CONSUMER CREDIT (NEW SOUTH WALES) ACT 1995 - As at 11 November 2009 - Act 7 of 1995 TABLE OF PROVISIONS TABLE OF PROVISIONS PART 1 - PRELIMINARY 1. Name of Act 2. Commencement 3. Definitions 4. Notes in text PART 2 - CONSUMER CREDIT (NEW SOUTH WALES) CODE AND REGULATIONS 5. Application in New South Wales of the Consumer Credit Code 6. Application of uniform regulations under the Consumer Credit Code 7. Interpretation of expressions in the Consumer Credit (New South Wales) Code and the Consumer Credit (New South Wales) Regulations PART 3 - CONFERRAL OF JUDICIAL AND ADMINISTRATIVE FUNCTIONS 8. Conferral of judicial functions 9. Conferral of administrative functions PART 4 - MISCELLANEOUS 10. Civil penalties payable to financial counselling trust fund 10A. (Repealed) 10B. Disclosure of cost of credit as annual percentage rate 11. Maximum annual percentage rate 11A. Persons who may take proceedings 12. Proceedings for offences against the Code or regulations 13. Crown to be bound 14. Special savings and transitional regulations for New South Wales 15. Regulations generally 16. Consequential amendments to Credit Act 1984 and other Acts 17. Review of Act Schedule 1 (Repealed) Note CONSUMER CREDIT (NEW SOUTH WALES) ACT 1995 - LONG TITLE An Act to regulate the provision of consumer credit. CONSUMER CREDIT (NEW SOUTH WALES) ACT 1995 - SECT 1 Name of Act 1 Name of Act This Act is the Consumer Credit (New South Wales) Act 1995. CONSUMER CREDIT (NEW SOUTH WALES) ACT 1995 - SECT 2 Commencement 2 Commencement This Act commences on a day or days to be appointed by proclamation. CONSUMER CREDIT (NEW SOUTH WALES) ACT 1995 - SECT 3 Definitions 3 Definitions (1) In this Act: "Consumer Credit (Queensland) Act" means the Consumer Credit (Queensland) Act 1994 of Queensland. "Consumer Credit (New South Wales) Code" means the provisions applying because of section 5 of this Act. "Consumer Credit (New South Wales) Regulations" means the provisions applying because of section 6 of this Act. (2) Words and expressions used in this Act and also in the Consumer Credit (New South Wales) Code have the same meanings in this Act as they have in that Code. CONSUMER CREDIT (NEW SOUTH WALES) ACT 1995 - SECT 4 Notes in text 4 Notes in text Notes included in this Act are explanatory notes and do not form part of this Act. CONSUMER CREDIT (NEW SOUTH WALES) ACT 1995 - SECT 5 Application in New South Wales of the Consumer Credit Code 5 Application in New South Wales of the Consumer Credit Code The Consumer Credit Code set out in the Appendix to the Consumer Credit (Queensland) Act, as in force for the time being: (a) applies as a law of New South Wales, and (b) as so applying may be referred to as the Consumer Credit (New South Wales) Code. CONSUMER CREDIT (NEW SOUTH WALES) ACT 1995 - SECT 6 Application of uniform regulations under the Consumer Credit Code 6 Application of uniform regulations under the Consumer Credit Code (1) The regulations in force for the time being under Part 4 of the Consumer Credit (Queensland) Act: (a) apply as regulations in force for the purposes of the Consumer Credit (New South Wales) Code, and (b) as so applying may be referred to as the Consumer Credit (New South Wales) Regulations. (2) Schedule 2 to the Consumer Credit (New South Wales) Code applies in relation to any such regulation. (3) To the extent to which a provision of any such regulation of a savings or transitional nature takes effect from a day earlier than the day of the regulation’s notification in the Government Gazette of Queensland, the provision does not operate in this State to the disadvantage of a person (other than the State or a State authority) by: (a) decreasing the person’s rights, or (b) imposing liabilities on the person. CONSUMER CREDIT (NEW SOUTH WALES) ACT 1995 - SECT 7 Interpretation of expressions in the Consumer Credit (New South Wales) Code and the Consumer Credit (New South Wales) Regulations 7 Interpretation of expressions in the Consumer Credit (New South Wales) Code and the Consumer Credit (New South Wales) Regulations (1) In the Consumer Credit (New South Wales) Code and the Consumer Credit (New South Wales) Regulations: "Legislature of this jurisdiction" means the Legislature of New South Wales. "the Code" or "this Code" means the Consumer Credit (New South Wales) Code. "the jurisdiction" or "this jurisdiction" means New South Wales. (2) The Acts Interpretation Act 1954, and other Acts, of Queensland do not apply to: (a) the Consumer Credit Code set out in the Appendix to the Consumer Credit (Queensland) Act in its application as a law of New South Wales, or (b) the regulations in force for the time being under Part 4 of the Consumer Credit (Queensland) Act in their application as regulations in force for the purposes of the Consumer Credit (New South Wales) Code. CONSUMER CREDIT (NEW SOUTH WALES) ACT 1995 - SECT 8 Conferral of judicial functions 8 Conferral of judicial functions (1) The jurisdiction that is expressed to be exercisable by “the Court” under the Consumer Credit (New South Wales) Code and the Consumer Credit (New South Wales) Regulations is exercisable by the following: (a) in the case of any jurisdiction prescribed by the regulations for the purposes of this paragraph—only the Consumer, Trader and Tenancy Tribunal, (b) except in the case referred to in paragraph (a)—either the Consumer, Trader and Tenancy Tribunal or any court. (2) The jurisdiction conferred on a court by this section (other than the Consumer, Trader and Tenancy Tribunal) is subject to the court’s general jurisdictional limits (so far as they relate to the amounts, or the value of property, with which the court may deal), but is not subject to the court’s other jurisdictional limits. (3) The regulations may make provision for or with respect to the transfer of proceedings between the Consumer, Trader and Tenancy Tribunal and other courts or between other courts. CONSUMER CREDIT (NEW SOUTH WALES) ACT 1995 - SECT 9 Conferral of administrative functions 9 Conferral of administrative functions The Director-General of the Department of Fair Trading has the functions of the Government Consumer Agency under the Consumer Credit (New South Wales) Code and the Consumer Credit (New South Wales) Regulations. CONSUMER CREDIT (NEW SOUTH WALES) ACT 1995 - SECT 10 Civil penalties payable to financial counselling trust fund 10 Civil penalties payable to financial counselling trust fund The financial counselling trust fund established in accordance with the regulations under the Credit Act 1984 is the fund into which are to be paid amounts of civil penalty payable under section 106 of the Consumer Credit (New South Wales) Code. CONSUMER CREDIT (NEW SOUTH WALES) ACT 1995 - SECT 10B Disclosure of cost of credit as annual percentage rate 10B Disclosure of cost of credit as annual percentage rate (2) For the purposes of the application of section 15 (C) of the Consumer Credit (New South Wales) Code, and for the avoidance of doubt, the credit contract document must state an annual percentage rate calculated on the basis of charges under the contract that are in the nature of interest charges (whether or not they are expressed to be interest charges). (3) For the purposes of section 15 (E) of the Consumer Credit (New South Wales) Code, the total amount of interest charges includes any amount that is in the nature of an interest charge (whether or not it is expressed to be an interest charge). (4) For the purposes of section 14 of the Consumer Credit (New South Wales) Code, the pre-contractual statement must also set out the matters referred to in subsections (2) and (3). (5) The requirements of this section are in addition to any other requirements of section 14 or 15 of the Consumer Credit (New South Wales) Code. (6) The provisions of this section are repealed on a day or days to be appointed by proclamation. CONSUMER CREDIT (NEW SOUTH WALES) ACT 1995 - SECT 11 Maximum annual percentage rate 11 Maximum annual percentage rate (1) The regulations may prescribe a maximum annual percentage rate for a credit contract or class of credit contracts to which the Consumer Credit (New South Wales) Code applies. (2) The regulations may require interest charges and all credit fees and charges under a credit contract or class of credit contracts to be included for the purpose of calculating the maximum annual percentage rate under the credit contract for the purposes of subsection (1). (3) Division 2 of Part 2 of the Consumer Credit (New South Wales) Code applies in relation to such a maximum annual percentage rate as if that rate had been prescribed by that Code. Note: The effect of subsection (3) is that a contract is void to the extent it imposes a monetary liability prohibited under subsection (1) and that any amount paid under the contract may be recovered. In addition the credit provider is guilty of an offence for entering into such a contract. (4) Nothing in this section affects the powers of the Court under Division 3 of Part 4 of the Consumer Credit (New South Wales) Code in relation to a contract that is not, by reason of this section, void. Note: Division 3 of Part 4 of the Code allows (among other things) the Court to re-open unjust transactions. CONSUMER CREDIT (NEW SOUTH WALES) ACT 1995 - SECT 11A Persons who may take proceedings 11A Persons who may take proceedings (1) Proceedings for an offence against the Consumer Credit (New South Wales) Code or the Consumer Credit (New South Wales) Regulations may be taken and prosecuted only by a person acting with the authority of: (a) the Minister, or (b) a prescribed officer. (2) An authority to prosecute purporting to have been signed by the Minister or a prescribed officer is evidence of that authority without proof of the signature of the Minister or the prescribed officer. (3) In proceedings for an offence against the Consumer Credit (New South Wales) Code or the Consumer Credit (New South Wales) Regulations, the informant may conduct his or her case personally, or by a legal practitioner, or by an agent authorised by the informant in writing. CONSUMER CREDIT (NEW SOUTH WALES) ACT 1995 - SECT 12 Proceedings for offences against the Code or regulations 12 Proceedings for offences against the Code or regulations Proceedings for offences against the Consumer Credit (New South Wales) Code or the Consumer Credit (New South Wales) Regulations (that are punishable summarily) are to be dealt with by the Local Court. CONSUMER CREDIT (NEW SOUTH WALES) ACT 1995 - SECT 13 Crown to be bound 13 Crown to be bound This Act binds the Crown in right of New South Wales and, in so far as the legislative power of the Parliament permits, the Crown in all its other capacities. CONSUMER CREDIT (NEW SOUTH WALES) ACT 1995 - SECT 14 Special savings and transitional regulations for New South Wales 14 Special savings and transitional regulations for New South Wales (1) The regulations may contain provisions of a savings or transitional nature consequent on the enactment of this Act, the Consumer Credit (New South Wales) Amendment (Pay Day Lenders) Act 2001, the Consumer Credit (New South Wales) Amendment (Maximum Annual Percentage Rate) Act 2005 or of an Act of Queensland amending the Consumer Credit Code set out in the Appendix to the Consumer Credit (Queensland) Act. (2) If such a regulation so provides, it has effect despite any provision of this Act, including the Consumer Credit (New South Wales) Code. (3) A provision of a regulation made under this section may, if the regulation so provides, take effect from the date of assent to the Act concerned or from a later date. (4) To the extent to which a provision takes effect from a date earlier than the date of the regulation’s publication in the Gazette, the provision does not operate to the disadvantage of a person (other than the State or a State authority) by: (a) decreasing the person’s rights, or (b) imposing liabilities on the person. CONSUMER CREDIT (NEW SOUTH WALES) ACT 1995 - SECT 15 Regulations generally 15 Regulations generally The Governor may make regulations, not inconsistent with this Act, for or with respect to any matter that by this Act is required or permitted to be prescribed or that is necessary or convenient to be prescribed for carrying out or giving effect to this Act. CONSUMER CREDIT (NEW SOUTH WALES) ACT 1995 - SECT 16 Consequential amendments to Credit Act 1984 and other Acts 16 Consequential amendments to Credit Act 1984 and other Acts Schedule 1 has effect. CONSUMER CREDIT (NEW SOUTH WALES) ACT 1995 - SECT 17 Review of Act 17 Review of Act (1) The Minister is to review this Act to determine whether the policy objectives of the Act remain valid and whether the terms of the Act remain appropriate for securing those objectives. (2) The review is to be undertaken as soon as possible after the period of 5 years from the date of assent to this Act. (3) A report of the outcome of the review is to be tabled in each House of Parliament within 12 months after the end of the period of 5 years. CONSUMER CREDIT (NEW SOUTH WALES) ACT 1995 - SCHEDULE Note SCHEDULE Note For the Consumer Credit Code as published in this Act on its enactment see http://www.legislation.nsw.gov.au. For the updated text of the Code see http://www.legislation.qld.gov.au/Legislation.htm. CONSUMER CREDIT (NEW SOUTH WALES) ACT 1995 - NOTES See also: Statute Law (Miscellaneous Provisions) Bill (No 2) 2009 CONSUMER CREDIT (NEW SOUTH WALES) ACT 1995 - NOTES Reprint history: Reprint No 1 2 September 2002 CONSUMER CREDIT (NEW SOUTH WALES) ACT 1995 - NOTES Historical notes The following abbreviations are used in the Historical notes: ______________________________________________________________________ |______________________________________________________________________| |______________________________________________________________________| |______________________________________________________________________| |______________________________________________________________________| |______________________________________________________________________| |______________________________________________________________________| |______________________________________________________________________| Table of amending instrumentsConsumer Credit (New South Wales) Act 1995 No 7. Assented to 8.6.1995. Date of commencement, 1.11.1996, sec 2 and GG No 99 of 30.8.1996, p 4980. This Act has been amended by sec 10A of this Act and as follows: _____________________________________________________________________________ | | |Statute Law (Miscellaneous Provisions) Act 1996. Assented to | | | |21.6.1996. | |1996|No 30 | | | | |Date of commencement of the provisions of Sch 1 relating to the | |_____________________________________________________________________________| | | |Consumer Claims Act | | | |1998. Assented to 14.12.1998. | |1998|No 162| | | | |Date of commencement, 1.3.1999, sec 2 and GG No 25 of 26.2.1999, | |_____________________________________________________________________________| | | |Statute Law (Miscellaneous Provisions) | |1999|No 31 |Act 1999. Assented to 7.7.1999. | | | | | |_____________________________________________________________________________| | | |Consumer Credit (New South Wales) | | | |Amendment (Pay Day Lenders) Act 2001. Assented to 27.6.2001. | |2001|No 28 | | | | |Date of commencement, 1.12.2001, sec 2 and GG No 180 of | |_____________________________________________________________________________| | | |Statute Law (Miscellaneous Provisions) | | | |Act 2001. Assented to 17.7.2001. | | | | | | |No 56 |Date of commencement of Sch 2.9, assent, sec 2 (2); date of | | | |commencement of Sch 4, assent, sec 2 (1). Amended by Statute Law | | | |(Miscellaneous | | | |Provisions) Act (No 2) 2001 No 112. Assented to 14.12.2001. Date | |_____________________________________________________________________________| | | |Justices Legislation Repeal and | | | |Amendment Act 2001. Assented to 19.12.2001. | | |No 121| | | | |Date of commencement of Sch 2, 7.7.2003, sec 2 and GG No 104 of | |_____________________________________________________________________________| | | |Statute Law (Miscellaneous Provisions) | |2002|No 53 |Act 2002. Assented to 4.7.2002. | | | | | |_____________________________________________________________________________| | | |Consumer Credit (New South Wales) | | | |Amendment (Maximum Annual Percentage Rate) Act 2005. Assented to | |2005|No 86 |17.11.2005. | | | | | | | |Date of commencement, 1.3.2006, sec 2 and GG No 27 of 24.2.2006, | |_____________________________________________________________________________| | | |Miscellaneous Acts (Local Court) | | | |Amendment Act 2007. Assented to 13.12.2007. | |2007|No 94 | | | | |Date of commencement of Sch 2, 6.7.2009, sec 2 and 2009 (314) LW | |_____________________________________________________________________________| This Act has also been amended by a proclamation under sec 10A (4). Table of amendments __________________________________________________________________________ |Sec 8 |Am 1998 No 162, Sch 2.2; 1999 No 31, Sch 2.7; 2001 No 56, Sch 2.9;| |__________________________________________________________________________| |__________________________________________________________________________| |__________________________________________________________________________| |__________________________________________________________________________| |__________________________________________________________________________| |__________________________________________________________________________| |__________________________________________________________________________| |__________________________________________________________________________| |__________________________________________________________________________|