Queensland Consolidated Regulations Queensland Consolidated Regulations(1) The Code applies to the provision of credit under a pre-Code continuing credit contract (and to the contract and related matters) on and from the deferred commencement date for the contract.
(2) The deferred commencement date for such a contract is--
(a) the date of the commencement of the first complete statement period (referred to in section 32(A) of the Code) after the commencement of the Code; or
(b) the date that is 3 months after the commencement of the Code or, if the contract is made after the commencement of the Code, 3 months after the contract is made;
whichever date first occurs.
(3) However--
(a) if the debtor's debt under the contract has been written off--the deferred commencement date is the date that is 30 days after any amount is credited or debited to the debtor's account; or
(b) if the debtor is in default under the contract and the credit provider has begun enforcement proceedings--the deferred commencement date is the date that is 30 days after the default is remedied or the enforcement proceedings are withdrawn (whichever first occurs); or
(c) if the debtor is in default under the contract for more than 90 days and has been notified by the credit provider that no further credit will be provided under the contract--the deferred commencement date is the date that is 30 days after the credit provider agrees to provide further credit under the contract.
(4) The credit provider may, by written notice to the debtor under a pre-Code continuing credit contract, fix as the deferred commencement date for the contract a date that is earlier than the date otherwise fixed by subsection (2) and (3), and the notice has effect accordingly.
(5) Even though the Code commences to apply to a pre-Code continuing credit contract on the deferred commencement date for the contract, the Code does not apply to anything done or omitted to be done in respect of the contract before that deferred commencement date.