part of such a hearing.
10
initial National Credit Act means this Act as originally enacted.
11
initial Transitional Act means the Transitional Act as originally
12
enacted.
13
insolvent means:
14
(a) in the case of a natural person--a person who is an insolvent
15
under administration (within the meaning of the
16
Corporations Act 2001); or
17
(b) in the case of a body corporate--a body corporate that is an
18
externally-administered body corporate (within the meaning
19
of the Corporations Act 2001); or
20
(c) in the case of a partnership--a partnership against which a
21
creditor's petition or a debtor's petition is presented under
22
Division 2 or 3 of Part IV of the Bankruptcy Act 1966.
23
investigate, in relation to ASIC, means investigate in the course of
24
performing any of ASIC's functions or exercising any of ASIC's
25
powers.
26
involved in: a person is involved in a contravention of a provision
27
of legislation if, and only if, the person:
28
(a) has aided, abetted, counselled or procured the contravention;
29
or
30
(b) has induced the contravention, whether by threats or
31
promises or otherwise; or
32
Chapter 1 Introduction
Part 1-2 Definitions
Division 2 The Dictionary
Section 5
10 National Consumer Credit Protection Bill 2009 No. , 2009
(c) has been in any way, by act or omission, directly or
1
indirectly, knowingly concerned in or party to the
2
contravention; or
3
(d) has conspired with others to effect the contravention.
4
judgment means a judgment, decree or order, whether final or
5
interlocutory.
6
law of a referring State or a Territory means a law of, or in force
7
in, a referring State or a Territory but does not include a law of the
8
Commonwealth in force in the referring State or the Territory.
9
law of a State or Territory means a law of, or in force in, a State or
10
Territory but does not include a law of the Commonwealth in force
11
in the State or Territory.
12
lawyer means a person who is admitted to the legal profession by a
13
federal court or a Supreme Court of a State or Territory.
14
lessee means the lessee under a consumer lease.
15
lessor means the lessor under a consumer lease, and includes a
16
person who is a lessor because of section 10.
17
licence means an Australian credit licence.
18
licensee means a person who holds a licence.
19
licensing anniversary: see subsection 53(7).
20
lodge with ASIC: see section 216.
21
lower court means:
22
(a) the Federal Magistrates Court; or
23
(b) a court of a State or Territory that is not a superior court.
24
malice: see subsection 16(2).
25
matter includes an act, an omission, a body, a person or a thing.
26
misleading: see section 13.
27
mortgage means a mortgage to which the National Credit Code
28
applies.
29
Introduction Chapter 1
Definitions Part 1-2
The Dictionary Division 2
Section 5
National Consumer Credit Protection Bill 2009 No. , 2009 11
mortgagee means the mortgagee under a mortgage, and includes a
1
person who is a mortgagee because of section 10.
2
mortgagor means the mortgagor under a mortgage.
3
National Credit Code means Schedule 1 to this Act, and includes:
4
(a) regulations made under section 329 for the purposes of that
5
Schedule; and
6
(b) instruments made under that Schedule.
7
officer of the Commonwealth has the same meaning as in
8
paragraph 75(v) of the Constitution.
9
penalty unit has the same meaning as in section 4AA of the Crimes
10
Act 1914.
11
person has a meaning affected by section 14 (which deals with
12
partnerships) and section 15 (which deals with multiple trustees).
13
power includes an authority.
14
premises includes:
15
(a) a structure, building, aircraft, vehicle or vessel; and
16
(b) any land or place (whether enclosed or built in or not); and
17
(c) a part of a structure, building, aircraft, vehicle, vessel or of
18
such a place.
19
prescribed State or Territory order means an order under a law of
20
a State or Territory, being an order of a kind prescribed by the
21
regulations.
22
proceedings:
23
(a) when used in Chapter 6 (which deals with compliance and
24
enforcement)--has the same meaning as the definition of
25
proceeding in subsection 5(1) of the ASIC Act; and
26
(b) otherwise--means proceedings, whether criminal or civil,
27
before a court.
28
qualified privilege has a meaning affected by section 16.
29
receiving court: see section 191.
30
Chapter 1 Introduction
Part 1-2 Definitions
Division 2 The Dictionary
Section 5
12 National Consumer Credit Protection Bill 2009 No. , 2009
record, when used in Chapter 6 (which deals with compliance and
1
enforcement) in relation to an examination, means the whole or
2
part of a record made under section 258 of statements made at the
3
examination.
4
referred credit matters: see section 20.
5
referring State: see section 19.
6
registered company auditor has the same meaning as in section 9
7
of the Corporations Act 2001.
8
related body corporate has the same meaning as in section 9 of the
9
Corporations Act 2001.
10
related criminal justice process decision: see section 188.
11
relevant criminal law: see subsection 204(5).
12
relevant superior court, in relation to a lower court, means:
13
(a) if the lower court is the Federal Magistrates Court--the
14
Federal Court; or
15
(b) if the lower court is a court of a State or Territory--the
16
Supreme Court of the State or Territory.
17
representative of a person means:
18
(a) if the person is a licensee:
19
(i) an employee or director of the licensee; or
20
(ii) an employee or director of a related body corporate of
21
the licensee; or
22
(iii) a credit representative of the licensee; or
23
(iv) any other person acting on behalf of the licensee; or
24
(b) otherwise:
25
(i) an employee or director of the person; or
26
(ii) an employee or director of a related body corporate of
27
the person; or
28
(iii) any other person acting on behalf of the person.
29
senior manager has the same meaning as in section 9 of the
30
Corporations Act 2001.
31
Introduction Chapter 1
Definitions Part 1-2
The Dictionary Division 2
Section 5
National Consumer Credit Protection Bill 2009 No. , 2009 13
serious fraud means an offence involving fraud or dishonesty,
1
being an offence:
2
(a) against a law of the Commonwealth, or of a State or
3
Territory, or any other law; and
4
(b) punishable by imprisonment for life or for a period, or
5
maximum period, of at least 3 months.
6
State, when used in a geographical sense, includes the coastal sea
7
of the State.
8
statement, when used in Chapter 6 (which deals with compliance
9
and enforcement) in relation to an examination, includes a question
10
asked, an answer given, and any other comment or remark made, at
11
the examination.
12
state of mind: the state of mind of a person includes:
13
(a) the knowledge, intention, opinion, belief or purpose of the
14
person; and
15
(b) the person's reasons for the intention, opinion, belief or
16
purpose.
17
State or Territory credit licence means a licence or registration
18
that:
19
(a) is granted under a law of a State or Territory; and
20
(b) authorises the licensee or registered person to engage in a
21
credit activity.
22
strata corporation has the same meaning as in section 204 of the
23
National Credit Code.
24
superior court means any of the following courts:
25
(a) the Federal Court;
26
(b) the Supreme Court of a State or Territory.
27
Territory means:
28
(a) the Australian Capital Territory; or
29
(b) the Northern Territory; or
30
(c) the Jervis Bay Territory;
31
and, when used in a geographical sense, includes the coastal sea of
32
the Territory.
33
Chapter 1 Introduction
Part 1-2 Definitions
Division 2 The Dictionary
Section 5
14 National Consumer Credit Protection Bill 2009 No. , 2009
this Act includes instruments made under this Act.
1
this jurisdiction: see subsections 21(2) and (3).
2
transfer matter: see section 191.
3
transferring court: see section 191.
4
Transitional Act means the National Consumer Credit Protection
5
(Transitional and Consequential Provisions) Act 2009, and
6
includes instruments made under that Act.
7
tribunal means:
8
(a) a tribunal in Australia; or
9
(b) any other body, authority or person in Australia having
10
power, by law or by consent of parties, to hear, receive or
11
examine evidence.
12
value of a credit contract, mortgage, guarantee or consumer
13
lease: see section 199.
14
within the authority: a representative's conduct is within the
15
authority of a person if:
16
(a) for a representative who is an employee of the person or of a
17
related body corporate of the person--the conduct is within
18
the scope of the employee's employment; or
19
(b) for a representative who is a director of the person or of a
20
related body corporate of the person--the conduct is within
21
the scope of the director's duties as director; or
22
(c) for a representative who is a credit representative of the
23
person--the conduct is within the scope of the authorisation
24
of the credit representative under subsection 64(1) or 65(1);
25
or
26
(d) otherwise--the conduct is within the scope of the authority
27
given by the person.
28
witness, in relation to a hearing before ASIC, means a person
29
appearing at the hearing to give evidence.
30
written record, when used in Chapter 6 (which deals with
31
compliance and enforcement) in relation to an examination, means:
32
Introduction Chapter 1
Definitions Part 1-2
The Dictionary Division 2
Section 5
National Consumer Credit Protection Bill 2009 No. , 2009 15
(a) a record of the examination:
1
(i) that is made in writing; or
2
(ii) as reduced to writing; or
3
(b) a part of such a record.
4
(2) In this Act (other than the National Credit Code), a reference to a
5
provision is a reference to a provision of this Act, unless the
6
contrary intention appears.
7
8
Chapter 1 Introduction
Part 1-2 Definitions
Division 3 Definitions relating to the meaning of cred it activity
Section 6
16 National Consumer Credit Protection Bill 2009 No. , 2009
Division 3--Definitions relating to the meaning of credit
1
activity
2
6 Meaning of credit activity
3
(1) The following table sets out when a person engages in a credit
4
activity.
5
6
Meaning of credit activity
Item Topic
A person eng ages in a credit activity if:
1
credit contracts
(a) the person is a credit provider under a credit contract;
or
(b) the person carries on a business of providing credit,
being credit the provision of which the National Credit
Code applies to; or
(c) the person performs the obligations, or exercises the
rights, of a credit p rovider in relation to a credit
contract or proposed credit contract (whether the
person does so as the credit provider or for or on behalf
of the credit provider); o r
2
credit service
the person provides a credit service; or
3
consumer leases (a) the person is a lessor under a consumer lease; or
(b) the person carries on a business of providing consumer
leases; or
(c) the person performs the obligations, or exercises the
rights, of a lessor in relation to a consumer lease or
proposed consumer lease (whether the person does so
as the lessor or for or on behalf of the lessor); or
4
mortgages
(a) the person is a mo rtgagee under a mortgage; or
(b) the person performs the obligations, or exercises the
rights, of a mortgagee in relation to a mortgage or
proposed mortgage (whether the person does so as the
mortgagee or for or on behalf of the mortgagee); or
5
guarantees
(a) the person is the beneficiary of a guarantee; or
(b) the person performs the obligations, or exercises the
rights, of another person who is a beneficiary of a
guarantee or proposed guarantee, in relation to the
guarantee or proposed guarantee (whether the person
Introduction Chapter 1
Definitions Part 1-2
Definitions relating to the meaning of credit activ ity Division 3
Section 7
National Consumer Credit Protection Bill 2009 No. , 2009 17
Meaning of credit activity
Item Topic
A person eng ages in a credit activity if:
does so on the person's own behalf or for or on behalf
of the other person); or
6
prescribed
activities
the person engages in an activity prescribed by the
regulations in relation to credit, being cred it the provision
of which the National Credit Code applies to, or would
apply to if the credit were provided.
(2) A subclass of any of the conduct referred to in the table in
1
subsection (1) is also a credit activity.
2
Note:
For example, ASIC could impose a condition on a licence under
3
subsection 45(6) that provides that a person is authorised to be a credit
4
provider only under particular types of credit contracts (such as credit
5
contracts for credit cards).
6
7 Meaning of credit service
7
A person provides a credit service if the person:
8
(a) provides credit assistance to a consumer; or
9
(b) acts as an intermediary.
10
8 Meaning of credit assistance
11
A person provides credit assistance to a consumer if, by dealing
12
directly with the consumer or the consumer's agent in the course
13
of, as part of, or incidentally to, a business carried on in this
14
jurisdiction by the person or another person, the person:
15
(a) suggests that the consumer apply for a particular credit
16
contract with a particular credit provider; or
17
(b) suggests that the consumer apply for an increase to the credit
18
limit of a particular credit contract with a particular credit
19
provider; or
20
(c) suggests that the consumer remain in a particular credit
21
contract with a particular credit provider; or
22
(d) assists the consumer to apply for a particular credit contract
23
with a particular credit provider; or
24
Chapter 1 Introduction
Part 1-2 Definitions
Division 3 Definitions relating to the meaning of cred it activity
Section 9
18 National Consumer Credit Protection Bill 2009 No. , 2009
(e) assists the consumer to apply for an increase to the credit
1
limit of a particular credit contract with a particular credit
2
provider; or
3
(f) suggests that the consumer apply for a particular consumer
4
lease with a particular lessor; or
5
(g) suggests that the consumer remain in a particular consumer
6
lease with a particular lessor; or
7
(h) assists the consumer to apply for a particular consumer lease
8
with a particular lessor.
9
It does not matter whether the person does so on the person's own
10
behalf or for or on behalf of another person.
11
9 Meaning of acts as an intermediary
12
A person acts as an intermediary if, in the course of, as part of, or
13
incidentally to, a business carried on in this jurisdiction by the
14
person or another person, the person:
15
(a) acts as an intermediary (whether directly or indirectly)
16
between a credit provider and a consumer wholly or partly
17
for the purposes of securing a provision of credit for the
18
consumer under a credit contract for the consumer with the
19
credit provider; or
20
(b) acts as an intermediary (whether directly or indirectly)
21
between a lessor and a consumer wholly or partly for the
22
purposes of securing a consumer lease for the consumer with
23
the lessor.
24
It does not matter whether the person does so on the person's own
25
behalf or for or on behalf of another person.
26
10 Assignees of credit providers, lessors, mortgagees and
27
beneficiaries of a guarantee
28
(1) For the purposes of this Act (other than the National Credit Code),
29
a person is a credit provider, lessor, mortgagee or beneficiary of a
30
guarantee whether the person is:
31
(a) the original credit provider, lessor, mortgagee or beneficiary
32
of a guarantee under a credit contract, consumer lease,
33
mortgage or guarantee; or
34
Introduction Chapter 1
Definitions Part 1-2
Definitions relating to the meaning of credit activ ity Division 3
Section 10
National Consumer Credit Protection Bill 2009 No. , 2009 19
(b) a person to whom the rights of a credit provider, lessor,
1
mortgagee or beneficiary of a guarantee under a credit
2
contract, consumer lease, mortgage or guarantee have been
3
assigned or passed by law.
4
Note:
For example, a person who is assigned the rights of a credit provider
5
under a credit contract would engage in a credit activity within the
6
meaning of paragraph (a) of item 1 of the table in subsection 6(1).
7
(2) For the purposes of paragraph (1)(b), it does not matter whether an
8
assignment or passing by law of rights is the first or a subsequent
9
assignment or passing by law of those rights.
10
11
Chapter 1 Introduction
Part 1-2 Definitions
Division 4 Other definitions
Section 11
20 National Consumer Credit Protection Bill 2009 No. , 2009
Division 4--Other definitions
1
11 Meaning of approved external dispute resolution scheme
2
(1) A person is a member of an approved external dispute resolution
3
scheme if the person is a member of one or more external dispute
4
resolution schemes that:
5
(a) is, or are, approved by ASIC in accordance with the
6
regulations; and
7
(b) covers, or together cover, disputes in relation to the credit
8
activities engaged in by the person or its representatives.
9
(2) Regulations made for the purpose of paragraph (1)(a) may also
10
deal with the variation or revocation of approvals given by ASIC.
11
12 When a business is carried on in this jurisdiction
12
(1) Division 3 of Part 1.2 of the Corporations Act 2001 applies for the
13
purposes of working out whether a business is carried on in this
14
jurisdiction.
15
(2) Without limiting subsection (1), a business is taken to be carried
16
on in this jurisdiction by a person if, in the course of carrying on
17
the business, the person engages in conduct that is:
18
(a) intended to induce people in this jurisdiction to use the goods
19
or services the person provides; or
20
(b) is likely to have that effect;
21
whether or not the conduct is intended, or likely, to have that effect
22
in other places as well.
23
13 Meaning of misleading
24
(1) A representation made by a person is misleading if:
25
(a) the representation relates to a future matter (including the
26
doing of, or refusing to do, any act); and
27
(b) the person does not have reasonable grounds for making the
28
representation.
29
(2) Subsection (1) does not limit the circumstances in which a
30
representation may be misleading.
31
Introduction Chapter 1
Definitions Part 1-2
Other defin itions Division 4
Section 14
National Consumer Credit Protection Bill 2009 No. , 2009 21
14 Meaning of person--gene rally includes a partnership
1
(1) This Act (other than the National Credit Code) applies to a
2
partnership as if the partnership were a person, but it applies with
3
the following changes:
4
(a) obligations that would be imposed on the partnership are
5
imposed instead on each partner, but may be discharged by
6
any of the partners;
7
(b) any contravention of this Act (other than the National Credit
8
Code) that would otherwise be a contravention by the
9
partnership is taken (whether for the purposes of criminal or
10
civil liability) to have been a contravention by each partner
11
who:
12
(i) aided, abetted, counselled or procured the relevant act or
13
omission; or
14
(ii) was in any way knowingly concerned in, or party to, the
15
relevant act or omission (whether directly or indirectly
16
and whether by any act or omission of the partner).
17
Note:
For the purposes of paragraph (b), to determine whether the
18
partnership has contravened this Act, see section 325.
19
(2) For the purposes of this Act (other than the National Credit Code),
20
a change in the composition of a partnership does not affect the
21
continuity of the partnership.
22
(3) Subsections (1) and (2) have effect subject to:
23
(a) an express or implied contrary intention in a provision of this
24
Act (other than the National Credit Code); and
25
(b) the regulations, which may exclude or modify the effect of
26
those subsections in relation to specified provisions.
27
15 Meaning of person--gene rally includes multiple trustees
28
(1) This section applies in relation to a trust during a period while the
29
trust continues to have:
30
(a) 2 or more trustees; or
31
(b) a single trustee who was a trustee of the trust at a time when
32
it had 2 or more trustees.
33
Chapter 1 Introduction
Part 1-2 Definitions
Division 4 Other definitions
Section 15
22 National Consumer Credit Protection Bill 2009 No. , 2009
(2) Subject to subsections (3) and (4), during the period this Act (other
1
than the National Credit Code) applies to the trust as if the trustee
2
or trustees of the trust from time to time during the period were a
3
single person (the notional person) that remained the same for the
4
duration of that period.
5
Note:
So, for example, a licence granted under this Act during the period to
6
the trustees of the trust will continue in force, despite a change in the
7
persons who are the trustees.
8
(3) If, during the period or any part of the period, the trust has 2 or
9
more trustees, this Act (other than the National Credit Code)
10
applies to the trustees as referred to in subsection (2), but it applies
11
with the following changes:
12
(a) obligations that would be imposed on the notional person are
13
imposed instead on each trustee, but may be discharged by
14
any of the trustees;
15
(b) any contravention of this Act (other than the National Credit
16
Code) that would otherwise be a contravention by the
17
notional person is taken (whether for the purposes of criminal
18
or civil liability) to have been a contravention by each trustee
19
who:
20
(i) aided, abetted, counselled or procured the relevant act or
21
omission; or
22
(ii) was in any way knowingly concerned in, or party to, the
23
relevant act or omission (whether directly or indirectly
24
and whether by any act or omission of the trustee).
25
Note:
For the purposes of paragraph (b), to determine whether the notional
26
person has contravened this Act, see section 325.
27
(4) If, during the period or any part of the period, the trust has only one
28
trustee, this Act (other than the National Credit Code) applies to
29
the trustee as referred to in subsection (2), but it applies with the
30
following changes:
31
(a) obligations that would be imposed on the notional person are
32
imposed instead on that single trustee;
33
(b) any contravention of this Act (other than the National Credit
34
Code) that would otherwise be a contravention by the
35
notional person is taken (whether for the purposes of criminal
36
or civil liability) to have been a contravention by that single
37
trustee.
38
Introduction Chapter 1
Definitions Part 1-2
Other defin itions Division 4
Section 16
National Consumer Credit Protection Bill 2009 No. , 2009 23
(5) Subsections (2), (3) and (4) have effect subject to:
1
(a) an express or implied contrary intention in a provision of this
2
Act (other than the National Credit Code); and
3
(b) the regulations, which may exclude or modify the effect of
4
those subsections in relation to specified provisions.
5
16 Qualified privilege
6
(1) If this Act provides that a person has qualified privilege in relation
7
to an act, matter or thing, then the person:
8
(a) has qualified privilege in proceedings for defamation; or
9
(b) is not, in the absence of malice on the person's part, liable to
10
an action for defamation at the suit of a person;
11
in relation to that act, matter or thing.
12
(2) Malice includes ill will to the person concerned or any other
13
improper motive.
14
(3) Neither this section nor a provision of this Act that provides as
15
referred to in subsection (1) limits or affects any right, privilege or
16
immunity that a person has, apart from this section or such a
17
provision, as defendant in proceedings, or an action, for
18
defamation.
19
20
Chapter 1 Introduction
Part 1-3 Application of this Act and the Transitional Act
Division 1 Introduction
Section 17
24 National Consumer Credit Protection Bill 2009 No. , 2009
Part 1-3--Application of this Act and the
1
Transitional Act
2
Division 1--Introduction
3
17 Guide to this Part
4
This Part deals with the application of this Act and the Transitional
5
Act.