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This is a Bill, not an Act. For current law, see the Acts databases.
Queensland
Credit (Commonwealth
Powers) Bill 2009
Queensland
Credit (Commonwealth Powers) Bill 2009
Contents
Page
Part 1 Preliminary
1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
2 Commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Part 2 Reference of matters
3 Definitions for part . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
4 Reference of matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
5 Termination of references . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
6 Effect of termination of amendment reference before initial
reference ..................................... 8
7 Evidence. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Part 3 Repeals
8 Repeals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Part 4 Transitional provisions
Division 1 Preliminary
9 Definitions for part . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
10 Acts Interpretation Act, s 20 not limited . . . . . . . . . . . . . . . . . . . . 11
Division 2 Transitional provisions for the repeal of Credit Act 1987
11 Definition for division . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
12 Continuation of effect of repealed Act . . . . . . . . . . . . . . . . . . . . . 11
Division 3 Transitional and other provisions for the repeal of
Consumer Credit (Queensland) Act 1994
Subdivision 1 Preliminary
13 Definition for division . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Subdivision 2 Consumer Credit Fund
14 Continuation of Consumer Credit Fund . . . . . . . . . . . . . . . . . . . . 12
15 Amounts payable to continued fund . . . . . . . . . . . . . . . . . . . . . . . 13
16 Payments from continued fund . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
17 Report on operations of continued fund . . . . . . . . . . . . . . . . . . . . 14
Credit (Commonwealth Powers) Bill 2009
Contents
Division 4 General provisions
18 Continuation of maximum annual percentage rate for existing
credit contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
19 Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
20 Offences . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
21 Control of credit provider's practices . . . . . . . . . . . . . . . . . . . . . . 16
22 Monitoring, enforcement and administration generally. . . . . . . . . 16
23 References to superseded legislation and subordinate legislation 17
24 Transitional regulation-making power . . . . . . . . . . . . . . . . . . . . . . 18
Part 5 Provisions relating to ASIC
25 Provision of information and assistance to ASIC . . . . . . . . . . . . . 19
26 ASIC has particular functions and powers . . . . . . . . . . . . . . . . . . 19
Part 6 Maximum annual percentage rate for credit contracts
27 Definitions for part . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
28 Words have meanings given by Consumer Credit (Queensland)
Code ..................................... 20
29 Maximum annual percentage rate for new credit contracts . . . . . 20
30 Enforcement of maximum annual percentage rate. . . . . . . . . . . . 21
31 Calculating annual percentage rate of credit contracts . . . . . . . . 23
Part 7 Amendment of other Acts
32 Acts amended in schedule . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
Schedule Consequential amendments of other Acts . . . . . . . . . . . . . . . 26
Bills of Sale and Other Instruments Act 1955. . . . . . . . . . . . . . . . 26
Credit (Rural Finance) Act 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . 27
Forestry Act 1959 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Hire-purchase Act 1959 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
Legal Aid Queensland Act 1997. . . . . . . . . . . . . . . . . . . . . . . . . . 30
Mineral Resources Act 1989 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Police Powers and Responsibilities Act 2000 . . . . . . . . . . . . . . . . 30
Property Agents and Motor Dealers Act 2000 . . . . . . . . . . . . . . . 31
Page 2
2009
A Bill
for
An Act to refer certain matters relating to the provision of credit
and certain other financial transactions to the Parliament of the
Commonwealth for the purposes of section 51(xxxvii) of the
Commonwealth Constitution, to repeal the Consumer Credit
(Queensland) Act 1994 and the regulations under that Act, to
repeal the Credit Act 1987 and the regulations under that Act,
to provide for transitional and other matters relating to the
referral of those matters and the repeal of those Acts and
regulations, to continue to provide for a maximum annual
percentage rate for credit contracts and to make consequential
amendments to the Acts mentioned in the schedule
Credit (Commonwealth Powers) Bill 2009
Part 1 Preliminary
[s 1]
The Parliament of Queensland enacts-- 1
Part 1 Preliminary 2
1 Short title 3
This Act may be cited as the Credit (Commonwealth Powers) 4
Act 2009. 5
2 Commencement 6
The provisions of this Act, other than parts 2 and 5, 7
commence on a day to be fixed by proclamation. 8
Part 2 Reference of matters 9
3 Definitions for part 10
In this part-- 11
amendment reference means the reference under section 12
4(1)(b). 13
Commonwealth Credit instrument means any instrument 14
(whether or not of a legislative character) that is made or 15
issued under the National Credit legislation. 16
express amendment of the National Credit legislation means 17
the direct amendment of the text of the National Credit 18
legislation (whether by the insertion, omission, repeal, 19
substitution or relocation of words or matter) by another 20
Commonwealth Act or by an instrument under a 21
Commonwealth Act, but does not include the enactment by a 22
Commonwealth Act of a provision that has or will have 23
Page 4
Credit (Commonwealth Powers) Bill 2009
Part 2 Reference of matters
[s 3]
substantive effect otherwise than as part of the text of the 1
National Credit legislation. 2
initial National Credit Code means the text of Schedule 1 to 3
the National Consumer Credit Protection Bill 2009 under 4
paragraph (a) of the definition of tabled text. 5
initial reference means the reference under section 4(1)(a). 6
initial referred provisions means the tabled text to the extent 7
to which that text deals with matters that are included in the 8
legislative powers of the Parliament of the State. 9
National Credit legislation means Commonwealth Acts 10
enacted in the terms, or substantially in the terms, of the 11
tabled text set out as-- 12
(a) the National Consumer Credit Protection Bill 2009; and 13
(b) the National Consumer Credit Protection (Transitional 14
and Consequential Provisions) Bill 2009; 15
and as in force from time to time. 16
reference means-- 17
(a) the initial reference; or 18
(b) the amendment reference. 19
referred credit matter means a matter relating to either of the 20
following-- 21
(a) credit, being credit the provision of which would be 22
covered by the expression `provision of credit to which 23
this Code applies' in the initial National Credit Code; 24
(b) consumer leases, being consumer leases each of which 25
would be covered by the expression `consumer lease to 26
which Part 11 applies' in the initial National Credit 27
Code. 28
tabled text means the text of the following Bills for 29
Commonwealth Acts-- 30
(a) National Consumer Credit Protection Bill 2009; 31
Page 5
Credit (Commonwealth Powers) Bill 2009
Part 2 Reference of matters
[s 4]
(b) National Consumer Credit Protection (Transitional and 1
Consequential Provisions) Bill 2009; 2
as tabled, by or on behalf of the Minister for Corrections and 3
Consumer Protection in the House of Assembly of Tasmania 4
on 7 October 2009. 5
4 Reference of matters 6
(1) The following matters are referred to the Parliament of the 7
Commonwealth-- 8
(a) the matters to which the initial referred provisions 9
relate, but only to the extent of the making of laws with 10
respect to those matters by including the initial referred 11
provisions in Acts enacted in the terms, or substantially 12
in the terms, of the tabled text; 13
(b) any referred credit matter, but only to the extent of the 14
making of laws with respect to such a matter by making 15
express amendments of the National Credit legislation. 16
(2) The reference of a matter under subsection (1) has effect 17
only-- 18
(a) if and to the extent that the matter is not included in the 19
legislative powers of the Parliament of the 20
Commonwealth (otherwise than by a reference under 21
section 51(xxxvii) of the Constitution of the 22
Commonwealth); and 23
(b) if and to the extent that the matter is included in the 24
legislative powers of the Parliament of the State. 25
(3) The operation of each paragraph of subsection (1) is not 26
affected by the other paragraph. 27
(4) For the avoidance of doubt, it is the intention of the 28
Parliament of the State that-- 29
(a) the National Credit legislation may be expressly 30
amended, or have its operation otherwise affected, at 31
any time after the commencement of this Act by 32
provisions of Commonwealth Acts the operation of 33
Page 6
Credit (Commonwealth Powers) Bill 2009
Part 2 Reference of matters
[s 5]
which is based on legislative powers that the Parliament 1
of the Commonwealth has apart from under the 2
references under subsection (1); and 3
(b) the National Credit legislation may have its operation 4
affected, otherwise than by express amendment, at any 5
time by provisions of Commonwealth Credit 6
instruments. 7
(5) Despite any other provision of this section, a reference under 8
this section has effect for a period-- 9
(a) beginning when this section commences; and 10
(b) ending at the end of the day fixed under section 5 as the 11
day on which the reference is to terminate; 12
but no longer. 13
5 Termination of references 14
(1) The Governor may, at any time, by proclamation published in 15
the gazette, fix a day as the day on which-- 16
(a) the references terminate; or 17
(b) the amendment reference terminates. 18
(2) The Governor may, by proclamation published in the gazette, 19
revoke a proclamation published under subsection (1), in 20
which case the revoked proclamation is taken (for the 21
purposes of section 4) never to have been published. 22
(3) A revoking proclamation has effect only if published before 23
the day fixed under subsection (1). 24
(4) The revocation of a proclamation published under subsection 25
(1) does not prevent publication of a further proclamation 26
under that subsection. 27
(5) If the amendment reference has terminated, the expression the 28
references in subsection (1)(a) refers only to the initial 29
reference. 30
Page 7
Credit (Commonwealth Powers) Bill 2009
Part 2 Reference of matters
[s 6]
6 Effect of termination of amendment reference before 1
initial reference 2
(1) If the amendment reference terminates before the initial 3
reference terminates, the termination of the amendment 4
reference does not affect-- 5
(a) laws that were made under the amendment reference 6
(but not repealed) before that termination (whether or 7
not they have come into operation before that 8
termination); or 9
(b) the continued operation in the State of the National 10
Credit legislation as in operation immediately before 11
that termination or as subsequently amended or affected 12
by-- 13
(i) laws referred to in paragraph (a) that come into 14
operation after that termination; or 15
(ii) provisions referred to in section 4(4)(a) or (b). 16
(2) Accordingly, the amendment reference continues to have 17
effect for the purposes of subsection (1) unless the initial 18
reference is terminated. 19
(3) Subsection (1) does not apply to or in relation to an 20
amendment of the National Credit legislation that is excluded 21
from the operation of this section by the proclamation that 22
terminates the amendment reference. 23
(4) For the purposes of subsection (1)-- 24
(a) the laws referred to in subsection (1)(a) include 25
Commonwealth Credit instruments; and 26
(b) the reference in subsection (1)(b) to the National Credit 27
legislation as in operation immediately before the 28
termination of the amendment reference includes that 29
legislation as affected by Commonwealth Credit 30
instruments that have come into operation before that 31
time. 32
Page 8
Credit (Commonwealth Powers) Bill 2009
Part 3 Repeals
[s 7]
7 Evidence 1
(1) A certificate of the Clerk of the House of Assembly of 2
Tasmania certifying that a document is an accurate copy of the 3
tabled text, or is an accurate copy of a particular part or of 4
particular provisions of the tabled text, is admissible in 5
evidence in any proceedings and is evidence-- 6
(a) of the matter certified; and 7
(b) that the text of the proposed Commonwealth Bills was 8
tabled in the House of Assembly of Tasmania as referred 9
to in the definition of tabled text in section 3. 10
(2) Subsection (1) does not affect any other way in which the 11
tabling or content of the tabled text, or the accuracy of a copy 12
of the tabled text or of a part or provisions of the tabled text, 13
may be established. 14
Part 3 Repeals 15
8 Repeals 16
The following are repealed-- 17
· Consumer Credit (Queensland) Act 1994, No. 51 18
· Consumer Credit (Queensland) Special Provisions 19
Regulation 2008, SL No. 222 20
· Consumer Credit Regulation 1995, SL No. 410 21
· Credit Act 1987, No. 52 22
· Credit Regulations 1988. 23
Page 9
Credit (Commonwealth Powers) Bill 2009
Part 4 Transitional provisions
[s 9]
Part 4 Transitional provisions 1
Division 1 Preliminary 2
9 Definitions for part 3
In this part-- 4
Consumer Credit Fund means the Consumer Credit Fund 5
under the repealed Consumer Credit (Queensland) Act 1994, 6
section 51. 7
continued fund means the Consumer Credit Fund as 8
continued under section 14(1). 9
former consumer credit legislation means the following as in 10
force before their repeal-- 11
(a) the Consumer Credit (Queensland) Act 1994 including 12
the Consumer Credit (Queensland) Code; 13
(b) the Consumer Credit Regulation 1995; 14
(c) the Consumer Credit (Queensland) Special Provisions 15
Regulation 2008. 16
National Credit Code means the National Credit Code in 17
Schedule 1 of the National Consumer Credit Protection Act 18
2009 (Cwlth). 19
National credit legislation means-- 20
(a) the National Consumer Credit Protection Act 2009 21
(Cwlth); and 22
(b) the National Consumer Credit Protection (Transitional 23
and Consequential Provisions) Act 2009 (Cwlth). 24
repealed Consumer Credit (Queensland) Code means the 25
Appendix to the repealed Consumer Credit (Queensland) Act 26
1994. 27
Page 10
Credit (Commonwealth Powers) Bill 2009
Part 4 Transitional provisions
[s 10]
10 Acts Interpretation Act, s 20 not limited 1
This part does not limit the Acts Interpretation Act 1954, 2
section 20. 3
Note-- 4
However, see the National Consumer Credit Protection (Transitional 5
and Consequential Provisions) Act 2009 (Cwlth), schedule 1, part 2 6
(Transition from the old Credit Codes to the new Credit Code). 7
Division 2 Transitional provisions for the 8
repeal of Credit Act 1987 9
11 Definition for division 10
In this division-- 11
repealed Act means the repealed Credit Act 1987. 12
12 Continuation of effect of repealed Act 13
(1) Despite the repeal of the repealed Act, the repealed Act 14
continues to apply as prescribed by the repealed Act, sections 15
21A and 21B in relation to persons, contracts and other 16
matters to the same extent it applied before the repeal. 17
(2) For the purpose of subsection (1), the repealed Consumer 18
Credit (Queensland) Code continues to have effect for the 19
purposes of sections 21A and 21B of the repealed Act as if the 20
Consumer Credit (Queensland) Code had not been repealed. 21
(3) Amounts payable under section 87B of the repealed Act to the 22
Consumer Credit Fund are to be paid to the continued fund. 23
(4) To remove any doubt, it is declared that a reference to the 24
repealed Act in this section includes a reference to regulations 25
made under the repealed Act. 26
Page 11
Credit (Commonwealth Powers) Bill 2009
Part 4 Transitional provisions
[s 13]
Division 3 Transitional and other provisions 1
for the repeal of Consumer Credit 2
(Queensland) Act 1994 3
Subdivision 1 Preliminary 4
13 Definition for division 5
In this division-- 6
repealed Act means the repealed Consumer Credit 7
(Queensland) Act 1994. 8
Subdivision 2 Consumer Credit Fund 9
14 Continuation of Consumer Credit Fund 10
(1) The Consumer Credit Fund continues in existence despite the 11
repeal of the repealed Act. 12
(2) Accounts for the continued fund must be kept as part of the 13
departmental accounts of the department. 14
(3) Amounts received for the continued fund must be deposited in 15
a departmental financial institution account of the department 16
but may be deposited in an account used for depositing other 17
amounts of the department. 18
(4) The chief executive may change the name by which the 19
continued fund is known. 20
(5) In this section-- 21
departmental accounts, of the department, means the 22
accounts of the department under the Financial 23
Accountability Act 2009, section 69. 24
departmental financial institution account, of the 25
department, means an account of the department kept under 26
the Financial Accountability Act 2009, section 83. 27
Page 12
Credit (Commonwealth Powers) Bill 2009
Part 4 Transitional provisions
[s 15]
other amounts, of the department, means amounts received 1
by the department other than amounts received for the 2
continued fund. 3
15 Amounts payable to continued fund 4
(1) This section applies to the following amounts-- 5
(a) a repealed Act amount; 6
(b) an amount, that corresponds to an amount mentioned in 7
subsection (5), that is payable because of the application 8
of the former consumer credit legislation as provided 9
under section 30(2). 10
(2) An amount mentioned in subsection (1)(a) continues to be 11
payable to the continued fund. 12
(3) An amount mentioned in subsection (1)(b) is payable to the 13
continued fund. 14
(4) The continued fund consists of the following-- 15
(a) amounts that are in the Consumer Credit Fund on the 16
commencement of this subdivision; 17
(b) amounts payable into the fund. 18
(5) A repealed Act amount is an amount payable under the 19
repealed Act or the repealed Credit Act 1987 to the Consumer 20
Credit Fund or the continued fund including, for example-- 21
(a) an amount payable under the repealed Consumer Credit 22
(Queensland) Code, section 106; 23
(b) an amount payable under the repealed Credit Act 1987, 24
section 87B; 25
(c) another amount payable to the continued fund by a 26
credit provider under the repealed Act; 27
(d) interest and other income derived from the investment of 28
amounts standing to the credit of the continued fund; 29
(e) costs awarded to the chief executive by a court in a 30
proceeding under the repealed Act; 31
Page 13
Credit (Commonwealth Powers) Bill 2009
Part 4 Transitional provisions
[s 16]
(f) costs awarded to the registrar by a court in a proceeding 1
under the repealed Credit Act 1987; 2
(g) interest and earnings from investments; 3
(h) costs awarded to the chief executive. 4
(6) However, an amount payable under subsection (5)(a) does not 5
include an amount that is payable to the Commonwealth 6
under the National Credit Code on the commencement of that 7
Code. 8
16 Payments from continued fund 9
(1) The chief executive may approve the payment of an amount 10
from the continued fund, on terms the chief executive 11
considers appropriate, for any of the following purposes-- 12
(a) engaging with consumers; 13
(b) research for consumer policy; 14
(c) general consumer education campaigns; 15
(d) consumer surveys; 16
(e) other consumer-related initiatives; 17
(f) legal fees incurred by the chief executive, or costs 18
awarded by a court against the chief executive, in a 19
proceeding under the repealed Act; 20
(g) legal fees incurred by the registrar, or costs awarded by a 21
court against the registrar, in a proceeding under the 22
repealed Credit Act 1987. 23
(2) The continued fund is taken to be closed when all amounts in 24
the fund are expended. 25
17 Report on operations of continued fund 26
The department's annual report for a financial year must 27
include a report on the operations of the continued fund 28
during the year. 29
Page 14
Credit (Commonwealth Powers) Bill 2009
Part 4 Transitional provisions
[s 18]
Division 4 General provisions 1
18 Continuation of maximum annual percentage rate for 2
existing credit contracts 3
(1) Subsection (2) applies to an existing credit contract under the 4
former consumer credit legislation. 5
(2) The provisions of the former consumer credit legislation in 6
relation to the maximum annual percentage rate under an 7
existing credit contract continue to apply as if those 8
provisions had not been repealed and were still in force. 9
(3) Without limiting subsection (2), the following provisions of 10
the former consumer credit legislation are applied in relation 11
to the maximum annual percentage rate under an existing 12
credit contract-- 13
(a) the provisions in relation to the enforcement of that rate; 14
(b) the provisions in relation to any powers of investigation 15
in relation to that rate; 16
(c) the provisions in relation to the taking of any 17
proceedings or action against a credit provider in 18
relation to that rate. 19
(4) In this section-- 20
existing credit contract means a credit contract to which the 21
former consumer credit legislation applied immediately 22
before the repeal of the Consumer Credit (Queensland) Act 23
1994. 24
19 Proceedings 25
Any proceedings relating to any matter arising under the 26
provisions of the former consumer credit legislation that were 27
commenced before the commencement of this part, but were 28
not finally decided as at the commencement, may continue to 29
be dealt with or otherwise decided as if those provisions had 30
not been repealed. 31
Page 15
Credit (Commonwealth Powers) Bill 2009
Part 4 Transitional provisions
[s 20]
20 Offences 1
(1) This section applies if a person is alleged to have committed 2
an offence against the former consumer credit legislation 3
before the commencement of this part. 4
(2) Despite the Criminal Code, section 11, proceedings for the 5
offence may be started or continued, and the court may hear 6
and decide the proceedings, as if this Act, other than this 7
section, had not commenced. 8
(3) However, proceedings may not be started under part 6, 9
division 3 of the repealed Consumer Credit (Queensland) Act 10
1994. 11
Notes-- 12
1 See the National Consumer Credit Protection Act 2009 (Cwlth), 13
chapter 2 (Licensing of persons who engage in credit activities). 14
2 See also the note to section 10. 15
21 Control of credit provider's practices 16
(1) This section applies if it appears to the chief executive that a 17
credit provider has repeatedly engaged in unjust conduct 18
under the repealed Consumer Credit (Queensland) Act 1994 19
(the repealed Act) before its repeal. 20
(2) The provisions of part 6, division 2 of the repealed Act for the 21
taking of any proceedings or action against a credit provider 22
in relation to the unjust conduct mentioned in subsection (1) 23
apply as if this Act, other than this section, had not 24
commenced. 25
22 Monitoring, enforcement and administration generally 26
(1) This section applies for the purpose of the monitoring, 27
enforcement and administration generally of the repealed 28
Consumer Credit (Queensland) Act 1994 (the repealed Act), 29
including the repealed Act as continued in effect for any 30
purpose. 31
Page 16
Credit (Commonwealth Powers) Bill 2009
Part 4 Transitional provisions
[s 23]
(2) The repealed Act, parts 7 and 9, and anything done under 1
those parts, continues to apply as if the parts had not been 2
repealed. 3
(3) To remove any doubt, it is declared that a person holding an 4
appointment as an inspector under section 30(3) is authorised 5
to perform functions and exercise powers for the purposes of 6
this division. 7
23 References to superseded legislation and subordinate 8
legislation 9
(1) This section applies-- 10
(a) unless the contrary intention appears or the context 11
requires a different interpretation; and 12
(b) to take account of the referral of matters under section 4. 13
(2) A reference in an Act, a statutory instrument, or any other 14
kind of instrument or a contract, agreement or other 15
document, to an Act, code or regulations stated in column 1 of 16
the following table will have effect as if it were a reference to 17
the Act, code or regulations stated opposite it in column 2 of 18
the table. 19
Table 20
Column 1 Column 2
Consumer Credit (Queensland) Act National Consumer Credit
1994 Protection Act 2009 (Cwlth)
Consumer Credit (Queensland) National Credit Code
Code
Consumer Credit (Queensland) Regulations made for the purposes
Regulation 1995 or Consumer of the National Consumer Credit
Credit (Queensland) Special Protection Act 2009 (Cwlth)
Provisions Regulation 2008 (including the National Credit
Code)
Page 17
Credit (Commonwealth Powers) Bill 2009
Part 4 Transitional provisions
[s 24]
24 Transitional regulation-making power 1
(1) A regulation (a transitional regulation) may make provision 2
of a saving or transitional nature-- 3
(a) for which it is necessary to make provision to allow or 4
facilitate the change from the operation of the provisions 5
of the former consumer credit legislation to the 6
operation of the provisions of the National credit 7
legislation; and 8
(b) for which this Act does not make provision or sufficient 9
provision. 10
(2) Without limiting subsection (1), a transitional regulation may 11
continue the operation of a repealed provision. 12
(3) A transitional regulation may have retrospective operation to a 13
day not earlier than the commencement of this section. 14
(4) To the extent to which a provision takes effect under 15
subsection (3) from a day earlier than the day of the 16
regulation's notification in the gazette, the provision does not 17
operate to the disadvantage of a person by-- 18
(a) decreasing the person's rights; or 19
(b) imposing liabilities on the person. 20
(5) A transitional regulation must declare it is a transitional 21
regulation. 22
(6) This section and a transitional regulation expire 2 years after 23
the day the regulation commences. 24
(7) In this section-- 25
former consumer credit legislation includes the following-- 26
(a) the Credit Act 1987; 27
(b) the Credit Regulations 1988. 28
Page 18
Credit (Commonwealth Powers) Bill 2009
Part 5 Provisions relating to ASIC
[s 25]
Part 5 Provisions relating to ASIC 1
25 Provision of information and assistance to ASIC 2
(1) The Minister is authorised, on his or her own initiative or at 3
the request of ASIC-- 4
(a) to provide ASIC with the documents and other 5
information in the possession or control of the Minister 6
that are reasonably required by ASIC in connection with 7
the performance or exercise of its functions or powers 8
under the National credit legislation; and 9
(b) to provide ASIC with other assistance that is reasonably 10
required by ASIC to perform or exercise a function or 11
power under the National credit legislation. 12
(2) Subsection (1) applies despite any other Act or law. 13
(3) The Minister is authorised to do an act or thing under this 14
section before the commencement of the National credit 15
legislation. 16
26 ASIC has particular functions and powers 17
(1) The Minister, or a person authorised in writing by the 18
Minister, may enter into an agreement or arrangement with 19
ASIC for the performance of functions or the exercise of 20
powers by ASIC as an agent of the State, even if those 21
functions or powers are or may be conferred on another 22
person or body by or under a law of the State. 23
(2) An agreement or arrangement of a kind mentioned in 24
subsection (1) has effect by force of this section despite any 25
provision of a law of the State in relation to any function or 26
power that is the subject of the agreement or arrangement. 27
Note-- 28
The National Consumer Credit Protection (Transitional and 29
Consequential Provisions) Act 2009, Schedule 1, part 4, section 23 30
provides that ASIC has particular functions and powers that are 31
expressed to be conferred on it by or under a law of a State. 32
Page 19
Credit (Commonwealth Powers) Bill 2009
Part 6 Maximum annual percentage rate for credit contracts
[s 27]
Part 6 Maximum annual percentage 1
rate for credit contracts 2
27 Definitions for part 3
In this part-- 4
former consumer credit legislation means the following as in 5
force before their repeal-- 6
(a) the Consumer Credit (Queensland) Act 1994 including 7
the Consumer Credit (Queensland) Code; 8
(b) the Consumer Credit Regulation 1995; 9
(c) the Consumer Credit (Queensland) Special Provisions 10
Regulation 2008. 11
National Credit Code means the National Credit Code in 12
Schedule 1 of the National Consumer Credit Protection Act 13
2009 (Cwlth). 14
repealed Consumer Credit (Queensland) Code means the 15
Appendix to the repealed Consumer Credit (Queensland) Act 16
1994. 17
28 Words have meanings given by Consumer Credit 18
(Queensland) Code 19
Words used in this part and defined under the Consumer 20
Credit (Queensland) Code immediately before its repeal have 21
the same meanings as they had under the Code before its 22
repeal. 23
29 Maximum annual percentage rate for new credit contracts 24
(1) A credit provider must not enter into a credit contract if the 25
annual percentage rate for the credit contract is more than 26
48% (the maximum annual percentage rate) as calculated 27
under section 31. 28
Maximum penalty--100 penalty units. 29
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Credit (Commonwealth Powers) Bill 2009
Part 6 Maximum annual percentage rate for credit contracts
[s 30]
(2) A provision of a credit contract that imposes an annual 1
percentage rate that exceeds the maximum annual percentage 2
rate is void to the extent that it does so. 3
(3) If an amount prohibited by subsection (1) is paid, it may be 4
recovered. 5
(4) Interest charges and all credit fees and charges (other than a 6
government fee, charge or duty) under the credit contract are 7
to be included in calculating the maximum annual percentage 8
rate of the credit contract under section 31. 9
(5) Despite subsection (4), any credit fees or charges arising from 10
the establishment or maintenance of a temporary credit 11
facility are not required to be included for calculating the 12
maximum annual percentage rate if-- 13
(a) the credit provider is an authorised deposit-taking 14
institution; and 15
(b) the debtor has or had an existing credit contract or debit 16
account with the authorised deposit-taking institution at 17
the time the temporary credit facility is or was 18
established; and 19
(c) the temporary credit facility is related to the existing 20
credit contract or debit account. 21
(6) In this section-- 22
temporary credit facility includes, but is not limited to, an 23
overdraft facility and a short term extension of the total 24
amount of credit available under an existing credit contract. 25
Note-- 26
This part substantially continues in existence the provisions of the 27
Consumer Credit (Queensland) Act 1994 and the provisions of the 28
Consumer Credit (Queensland) Special Provisions Regulation 2008 29
relating to the same subject matter. 30
30 Enforcement of maximum annual percentage rate 31
(1) The provisions of the former consumer credit legislation 32
that-- 33
Page 21
Credit (Commonwealth Powers) Bill 2009
Part 6 Maximum annual percentage rate for credit contracts
[s 30]
(a) confer jurisdiction on the courts in relation to the 1
contravention of an obligation involving the maximum 2
annual percentage rate imposed under the legislation; 3
and 4
(b) relate to the enforcement of that rate; 5
apply, despite the repeal of those provisions and with any 6
necessary changes, in relation to the maximum annual 7
percentage rate under this part in the same way that those 8
provisions applied to the maximum annual percentage rate 9
under the legislation before their repeal. 10
(2) Without limiting subsection (1), the following provisions are 11
applied to the enforcement of the maximum annual 12
percentage rate under this part-- 13
(a) the following provisions of the repealed Consumer 14
Credit (Queensland) Act 1994-- 15
· section 7 16
· section 8 17
· part 6, divisions 1 and 2 18
· part 7 19
· part 9, divisions 1 and 2; 20
(b) the following provisions of the repealed Consumer 21
Credit (Queensland) Code-- 22
· section 7 23
· section 11 24
· section 21 25
· part 6, to the extent it relates to section 21 26
· part 11, division 4. 27
(3) An appointment as an inspector under the repealed Consumer 28
Credit (Queensland) Act 1994, section 27, in force 29
immediately before the commencement of this part, continues 30
in force from the commencement until it is ended under the 31
repealed Act as applied for this part. 32
Page 22
Credit (Commonwealth Powers) Bill 2009
Part 6 Maximum annual percentage rate for credit contracts
[s 31]
(4) The chief executive may appoint an officer or employee as an 1
inspector under the repealed Consumer Credit (Queensland) 2
Act 1994, section 27 as applied for this part. 3
31 Calculating annual percentage rate of credit contracts 4
(1) For the purpose of calculating the annual percentage rate 5
under a credit contract to which this part applies, the rate must 6
be calculated as a nominal rate per annum, together with the 7
compounding frequency, in accordance with this section. 8
(2) The annual percentage rate is given by the following 9
formula-- 10
i = n × r × 100%
where-- 11
i is the annual percentage rate. 12
n is the number of repayments per annum to be made under 13
the credit contract (annualised if the term of the contract is 14
less than 12 months), except that-- 15
(a) if repayments are to be made weekly or fortnightly--n 16
is to be 52.18 or 26.09, respectively; and 17
(b) if the contract does not provide for a constant interval 18
between repayments--n is to be derived from the 19
interval selected for the purposes of the definition of j 20
mentioned below. 21
r is the solution of the following-- 22
t t
Aj Rj + Cj
----------------- =
- -----------------
-
( 1 + r )j ( 1 + r )j
j = o j = o
where-- 23
j is the time, measured as a multiple (not necessarily integral) 24
of the interval between contractual repayments that will have 25
elapsed since the first amount of credit is provided under the 26
credit contract, except that if the contract does not provide for 27
Page 23
Credit (Commonwealth Powers) Bill 2009
Part 6 Maximum annual percentage rate for credit contracts
[s 31]
a constant interval between repayments an interval of any 1
kind is to be selected by the credit provider as the unit of time. 2
t is the time, measured as a multiple of the interval between 3
contractual repayments (or other interval so selected) that will 4
elapse between the time when the first amount of credit is 5
provided and the time when the last repayment is to be made 6
under the contract. 7
Aj is the amount of credit to be provided under the contract at 8
time j (the value of j for the provision of the first amount of 9
credit is taken to be zero). 10
Rj is the repayment to be made at time j. 11
Cj is the fee or charge (if any) payable by the debtor at time j 12
(j is taken to be zero for any fee or charge payable by the 13
debtor at time j before the time of the first amount of credit 14
provided) in addition to the repayments Rj, being a credit fee 15
or charge (other than a government fee, charge or duty) that is 16
ascertainable when the annual percentage rate is calculated. 17
(3) The annual percentage rate must be correct to at least the 18
nearest one hundredth of 1% per annum. 19
(4) In the application of the above formulae, reasonable 20
approximations may be made if it would be impractical or 21
unreasonably onerous to make a precise calculation. 22
(5) The tolerances that would apply under section 181 of the 23
National Credit Code in relation to the calculation of an 24
amount of interest for the purposes of that Code are taken to 25
apply to the calculation of the annual percentage rate for the 26
purposes of this part. 27
(6) If the credit contract is a continuing credit contract, the 28
following assumptions also apply to the calculation of the 29
annual percentage rate-- 30
(a) that the debtor has drawn down the maximum amount of 31
credit that the credit provider has agreed to provide 32
under the contract; 33
Page 24
Credit (Commonwealth Powers) Bill 2009
Part 7 Amendment of other Acts
[s 32]
(b) that the debtor will pay the minimum repayments stated 1
in the contract; 2
(c) if credit is provided in relation to payment by the credit 3
provider to a third person in relation to goods or services 4
or cash supplied by that third person to the debtor from 5
time to time--that the debtor will not be supplied with 6
any further goods or services or cash; 7
(d) if credit is provided in relation to cash supplied by the 8
credit provider to the debtor from time to time--that the 9
debtor will not be supplied with any further cash. 10
(7) For the purposes of the annual percentage rate-- 11
(a) the amount of credit is the amount (or the maximum 12
amount) required by the debtor; and 13
(b) the term for which credit is provided is the term (or the 14
maximum term) required by the debtor. 15
Part 7 Amendment of other Acts 16
32 Acts amended in schedule 17
The schedule amends the Acts it mentions. 18
Page 25
Credit (Commonwealth Powers) Bill 2009
Schedule
Schedule Consequential amendments of 1
other Acts 2
section 32 3
Bills of Sale and Other Instruments Act 1955 4
1 Section 6-- 5
insert-- 6
`National Credit Code means the National Credit Code in 7
Schedule 1 of the National Consumer Credit Protection Act 8
2009 (Cwlth).'. 9
2 Section 19(1A), `Consumer Credit Code'-- 10
omit, insert-- 11
`National Credit Code'. 12
3 Section 19A(3), `Consumer Credit Code'-- 13
omit, insert-- 14
`National Credit Code'. 15
4 Section 20(1), `Consumer Credit Code'-- 16
omit, insert-- 17
`National Credit Code'. 18
5 Section 21(4), `Consumer Credit Code'-- 19
omit, insert-- 20
`National Credit Code'. 21
Page 26
Credit (Commonwealth Powers) Bill 2009
Schedule
6 Section 45(3), `Consumer Credit Code'-- 1
omit, insert-- 2
`National Credit Code'. 3
7 Schedule 5, section 1(4), `sections 96 and 108 of the 4
Credit Act 1987'-- 5
omit, insert-- 6
`sections 96 and 108 of the repealed Credit Act 1987 as 7
continued'. 8
8 Schedule 5, after section 1(4)-- 9
insert-- 10
`Note-- 11
The provisions of the Credit Act 1987 are continued by the Credit 12
(Commonwealth Powers) Act 2009, section 12.'. 13
9 Schedule 5, section 1(4), `Consumer Credit (Queensland) 14
Code, sections 80 and 91' 15
omit, insert-- 16
`National Credit Code, sections 88 and 99'. 17
Credit (Rural Finance) Act 1996 18
1 Section 5(3)(a), `Consumer Credit (Queensland) Code 19
applies;'-- 20
omit, insert-- 21
`National Credit Code applies;'. 22
2 Section 5(3)(a), footnote-- 23
omit. 24
Page 27
Credit (Commonwealth Powers) Bill 2009
Schedule
3 Section 5(3)(b), `Credit Act 1987'-- 1
omit, insert-- 2
`the repealed Credit Act 1987 as continued'. 3
4 After section 5(3)(b)-- 4
insert-- 5
`Note-- 6
The provisions of the Credit Act 1987 are continued by the Credit 7
(Commonwealth Powers) Act 2009, section 12.'. 8
5 Schedule-- 9
insert-- 10
`National Credit Code means the National Credit Code in 11
Schedule 1 of the National Consumer Credit Protection Act 12
2009 (Cwlth).'. 13
Forestry Act 1959 14
1 Section 61E(12), `see Consumer Credit (Queensland) Act 15
1994'-- 16
omit, insert-- 17
`see the National Credit Code'. 18
2 Schedule 3-- 19
insert-- 20
`National Credit Code means the National Credit Code in 21
Schedule 1 of the National Consumer Credit Protection Act 22
2009 (Cwlth).'. 23
Page 28
Credit (Commonwealth Powers) Bill 2009
Schedule
Hire-purchase Act 1959 1
1 Section 2(1)-- 2
insert-- 3
`National Credit Code means the National Credit Code in 4
Schedule 1 of the National Consumer Credit Protection Act 5
2009 (Cwlth).'. 6
2 Section 2(1), definition hire-purchase agreement, after 7
paragraph (c)-- 8
insert-- 9
`Note-- 10
The provisions of the Credit Act 1987 are continued by the Credit 11
(Commonwealth Powers) Act 2009, section 12.'. 12
3 Section 2(1), definition hire-purchase agreement, 13
paragraphs (c) and (d) and (4), `Credit Act 1987'-- 14
omit, insert-- 15
`repealed Credit Act 1987 as continued'. 16
4 Section 2(1), definition hire-purchase agreement, 17
paragraph (f), `Consumer Credit (Queensland) Code, 18
section 10(1)'-- 19
omit, insert-- 20
`National Credit Code, section 9(1)'. 21
5 Section 2(1), definition hire-purchase agreement, 22
paragraph (e) and (4), `Consumer Credit (Queensland) 23
Code'-- 24
omit, insert-- 25
`National Credit Code'. 26
Page 29
Credit (Commonwealth Powers) Bill 2009
Schedule
Legal Aid Queensland Act 1997 1
1 Section 36(4)-- 2
omit. 3
Mineral Resources Act 1989 4
1 Schedule-- 5
insert-- 6
`National Credit Code means the National Credit Code in 7
Schedule 1 of the National Consumer Credit Protection Act 8
2009 (Cwlth).'. 9
2 Schedule, definition credit provider-- 10
omit, insert-- 11
`credit provider see the National Credit Code.'. 12
Police Powers and Responsibilities Act 2000 13
1 Section 73, `Consumer Credit Code'-- 14
omit, insert-- 15
`National Credit Code'. 16
2 Chapter 22, part 1, division 3, heading, `Consumer Credit 17
Code'-- 18
omit, insert-- 19
`National Credit Code'. 20
Page 30
Credit (Commonwealth Powers) Bill 2009
Schedule
3 Section 753, `Consumer Credit Code'-- 1
omit, insert-- 2
`National Credit Code'. 3
4 Schedule 6-- 4
insert-- 5
`National Credit Code means the National Credit Code in 6
Schedule 1 of the National Consumer Credit Protection Act 7
2009 (Cwlth).'. 8
Property Agents and Motor Dealers Act 2000 9
1 Section 347(4), `Consumer Credit Code'-- 10
omit, insert-- 11
`National Credit Code'. 12
2 Section 347(5)-- 13
insert-- 14
`National Credit Code means the National Credit Code in 15
Schedule 1 of the National Consumer Credit Protection Act 16
2009 (Cwlth).'. 17
© State of Queensland 2009
Page 31
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