Queensland Consolidated Acts Queensland Consolidated Acts(1) A credit provider or a mortgagee under a regulated contract or a regulated mortgage shall not assign the person's rights as a credit provider or mortgagee unless the assignment--
(a) is an assignment made bona fide by way of security in respect of a liability incurred by the assignor; or
(b) is made with the consent of the registrar or a court.
(2) An application to a court for consent referred to in subsection (1)(b) shall not be made unless the registrar refuses to give consent.
(2A) For the purposes of this section, if the registrar fails to give consent within 30 days of the receipt by the registrar of an application for consent the registrar shall be taken to have refused to give consent.
(2B) An applicant to a court for consent shall immediately give a copy of the application to the registrar who shall be a party at any hearing and entitled to be represented by a duly qualified legal practitioner or a person nominated by the registrar as the registrar's agent.
(2C) A determination by a court under this section is final and without appeal.
(3) Where a mortgage secures payment of a debt or other pecuniary obligation or the performance of any other obligation under a regulated contract and secures other moneys or the performance of any other obligation, subsection (1) does not apply to or in respect of an assignment of rights under the mortgage that do not relate to a regulated contract.
(4) Subject to this section, where a credit provider or a mortgagee assigns the person's rights as a credit provider under a regulated contract or as a mortgagee under a regulated mortgage--
(a) the debtor or mortgagor and, where there is a guarantee in relation to the contract or mortgage, the guarantor, have under the contract, mortgage or guarantee the same obligations to the assignee as they would have had to the credit provider or mortgagee if the assignment had not been made; and
(b) subject to subsection (5), the debtor or mortgagor and any such guarantor have and may exercise the same rights in respect of the contract, mortgage or guarantee against the assignee as they have and may exercise against the credit provider or mortgagee.
(5) An assignee under an assignment to which subsection (1) applies of the rights of a credit provider under a regulated contract or of a mortgagee under a mortgage relating to a regulated contract is not liable to the debtor or mortgagor under the contract or mortgage in respect of an amount exceeding the amount due to the assignee under the regulated contract at the date of the assignment.
(6) The rights of a debtor, mortgagor or guarantor referred to in subsection (4)(b) in respect of a regulated contract or a regulated mortgage may not be exercised otherwise than by way of a defence or set off in respect of a claim by the assignee under the regulated contract.
(7) Subject to sections 86 and 87, where a credit provider assigns the whole or any part of the credit provider's rights under a credit sale contract or a loan contract, otherwise than in accordance with subsection (1), the debtor is not liable to pay the amount of the credit charge under the contract.
(8) Subject to sections 86 and 87, where a credit provider assigns the whole or any part of the credit provider's rights under a regulated continuing credit contract otherwise than in accordance with subsection (1), the debtor is not liable to pay the amount of the credit charge for the billing cycle during which the assignment occurred.
(9) Subject to sections 86 and 87, where a credit provider assigns the whole or any part of the credit provider's rights as mortgagee under a regulated mortgage otherwise than in accordance with subsection (1)--
(a) where the mortgage relates to a credit sale contract or a loan contract--the debtor is not liable to pay the amount of the credit charge under the contract; and
(b) where the mortgage relates to a regulated continuing credit contract--the debtor is not liable to pay the amount of the credit charge for the billing cycle during which the assignment is made.
(10) This section does not apply to or in respect of an assignment that occurs by operation of law.