CONSUMER CREDIT (VICTORIA) ACT 1995 No. 41 of 1995 Version incorporating amendments as at 1 July 2009 Consumer Credit (Victoria) Act 1995 - TABLE OF PROVISIONS Section Page PART 1-PRELIMINARY 1. Purpose 2. Commencement 3. Definitions 4. Crown to be bound PART 2-CONSUMER CREDIT (VICTORIA) CODE AND CONSUMER CREDIT (VICTORIA) REGULATIONS 5. Application in Victoria of the Consumer Credit Code 6. Application of uniform regulations under the Consumer Credit Code 7. Interpretation of expressions in the Consumer Credit (Victoria) Code and the Consumer Credit (Victoria) Regulations PART 3-CONFERRAL OF JUDICIAL AND ADMINISTRATIVE FUNCTIONS 8. Conferral of judicial functions 9. Conferral of administrative functions PART 4-REGISTRATION 9A. Definitions 10. Exemption from this Part 11. Certain persons not to carry on business as credit provider 12. Section 11 not to apply in certain cases 12A. Registered credit provider to be member of approved EDR scheme 13. Application for registration 14. False or misleading statements 15. Registration 16. Operation of registration 17. Credit provider may carry on business under additional names 18. Credit provider not to carry on business with unregistered partner 19. Register to be kept 20. Inspection of register 21. Credit provider to give notice of certain changes 22. Period of registration 23. Annual fee 24. Annual statement 25. Enquiries about credit providers 26. Undertakings by credit provider 27. Cancellation of registration on request 28. Application for inquiry 29. Repealed 30. Inquiry by Tribunal 31. Effect of suspension of registration 31A. Return of certificate of registration 32. Powers of credit provider whose registration is suspended or cancelled 33. New registration of credit provider prohibited without consent 34. Repealed 35. Legal personal representatives 36. Penalty for using name other than registered name 37. Assignment of rights by credit provider PART 4A-FINANCE BROKING Division 1-Preliminary 37A. Definitions 37B. Exemption from this Part Division 2-Offences 37C. Certain persons prohibited from engaging in finance broking 37D. Certain persons not to be directors of or to manage or control corporations that engage in finance broking 37E. Who or what is a disqualified person? Division 3-Permission to engage in finance broking 37F. Applications for permission to engage or be involved in finance broking 37G. Permission from the Authority 37H. Authority may impose conditions 37I. Application for review Division 4-Permissible fees 37J. Requirements before finance brokers may demand or accept fees 37K. Fee representing reasonable costs and expenses payable in certain circumstances 37L. Finance brokers not to demand receive accept or charge fee to which they are not entitled 37M. Valuation and credit application fees Division 5-Jurisdiction of courts and the Tribunal under Part 4A. 37N. Right to recover fees if there is non-compliance with this Part 37O. Jurisdiction of the Tribunal to order repayment of fees 37P. Court power to order repayment where there is a contravention of section 37L. Division 6-Miscellaneous and transitional provisions 37Q. Documents of appointment must be held for 7 years 37R. Misrepresentation 37S. Register of finance brokers and agents 37T. Finance broker licences and agents licences 37U. Director to exercise and perform certain powers and duties of Registrar PART 5-MISCELLANEOUS 38. Civil penalties to be paid to Consumer Credit Fund 39. Contract unenforceable if rate exceeds 48 per cent 40. Mortgage void if rate under credit contract exceeds 30 per cent 40A. Incorporation of provisions of Fair Trading Act 1999. 41. Regulations PART 6-TRANSITIONAL PROVISIONS 42. Validation of certain Orders 43. Credit Regulations 1995. 44. Exemptions 45. Registered credit providers deemed to be registered under this Act 46. Register of credit providers 47. Application for registration 48. Transitional provision for registration of credit providers 49. Transitional provision relating to objections 50. Special savings and transitional regulations for Victoria PART 7-Repealed 51-62 Repealed __________________ SCHEDULE 1-Repealed --------------- ENDNOTES 1. General Information 2. Table of Amendments 3. Explanatory Details Consumer Credit (Victoria) Act 1995 - PART 1 PART 1 PRELIMINARY Consumer Credit (Victoria) Act 1995 - SECT 1 Purpose 1. Purpose The purpose of this Act is to regulate the provision of credit. Consumer Credit (Victoria) Act 1995 - SECT 2 Commencement 2. Commencement (1) This Part and sections 43, 44, 53, 54 and 58 come into operation on the day on which this Act receives the Royal Assent. (2) The remaining provisions of this Act come into operation on a day or days to be proclaimed. Consumer Credit (Victoria) Act 1995 - SECT 3 Definitions 3. Definitions (1) In this Act- Authority means the Business Licensing Authority established under the Business Licensing Authority Act 1998; Consumer Credit (Queensland) Act means the Consumer Credit (Queensland) Act 1994 of Queensland; Consumer Credit (Victoria) Code means the provisions applying because of section 5 of this Act; Consumer Credit (Victoria) Regulations means the provisions applying because of section 6 of this Act; * * * * * Director means the Director within the meaning of the Fair Trading Act 1999; exempt credit provider means a credit provider referred to in section 12(1) or a person who under section 10 is a person to whom Part 4 does not apply; externally-administered body corporate has the same meaning as in the Corporations Act; * * * * * Ministerial Council means the Ministerial Council established under the Uniform Consumer Credit Laws Agreement 1993; Registrar means the Registrar of the Authority appointed under the Business Licensing Authority Act 1998; Tribunal means Victorian Civil and Administrative Tribunal established by the Victorian Civil and Administrative Tribunal Act 1998. (2) In this Act, a reference to carrying on a business of providing credit includes a reference to carrying on the provision of credit in the course of or as part of or as incidental to or in connection with the carrying on of another business. (3) Words and expressions used in the Consumer Credit (Victoria) Code and in this Act have the same meanings in this Act as they have in that Code. (4) Subsection (3) does not apply to the extent that the context or subject matter otherwise indicates or requires. Consumer Credit (Victoria) Act 1995 - SECT 4 Crown to be bound 4. Crown to be bound This Act binds the Crown, not only in right of Victoria but also, so far as the legislative power of the Parliament permits, the Crown in all its other capacities. _______________ Consumer Credit (Victoria) Act 1995 - PART 2 PART 2 CONSUMER CREDIT (VICTORIA) CODE AND CONSUMER CREDIT (VICTORIA) REGULATIONS Consumer Credit (Victoria) Act 1995 - SECT 5 Application in Victoria of the Consumer Credit Code 5. Application in Victoria 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 Victoria; and (b) as so applying may be referred to as the Consumer Credit (Victoria) Code. Consumer Credit (Victoria) 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 (Victoria) Code; and (b) as so applying may be referred to as the Consumer Credit (Victoria) Regulations. (2) Schedule 2 to the Consumer Credit (Victoria) 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 (Victoria) Act 1995 - SECT 7 Interpretation of expressions in the Consumer Credit (Victoria) Code and the Consumer Credit (Victoria) Regulations 7. Interpretation of expressions in the Consumer Credit (Victoria) Code and the Consumer Credit (Victoria) Regulations (1) In the Consumer Credit (Victoria) Code and the Consumer Credit (Victoria) Regulations- Legislature of this jurisdiction means the Legislature of Victoria; the Code or this Code means the Consumer Credit (Victoria) Code; the jurisdiction or this jurisdiction means Victoria. (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 Victoria; 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 (Victoria) Code. _______________ Consumer Credit (Victoria) Act 1995 - PART 3 PART 3 CONFERRAL OF JUDICIAL AND ADMINISTRATIVE FUNCTIONS Consumer Credit (Victoria) 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 (Victoria) Code and the Consumer Credit (Victoria) Regulations is exercisable by- (a) except in relation to proceedings in respect of which a determination is made under subsection (1A), in the case of any jurisdiction under section 36(6) or (7), 47(3), 68, 69, 70, 71, 72, 74, 77, 83(1), 88, 89 or 162 or Division 1 or 2 of Part 6 of the Code-only the Tribunal; or (ab) in the case of proceedings in respect of which a determination is made under subsection (1A), only a court; or (b) in any other case-either the Tribunal or any court. (1A) The Director may determine to bring proceedings (other than proceedings on behalf of any other person) that the Director is empowered to bring under a provision of the Code referred to in subsection (1)(a) in a court instead of the Tribunal if the Director considers that- (a) it is in the public interest to do so; and (b) given the nature and circumstances of the case, it would be more appropriately dealt with by a court. (1B) Subsection (1A) applies only to proceedings commenced after the commencement of section 3 of the Consumer Credit (Victoria) and Other Acts Amendment Act 2008. (2) The jurisdiction conferred on a court by this section (other than the 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 Tribunal and other courts or between other courts. (4) The Governor in Council may make regulations for the purposes of this section. Consumer Credit (Victoria) Act 1995 - SECT 9 Conferral of administrative functions 9. Conferral of administrative functions The Director has the functions of the Government Consumer Agency under the Consumer Credit (Victoria) Code and the Consumer Credit (Victoria) Regulations. _______________ Consumer Credit (Victoria) Act 1995 - PART 4 PART 4 REGISTRATION Consumer Credit (Victoria) Act 1995 - SECT 9A Definitions 9A. Definitions In this Part- approved EDR scheme means- (a) an external dispute resolution scheme that is approved by the Australian Securities and Investments Commission in accordance with section 912A(2)(b) of the Corporations Act; or (b) a dispute resolution scheme prescribed by the regulations to be an approved EDR scheme for credit providers. Consumer Credit (Victoria) Act 1995 - SECT 10 Exemption from this Part 10. Exemption from this Part (1) The Governor in Council may, by Order published in the Government Gazette, declare that the provisions of this Part do not have effect in relation to a specified person or to a specified class of persons. (2) An Order made under subsection (1)- (a) may specify the period during which the Order shall remain in force; (b) may provide that its operation is subject to such terms and conditions as are specified in the Order; and (c) may specify the circumstances under which a person to whom the Order applies is by reason of the Order to be deemed to be an exempt credit provider for the purposes of this Act and the Consumer Credit (Victoria) Code. (3) The Governor in Council may, by Order published in the Government Gazette, revoke or vary an Order made under this section. (4) An Order under this section, including an Order that is varied under this section, has effect according to its tenor. Consumer Credit (Victoria) Act 1995 - SECT 11 Certain persons not to carry on business as credit provider 11. Certain persons not to carry on business as credit provider (1) Subject to this Act, a person must not carry on a business of providing credit under credit contracts unless registered as a credit provider under this Part. Penalty: 500 penalty units. (2) Subject to this Act, a person must not hold himself, herself or itself out as a person who carries on a business of providing credit under credit contracts unless registered as a credit provider under this Part. Penalty: 250 penalty units. Consumer Credit (Victoria) Act 1995 - SECT 12 Section 11 not to apply in certain cases 12. Section 11 not to apply in certain cases (1) Section 11 does not apply to- (a) the Crown or a public or local body or authority constituted by or under an Act; (b) an authorised deposit-taking institution within the meaning of the Banking Act 1959 of the Commonwealth; or (c) a body corporate registered under the Life Insurance Act 1995 of the Commonwealth; (d) a body corporate authorised under the Insurance Act 1973 of the Commonwealth to carry on insurance business; (e) unless Part VII of the Insurance Act 1973 of the Commonwealth has ceased to have effect-a Lloyd's underwriter, being an underwriter of the society known as Lloyd's incorporated by the Imperial Act known as Lloyd's Act 1971; * * * * * (g) a body corporate incorporated or empowered by an Act or an Act of the Parliament of the Commonwealth to lend money or provide credit, in respect of the lending of money or provision of credit in accordance with that Act or Act of the Parliament of the Commonwealth; (h) a person, not being a body corporate, authorised by an Act or an Act of the Parliament of the Commonwealth to lend money or provide credit, in respect of the lending of money or provision of credit in accordance with that Act or Act of the Parliament of the Commonwealth; (i) a council within the meaning of the Local Government Act 1989; (j) a pastoral finance company. (2) A reference in section 11 to providing credit does not include a reference to providing credit otherwise than under credit contracts. Consumer Credit (Victoria) Act 1995 - SECT 12A Registered credit provider to be member of approved EDR scheme 12A. Registered credit provider to be member of approved EDR scheme A registered credit provider must not carry on business as a credit provider unless the registered credit provider is a member of an approved EDR scheme. Penalty: 120 penalty units, in the case of a natural person; 600 penalty units, in the case of a body corporate. Consumer Credit (Victoria) Act 1995 - SECT 13 Application for registration 13. Application for registration (1) An application for registration as a credit provider may be made to the Registrar in a form approved by the Registrar- (a) by a natural person of or over the age of 18 years; or (b) by a body corporate. (2) The application must specify- (a) the name and address of the applicant; (b) if the applicant is a body corporate, the name and address of each director of the body corporate; (c) the principal place of business of the applicant in Victoria; (d) each other place where the applicant carries on, or intends to carry on, a business of providing credit in Victoria; (e) the name or names under which the applicant carries on, or intends to carry on, a business of providing credit; (f) the name of any person with whom the applicant carries on, or intends to carry on, a business of providing credit in partnership; (g) such other matters as are prescribed. (3) The application must be accompanied by the prescribed registration fee (if any). (4) An applicant under this section must give to the Registrar such further particulars (if any) as the Registrar requests in connection with the application. Consumer Credit (Victoria) Act 1995 - SECT 14 False or misleading statements 14. False or misleading statements A person must not, in or in relation to an application under section 13 or a statement lodged under section 24- (a) knowingly make a statement that is false or misleading; or (b) knowingly omit any thing without which the application is misleading. Penalty: 60 penalty units. Consumer Credit (Victoria) Act 1995 - SECT 15 Registration 15. Registration (1) If the Registrar receives an application made in accordance with section 13 together with the prescribed fee, the Registrar must register the applicant as a credit provider. (2) A certificate of registration in a form approved by the Registrar and signed by the Registrar must be given to each credit provider registered under this Part. (3) On registering a credit provider, the Registrar- (a) must make an entry in the Register of Credit Providers of the particulars of the registration; and (b) give notice to the Director of the entry. Consumer Credit (Victoria) Act 1995 - SECT 16 Operation of registration 16. Operation of registration A registered credit provider is authorised to carry on business as a credit provider under the name of the registered credit provider and, subject to the Business Names Act 1962, any other name or names specified in the certificate of registration subject to and in accordance with this Act, the regulations, the Consumer Credit (Victoria) Code and the Consumer Credit (Victoria) Regulations. Consumer Credit (Victoria) Act 1995 - SECT 17 Credit provider may carry on business under additional names 17. Credit provider may carry on business under additional names (1) A registered credit provider may apply to the Registrar for the entry in the Register of Credit Providers of a name or names in addition to, or in substitution for, a name or names specified in the Register as a name or names under which the credit provider is authorised, as specified in section 16, to carry on business as a credit provider. (2) The Registrar must make entries in the Register of Credit Providers in accordance with the application. Consumer Credit (Victoria) Act 1995 - SECT 18 Credit provider not to carry on business with unregistered partner 18. Credit provider not to carry on business with unregistered partner A credit provider must not carry on a business of providing credit under credit contracts in partnership with a person who is not a registered credit provider or an exempt credit provider. Penalty: 60 penalty units. Consumer Credit (Victoria) Act 1995 - SECT 19 Register to be kept 19. Register to be kept (1) For the purposes of this Act, the Registrar must keep a register to be known as the Register of Credit Providers. (2) A certificate under the hand of the Registrar certifying as to any matter on the Register is to be received in all courts as evidence of the matter certified. Consumer Credit (Victoria) Act 1995 - SECT 20 Inspection of register 20. Inspection of register A person- (a) may inspect the Register of Credit Providers; and (b) may make a copy of, or take extracts from, the Register. Consumer Credit (Victoria) Act 1995 - SECT 21 Credit provider to give notice of certain changes 21. Credit provider to give notice of certain changes (1) If a prescribed change occurs in relation to a registered credit provider, the registered credit provider must give notice in writing to the Registrar within 14 days after the change occurs, together with particulars of the change. (2) If the Registrar receives notice of any prescribed change under subsection (1), he or she must make an entry in the Register of Credit Providers of the particulars of the change. Consumer Credit (Victoria) Act 1995 - SECT 22 Period of registration 22. Period of registration The registration of a credit provider under this Act continues in force until it is suspended, cancelled or surrendered under this Act. Consumer Credit (Victoria) Act 1995 - SECT 23 Annual fee 23. Annual fee (1) A registered credit provider must, on each anniversary of the day on which the credit provider was registered or is deemed to have been registered, pay to the Authority the prescribed annual fee (if any) in respect of the year commencing on that anniversary. (1A) An annual fee may be paid at any time in the 6 weeks before it falls due. (2) On the application of a registered credit provider, the Registrar may, in his or her discretion, extend or further extend the time within which that credit provider is required to pay a fee under subsection (1). (3) If a registered credit provider has failed to pay a fee in accordance with subsection (1) or (2), the Registrar must give notice in writing to the credit provider to the effect that unless the credit provider pays the fee within 14 days, or such longer period as the Registrar determines, after the notice is given, the registration will be cancelled. (4) If the credit provider fails to pay a fee within the time specified in a notice under subsection (3), the registration of the credit provider is automatically cancelled. Consumer Credit (Victoria) Act 1995 - SECT 24 Annual statement 24. Annual statement (1) At any time in the 6 weeks before each anniversary of the day on which a registered credit provider was registered or is deemed to have been registered, the registered credit provider must lodge an annual statement with the Authority in a form approved by the Authority. (2) If an annual fee is payable under section 23, the annual statement must be lodged together with that annual fee. (2A) A statement under this section must contain any information and be accompanied by any documents required by the Authority. (3) On the application of a credit provider or other person, the Registrar may, in his or her discretion, extend or further extend the time within which that credit provider or person is required under this section to lodge a statement. (4) Where a credit provider or other person has failed to lodge a statement in accordance with subsection (1) or (2), the Registrar must give notice in writing to the credit provider or other person to the effect that unless the credit provider or other person lodges the statement within 14 days, or such longer period as the Registrar determines, after the notice is given, the registration will be cancelled. (5) If the credit provider fails to lodge a statement within the time specified in a notice under subsection (4), the registration of the credit provider is automatically cancelled. Consumer Credit (Victoria) Act 1995 - SECT 25 Enquiries about credit providers 25. Enquiries about credit providers (1) The Director may make such enquires as he or she thinks fit about a credit provider, or an officer or employee of a credit provider. (2) The Chief Commissioner of Police must make such enquiries as he or she thinks fit about a credit provider, or an officer or employee of a credit provider, if requested to make enquiries by the Director. (3) The Chief Commissioner of Police must report the results of any enquiries made under subsection (2) to the Director. (4) The Director may make a report to the Authority of enquiries made under this section. Consumer Credit (Victoria) Act 1995 - SECT 26 Undertakings by credit provider 26. Undertakings by credit provider (1) If it appears to the Director that a registered credit provider has, in the course of carrying on a business of providing credit, repeatedly engaged in unjust conduct, the Director may request the credit provider to execute a deed in terms approved by the Director under which the credit provider undertakes any one or more of the following- (a) to refrain from specified conduct; or (b) to engage in specified conduct; or (c) to take specified action to rectify the consequences of past conduct. (2) A copy of the deed must be given to the Director as soon as practicable after it is executed. (3) The Director must give a copy to the Registrar of any undertaking given by a credit provider. (4) The Registrar must make an entry in the Register of each undertaking given by a credit provider. (5) A registered credit provider must comply with any undertakings given by the credit provider under this section. Penalty: 60 penalty units. (6) For the purposes of this section, unjust conduct means conduct which- (a) is dishonest or unfair; or (b) consists of any act or omission which is a breach of a contract, whether or not any action or proceedings in respect of the breach are on foot; or (c) is a breach of the Consumer Credit (Victoria) Code or of this Act. Consumer Credit (Victoria) Act 1995 - SECT 27 Cancellation of registration on request 27. Cancellation of registration on request (1) The Registrar may cancel the registration of a registered credit provider at the request of the credit provider. (2) If an application has been made to the Tribunal under section 28 to conduct an inquiry into a credit provider, the credit provider may not, without leave of the Tribunal, request a cancellation of registration unless the Tribunal has made an order under section 30(4) or has determined not to make such an order. Consumer Credit (Victoria) Act 1995 - SECT 28 Application for inquiry 28. Application for inquiry At any time the Director or the Chief Commissioner of Police or any other person may apply to the Tribunal to conduct an inquiry into a credit provider on a ground set out in section 30(3). * * * * * Consumer Credit (Victoria) Act 1995 - SECT 30 Inquiry by Tribunal 30. Inquiry by Tribunal (1) The Tribunal must conduct an inquiry on the application of the Director or the Chief Commissioner of Police under section 28. (2) The Tribunal may conduct an inquiry on the application of any other person under section 28, if after giving the applicant and the credit provider an opportunity to be heard, it determines that the inquiry should be conducted. (3) The Tribunal may make an order under subsection (4) if, after conducting an inquiry, the Tribunal is satisfied that the credit provider- (a) provided false or misleading information to the Authority or the Registrar in or in connection with- (i) an application for registration under the Credit (Administration) Act 1984 or this Act; or (ii) a statement under section 24 of this Act; or (b) has failed to comply with the Credit Act 1984, the Credit (Administration) Act 1984, this Act or the Consumer Credit (Victoria) Code; or (c) has not been carrying on business efficiently, honestly and fairly, whether before or after the commencement of this section; or (d) has failed to comply with a registered undertaking under the Credit (Administration) Act 1984 or an undertaking given by a credit provider under section 26 of this Act; or (e) has failed to comply with a condition of registration imposed under the Credit (Administration) Act 1984 or this Part; or (f) has been providing credit while the credit provider's registration was suspended under the Credit (Administration) Act 1984 or this Part; or (g) has become an insolvent under administration; or (h) has become an externally-administered body corporate; or (i) has become prohibited from managing a corporation under section 206B of the Corporations Act; or (j) has become a represented person within the meaning of the Guardianship and Administration Act 1986. (4) For the purposes of subsection (3), the Tribunal may, by order, do one or more of the following- (a) reprimand the credit provider; (b) order the credit provider to pay to the Consumer Credit Fund established under the Credit (Administration) Act 1984 a penalty of up to an amount that is 50 times the value of a penalty unit fixed by the Treasurer under section 5(3) of the Monetary Units Act 2004; (c) impose a condition or restriction on the registration; (d) require the credit provider to comply within, or for, a specified time, with a specified condition imposed by the Tribunal; (e) subject to subsection (5), suspend the registration for a specified period not exceeding 1 year; (f) subject to subsection (5), cancel the registration and disqualify the credit provider from holding registration either permanently or for a specified period; (g) require the credit provider to enter into an undertaking to perform, or not to perform, certain tasks to be specified in the undertaking. (5) If the registered credit provider is registered, licensed or otherwise authorised to operate under the Financial Institutions (Victoria) Code or any other prescribed law providing for the prudential supervision of the credit provider, the Tribunal must, before holding an inquiry, consult with and send a copy of the application under section 28 to the body responsible under that Code or law for the registration, licensing or authorisation of the credit provider. (6) If the Registrar is given notice that the Tribunal has imposed a condition on a credit provider or cancelled or suspended the registration of a credit provider, he or she must cause details of the condition, suspension or cancellation to be entered in the Register. (7) If the Tribunal imposes a condition on a credit provider, the Authority may require the credit provider to produce the certificate of registration for endorsement of the condition. (8) A credit provider must comply with a requirement under subsection (7). Penalty: 10 penalty units. Consumer Credit (Victoria) Act 1995 - SECT 31 Effect of suspension of registration 31. Effect of suspension of registration For the purposes of this Act, a credit provider whose registration is suspended under section 30 is deemed not be registered under this Part. Consumer Credit (Victoria) Act 1995 - SECT 31A Return of certificate of registration 31A. Return of certificate of registration If the registration of a credit provider is suspended or cancelled under this Act, the person who was registered must return the certificate of registration to the Authority within 7 days of becoming aware of the suspension or cancellation. Penalty: 60 penalty units. Consumer Credit (Victoria) Act 1995 - SECT 32 Powers of credit provider whose registration is suspended or cancelled 32. Powers of credit provider whose registration is suspended or cancelled A credit provider whose registration is cancelled or suspended- (a) may receive money under and enforce contracts entered into before the suspension or cancellation; (b) may provide credit in accordance with a contract (other than a continuing credit contract) entered into before the cancellation or suspension; or (c) may provide credit in the course of a variation or deferral of a contract entered into with the credit provider before the cancellation or suspension if- (i) the debtor so requests; and (ii) the debtor informs the credit provider that the variation or deferral is necessary to enable the debtor to comply with the contract. Consumer Credit (Victoria) Act 1995 - SECT 33 New registration of credit provider prohibited without consent 33. New registration of credit provider prohibited without consent (1) If the registration of a credit provider has been cancelled under this Part, the Authority must not re-register the credit provider without the consent of the Tribunal. (2) The Tribunal must not consent to the re-registration of a credit provider under subsection (1) unless satisfied that the credit provider will carry on business efficiently, honestly and fairly. (3) The Tribunal must not refuse consent under this section unless it has given the credit provider an opportunity to be heard. * * * * * Consumer Credit (Victoria) Act 1995 - SECT 35 Legal personal representatives 35. Legal personal representatives (1) Where a registered credit provider dies, a person who is, or persons who are, named as, or intends or intend to make application to become, legal personal representative or representatives of the registered credit provider may, within 28 days after the death or such longer period as the Authority allows, make application to the Authority to carry on the business of the deceased registered credit provider, being the business in relation to which the credit provider was registered under this Part, until the expiration of the period of six months after the death. (2) Where an application is made under subsection (1), the Registrar shall give a copy of the application to the Director. Consumer Credit (Victoria) Act 1995 - SECT 36 Penalty for using name other than registered name 36. Penalty for using name other than registered name A registered credit provider must not- (a) carry on a business as a credit provider; or (b) hold himself, herself or itself out as a credit provider or as a person carrying on business as a credit provider- in a name other than the name under which the credit provider is registered or a name specified in the register as a name under which the credit provider may carry on business. Penalty: 60 penalty units. Consumer Credit (Victoria) Act 1995 - SECT 37 Assignment of rights by credit provider 37. Assignment of rights by credit provider (1) A credit provider must not assign the whole or any part of the credit provider's rights as credit provider under a credit contract to a person other than a registered credit provider or an exempt credit provider unless the assignment- (a) is an assignment made in good faith by way of security in respect of a liability incurred by the assignor; or (b) is made with the consent of the Director or the Tribunal. Penalty: 10 penalty units. (2) Subsection (1) does not apply to or in respect of an assignment that occurs by operation of law. _______________ Consumer Credit (Victoria) Act 1995 - PART 4A PART 4A FINANCE BROKING Division 1-Preliminary Consumer Credit (Victoria) Act 1995 - SECT 37A Definitions 37A. Definitions In this Part- client means a person who appoints a finance broker to negotiate consumer credit on their behalf for a fee; consumer credit means- (a) a credit contract within the meaning of the Consumer Credit (Victoria) Code; or (b) a consumer lease to which Part 10 of the Consumer Credit (Victoria) Code applies; credit application fee means any fee charged by- (a) a credit provider in respect of an application for the provision of credit under a credit contract within the meaning of the Consumer Credit (Victoria) Code; or (b) a lessor in respect of an application to enter into a consumer lease to which Part 10 of the Consumer Credit (Victoria) Code applies; engage in finance broking means- (a) to negotiate consumer credit for a fee; or (b) to hold oneself out to the public as being prepared, for a fee, to negotiate consumer credit; fee includes a charge, commission, reward or other remuneration, whether monetary or otherwise; finance broker means a person who engages in finance broking; negotiate consumer credit means to negotiate, or to act as intermediary to obtain, consumer credit for persons other than an employer or principal (except where that principal is the client) of the person so negotiating or acting; valuation fee means any fee for a valuation obtained in respect of any security to be offered for any proposed credit contract within the meaning of the Consumer Credit (Victoria) Code. Consumer Credit (Victoria) Act 1995 - SECT 37B Exemption from this Part 37B. Exemption from this Part (1) The Governor in Council may, by Order published in the Government Gazette, declare that this Part, wholly or to the extent specified in the Order, does not apply to- (a) a specified person or to a specified class of person; or (b) a specified transaction or to a specified class of transaction. (2) An Order made under subsection (1)- (a) may specify the period during which the Order shall remain in force; and (b) may provide that its operation is subject to such terms and conditions as are specified in the Order. Division 2-Offences Consumer Credit (Victoria) Act 1995 - SECT 37C Certain persons prohibited from engaging in finance broking 37C. Certain persons prohibited from engaging in finance broking (1) A person is prohibited from engaging in finance broking if that person- (a) in the case of a natural person- (i) is under 18 years of age; or (ii) is an insolvent under administration; or (iii) is a represented person within the meaning of the Guardianship and Administration Act 1986; or (b) in the case of a corporation- (i) is an externally administered body corporate; or (ii) is a corporation one or more of the directors of which is- (A) a person referred to in paragraph (a); or (B) a disqualified person who does not hold permission given by the Authority under Division 3 to be a director of a corporation that engages in finance broking; or (iii) is a corporation that is managed or effectively controlled by a natural person who is- (A) a person referred to in paragraph (a); or (B) a disqualified person who does not hold permission given by the Authority under Division 3 to manage or effectively control a corporation that engages in finance broking; or (c) in any case, is a disqualified person that does not hold permission given by the Authority under Division 3 to engage in finance broking. (2) A person prohibited by subsection (1) from doing so must not engage in finance broking. Penalty: In the case of a corporation, 240 penalty units; In any other case, 240 penalty units or 2 years imprisonment. Consumer Credit (Victoria) Act 1995 - SECT 37D Certain persons not to be directors of or to manage or control corporations that engage in finance broking 37D. Certain persons not to be directors of or to manage or control corporations that engage in finance broking (1) A natural person is prohibited from being a director of, or managing or effectively controlling, a corporation that engages in finance broking if he or she is- (a) prohibited from engaging in finance broking by virtue of section 37C(1)(a); or (b) a disqualified person who does not hold permission given by the Authority under Division 3 to be a director of, or manage or effectively control, a corporation that engages in finance broking (as the case may be). (2) A natural person who is prohibited by subsection (1) from doing so must not be a director of, or manage or effectively control, a corporation that engages in finance broking. Penalty: 240 penalty units or 2 years imprisonment. Consumer Credit (Victoria) Act 1995 - SECT 37E Who or what is a disqualified person? 37E. Who or what is a disqualified person? (1) A disqualified person for the purposes of this Part is a natural person who, or a corporation that- (a) in the preceding 10 years has been found guilty- (i) in Victoria or elsewhere, of an offence involving fraud, dishonesty, drug trafficking or violence; or (ii) of an offence against the Credit Act 1984, the Credit (Administration) Act 1984, this Act, the Consumer Credit (Victoria) Code or a similar enactment of another State or a Territory of Australia; or (iii) of an offence against the Finance Brokers Act 1969 or a similar enactment of another State or a Territory of Australia; or (b) in the preceding 2 years has had their application for the grant or renewal of a finance broker's licence under the Finance Brokers Act 1969 refused; or (c) in the preceding 2 years has had their application for the grant or renewal of a finance broker's licence, or for registration to act as a finance broker, refused under any enactment of another State or a Territory of Australia; or (d) is a disqualified person for the purposes of this Part by force of subsection (2). (2) A natural person or a corporation that- (a) has carried on any occupation, profession or business that is regulated under any enactment of Victoria or of the Commonwealth or of another State or a Territory of Australia; and (b) under that enactment has had their licence, registration or permission to carry on that occupation, profession or business suspended or cancelled, or has been disqualified from carrying on that occupation, profession or business- is a disqualified person for the purposes of this Part- (c) in the case of a suspension, during the period of the suspension; and (d) in the case of a cancellation, during the 5 years following the cancellation; and (e) in the case of a disqualification, during the 5 years following the disqualification or the period of the disqualification, whichever is the longer. (3) Any person that- (a) immediately before 1 July 1999 held a finance broker's licence under the Finance Brokers Act 1969 or any enactment of another State or a Territory of Australia, or was registered to act as a finance broker under any enactment of another State or Territory of Australia; and (b) but for this subsection would become a disqualified person within the meaning of subsection (1) at the beginning of that date by reason of a finding of guilt, refusal, suspension, cancellation or disqualification that occurred before that date- is not to be regarded as a disqualified person for the purposes of this Part. (4) A person that- (a) at any time after 1 July 1999 becomes a disqualified person within the meaning of subsection (1); and (b) immediately before becoming a disqualified person was engaged in finance broking or was a director of, or managed or effectively controlled, a corporation that was engaged in finance broking (as the case may be)- is not to be regarded as a disqualified person for the purposes of this Part until- (c) the expiry of 30 days after becoming a disqualified person; or (d) if an application for permission under Division 3 is made before that expiry, the application is withdrawn or refused. Division 3-Permission to engage in finance broking Consumer Credit (Victoria) Act 1995 - SECT 37F Applications for permission to engage or be involved in finance broking 37F. Applications for permission to engage or be involved in finance broking (1) A disqualified person within the meaning of section 37E(1) may apply to the Authority at any time for permission to do any or all of the following- (a) engage in finance broking; or (b) be a director of a corporation that engages in finance broking; or (c) manage or effectively control a corporation that engages in finance broking. (2) An application must be- (a) in a form approved by the Authority; and (b) accompanied by a fee of 15 fee units or any other fee that is prescribed. (3) An application may be withdrawn at any time before the Authority determines it. Consumer Credit (Victoria) Act 1995 - SECT 37G Permission from the Authority 37G. Permission from the Authority (1) The Authority may give its permission if it is satisfied that- (a) it is not contrary to the public interest for it to do so; and (b) in a case where the person became a disqualified person by reason of a suspension, cancellation or disqualification referred to in section 37E(2), the relevant occupation, profession or business was not that of finance broker; and (c) in a case where the person became a disqualified person by reason of a finding of guilt of an offence referred to in section 37E(1)(a)(i), the offence was not related to conduct carried out by the person- (i) while engaging in finance broking; or (ii) as a director of a corporation that engages in finance broking; or (iii) as a person who is managing or effectively controlling a corporation that engages in finance broking; and (d) in any case, special circumstances led to the offence, refusal, suspension, cancellation or disqualification by reason of which the person became a disqualified person. (2) In determining whether to give its permission, the Authority- (a) is not required to conduct a hearing; (b) may require the applicant to provide such further information as it considers necessary; (c) may seek and use information and advice from any person or body or other source as it thinks fit. (3) Without limiting its discretion to do so, the Authority may refuse to give its permission if- (a) the applicant refuses or fails to provide any information requested by the Authority under subsection (2)(b); or (b) the applicant unreasonably delays the consideration of the application. Consumer Credit (Victoria) Act 1995 - SECT 37H Authority may impose conditions 37H. Authority may impose conditions (1) In giving its permission under this Division, the Authority may impose any conditions it considers appropriate to ensure the ongoing protection of the public interest. (2) The person given the permission, or the Director, may apply to the Authority for a variation or revocation of any conditions the Authority has imposed. (3) A person given the permission must comply with any conditions imposed in respect of that permission. Penalty: In the case of a corporation, 240 penalty units; In any other case, 240 penalty units or 2 years imprisonment. (4) If the Authority is satisfied that any condition imposed in respect of a permission has been contravened or not complied with, it may revoke the permission. (5) Before taking any action under this section, the Authority may seek and use information and advice from any person or body or other source as it thinks fit. Consumer Credit (Victoria) Act 1995 - SECT 37I Application for review 37I. Application for review (1) A person whose interests are affected by a decision of the Authority under section 37G or 37H may apply to the Tribunal for review of the decision. (2) An application for review must be made within 28 days after the later of- (a) the day on which the decision is made; or (b) if, under the Victorian Civil and Administrative Tribunal Act 1998, the person requests a statement of reasons for the decision, the day on which the statement of reasons is given to the person or the person is informed under section 46(5) of that Act that a statement of reasons will not be given. Division 4-Permissible fees Consumer Credit (Victoria) Act 1995 - SECT 37J Requirements before finance brokers may demand or accept fees 37J. Requirements before finance brokers may demand or accept fees (1) A finance broker must not demand, receive or accept any fee in respect of negotiating consumer credit unless- (a) the finance broker has been appointed by the client in writing to negotiate consumer credit on their behalf; and (b) the document of appointment sets out the fee to be charged or its method of calculation; and (c) the document of appointment specifies the matters required by subsection (3); and (d) the client has signed the document of appointment before the finance broker commences negotiating consumer credit on their behalf; and (e) the client is given a copy of the signed document of appointment before the finance broker commences negotiating consumer credit on their behalf; and (f) the client accepts- (i) the consumer credit that is specified in the document of appointment; or (ii) consumer credit negotiated by the finance broker that is reasonably comparable to the consumer credit specified in the document of appointment. (2) A reference in this Part to a document of appointment is a reference to that document as varied by the finance broker and the client, whether before or after the finance broker commences to negotiate consumer credit. (3) For the purposes of subsection (1)(c)- (a) where the finance broker is being appointed to negotiate consumer credit that is a credit contract within the meaning of the Consumer Credit (Victoria) Code, the matters required to be specified in the document of appointment are- (i) the amount of credit, or if the amount of credit is not ascertainable, the maximum amount of credit or credit limit to be negotiated under the credit contract; (ii) if there is a term of the credit contract, that term; (iii) the maximum annual percentage rate or rates the client is prepared to pay; (iv) the duration of the appointment; (v) an agreed maximum amount of credit application fees and valuation fees that the client may be required to pay; (b) where the finance broker is being appointed to negotiate consumer credit that is a consumer lease to which Part 10 of the Consumer Credit (Victoria) Code applies, the matters required to be specified in the document of appointment are- (i) a description or identification of the goods to be hired under the lease; (ii) the number of rental payments to be made; (iii) the maximum amount of rental payable under the lease which the client is prepared to pay; (iv) the amount of any other charges not included in the rental that the client is prepared to pay under the lease; (v) the duration of the appointment; (vi) an agreed maximum amount of credit application fees that the client may be required to pay. Consumer Credit (Victoria) Act 1995 - SECT 37K Fee representing reasonable costs and expenses payable in certain circumstances 37K. Fee representing reasonable costs and expenses payable in certain circumstances (1) Despite section 37J, if the requirements of paragraphs (a) to (e) of section 37J(1) have been met, the finance broker may charge a fee in respect of the reasonable costs incurred, and a reasonable fee for the services provided, by the finance broker in negotiating consumer credit on behalf of the client if- (a) the finance broker successfully negotiates the consumer credit specified in the document of appointment, but the client declines to accept that consumer credit; or (b) the client terminates the appointment for any reason other than- (i) the finance broker advising them that all avenues for obtaining the consumer credit specified in the document of appointment have been exhausted; or (ii) the finance broker engaging in conduct that entitles the client to terminate the appointment; or (iii) the finance broker repudiating the appointment; or (iv) the agreed maximum amount of credit application and valuation fees required to be paid by the client having been paid but the consumer credit specified in the document of appointment not having been negotiated within a reasonable time after the payment; or (v) the consumer credit specified in the document of appointment not having been negotiated within the time agreed to in the document of appointment. (2) The finance broker must not charge a fee under subsection (1) unless the finance broker and the client agree in the document of appointment to such a fee being charged. Consumer Credit (Victoria) Act 1995 - SECT 37L Finance brokers not to demand receive accept or charge fee to which they are not entitled 37L. Finance brokers not to demand receive accept or charge fee to which they are not entitled A finance broker must not demand, receive, accept or charge- (a) any fee for negotiating consumer credit other than a fee to which they are entitled under this Part; or (b) any deposit on account of a fee for negotiating consumer credit. Penalty: In the case of a corporationž For a first offence, 30 penalty units; For a subsequent offence, 60 penalty units. In any other case- For a first offence, 30 penalty units or 3 months imprisonment; For a subsequent offence, 60 penalty units or 6 months imprisonment. Consumer Credit (Victoria) Act 1995 - SECT 37M Valuation and credit application fees 37M. Valuation and credit application fees (1) A finance broker must not demand payment of any valuation fees or credit application fees in cash or any other form other than in the form of a cheque, money order or other transfer made payable only to the person who has provided or is to provide the valuation, or the credit provider (as the case may be). Penalty: In the case of a corporationž For a first offence, 30 penalty units; For a subsequent offence, 60 penalty units. In any other case- For a first offence, 30 penalty units or 3 months imprisonment; For a subsequent offence, 60 penalty units or 6 months imprisonment. (2) As soon as practicable after receiving a cheque, money order or other transfer referred to in subsection (1), the finance broker must give or deliver it to the person who has provided or is to provide the valuation, or the credit provider (as the case may be). Penalty: In the case of a corporationž For a first offence, 30 penalty units; For a subsequent offence, 60 penalty units. In any other case- For a first offence, 30 penalty units or 3 months imprisonment; For a subsequent offence, 60 penalty units or 6 months imprisonment. Division 5-Jurisdiction of courts and the Tribunal under Part 4A Consumer Credit (Victoria) Act 1995 - SECT 37N Right to recover fees if there is non-compliance with this Part 37N. Right to recover fees if there is non-compliance with this Part If a finance broker charges, receives, or accepts from a client, any amount as a fee to which that finance broker is not entitled under this Part, or any amount as a deposit on account of a fee for negotiating consumer credit, that client may- (a) recover that amount as a debt in a court of competent jurisdiction; or (b) apply to the Tribunal for an order requiring the finance broker to repay that amount. Consumer Credit (Victoria) Act 1995 - SECT 37O Jurisdiction of the Tribunal to order repayment of fees 37O. Jurisdiction of the Tribunal to order repayment of fees On the application of a client, the Tribunal may make an order for the repayment of any amount that a finance broker has received or accepted as a fee to which that finance broker was not entitled, or as a deposit on account of a fee for negotiating consumer credit. Consumer Credit (Victoria) Act 1995 - SECT 37P Court power to order repayment where there is a contravention of section 37L 37P. Court power to order repayment where there is a contravention of section 37L On finding a finance broker guilty of an offence under section 37L, the Magistrates' Court, in addition to imposing a penalty, may make an order requiring the finance broker to repay any amount that has been received or accepted by the finance broker in contravention of that section, together with interest at a rate that is set by the court, not exceeding the rate for the time being fixed under section 2 of the Penalty Interest Rates Act 1983, from the time the amount was received or accepted until the time the amount is repaid. Division 6-Miscellaneous and transitional provisions Consumer Credit (Victoria) Act 1995 - SECT 37Q Documents of appointment must be held for 7 years 37Q. Documents of appointment must be held for 7 years A finance broker must retain the signed original document of appointment to negotiate consumer credit for 7 years from the date that the document of appointment was signed by the client. Penalty: For a first offence, 30 penalty units; For a subsequent offence, 60 penalty units. Consumer Credit (Victoria) Act 1995 - SECT 37R Misrepresentation 37R. Misrepresentation A finance broker must not- (a) by a false, misleading or deceptive statement, representation or promise; or (b) by any wilful concealment of a material fact- induce or attempt to induce any person to enter into an agreement or contract for or with respect to any consumer credit, or the provision of any consumer credit. Penalty: In the case of a corporation- For a first offence, 30 penalty units; For a subsequent offence, 60 penalty units. In any other case- For a first offence, 30 penalty units or 3 months imprisonment; For a subsequent offence, 60 penalty units or 6 months imprisonment. Consumer Credit (Victoria) Act 1995 - SECT 37S Register of finance brokers and agents 37S. Register of finance brokers and agents On 1 July 1999, the Director shall take possession, and have custody, control and use of the register within the meaning of section 6 of the Finance Brokers Act 1969. Consumer Credit (Victoria) Act 1995 - SECT 37T Finance broker licences and agents licences 37T. Finance broker licences and agents licences (1) As soon as practicable after 1 July 1999, the Director must send a notice to every person who, immediately before that date, held a finance broker's licence or agent's licence, requiring that person to give or send their licence to the Director. (2) A person must within 14 days of receipt of the notice give or send their licence to the Director. Penalty: 30 penalty units. Consumer Credit (Victoria) Act 1995 - SECT 37U Director to exercise and perform certain powers and duties of Registrar 37U. Director to exercise and perform certain powers and duties of Registrar On and from 1 July 1999, any power that could have been exercised by the Registrar before that date under section 19 of the Finance Brokers Act 1969 for the purpose of ascertaining whether the provisions of that Act had been complied with by any finance broker or agent before that date, vests in the Director and may be exercised by the Director for that purpose as if that Act had not been repealed. _______________ Consumer Credit (Victoria) Act 1995 - PART 5 PART 5 MISCELLANEOUS Consumer Credit (Victoria) Act 1995 - SECT 38 Civil penalties to be paid to Consumer Credit Fund 38. Civil penalties to be paid to Consumer Credit Fund The Consumer Credit Fund established under the Credit (Administration) Act 1984 is the fund into which are to be paid amounts of civil penalty payable under section 106 of the Consumer Credit (Victoria) Code. Consumer Credit (Victoria) Act 1995 - SECT 39 Contract unenforceable if rate exceeds 48 per cent 39. Contract unenforceable if rate exceeds 48 per cent (1) A credit contract (and any mortgage given to a credit provider in relation to that contract) is unenforceable where the annual percentage rate in respect of the contract exceeds 48. (2) Nothing in this section affects or limits the powers of the Court under section 70 of the Consumer Credit (Victoria) Code if the Court is satisfied that the annual percentage rate in respect of a credit contract although not exceeding, in the case of a credit contract in relation to which there is a mortgage, 30, and in the case of any other contract, 48, is excessive or that the transaction is unjust within the meaning of that section or is such that a court of equity would give relief. (3) A credit provider must not enter into a credit contract where the annual percentage rate in respect of the contract exceeds 48. Penalty applying to this subsection: 10 penalty units. Consumer Credit (Victoria) Act 1995 - SECT 40 Mortgage void if rate under credit contract exceeds 30 per cent 40. Mortgage void if rate under credit contract exceeds 30 per cent A mortgage relating to a credit contract in respect of which the annual percentage rate exceeds 30 is void in so far as it relates to that contract. Consumer Credit (Victoria) Act 1995 - SECT 40A Incorporation of provisions of Fair Trading Act 1999 40A. Incorporation of provisions of Fair Trading Act 1999 (1) Sections 146, 147, 148, 149, 149A, 150, 151, 151A, 151B, 151C, 152, 153 and 153A of the Fair Trading Act 1999 extend and apply (with any necessary modifications) to this Act and the Consumer Credit (Victoria) Code as if a reference in any of those provisions to that Act were a reference to this Act or the Consumer Credit (Victoria) Code, as the case may be. (2) For the purposes of subsection (1), section 153 of the Fair Trading Act 1999 applies as if a reference in that section to Part 2, 2A, 2B, 3, 4, 5 or 6 of the Fair Trading Act 1999 were a reference to this Act or the Consumer Credit (Victoria) Code, as the case may be. Consumer Credit (Victoria) Act 1995 - SECT 41 Regulations 41. Regulations (1) The Governor in Council may make regulations for or with respect to prescribing any matter or thing authorised or required to be prescribed for the purposes of this Act and in particular for and with respect to- (a) prescribing forms for the purposes of this Act; (b) keeping and inspection of the Register of Credit Providers; (c) subject to any directions of the Treasurer, authorising the Registrar- (i) to waive or reduce, in a particular case or classes of cases, fees that would otherwise be payable pursuant to this Act or the regulations; or (ii) to refund in whole or in Part, in a particular case or classes of cases, fees paid pursuant to this Act or the regulations; (d) prescribing fees for applications to the Authority. (2) The regulations may prescribe the manner in which a registration fee is to be determined including the fixing of the fee by reference to the number of places at which the credit provider carries on business whether personally or by an agent and may, for the purposes of prescribing registration fees, prescribe the circumstances under which a credit provider carries on, or is deemed to carry on, business by an agent. (3) Except as otherwise expressly provided by this Act, the regulations may be of general or of specially limited application and may differ according to differences in time, place or circumstance. _______________ Consumer Credit (Victoria) Act 1995 - PART 6 PART 6 TRANSITIONAL PROVISIONS Consumer Credit (Victoria) Act 1995 - SECT 42 Validation of certain Orders 42. Validation of certain Orders (1) The Credit (Credit Societies General Exemptions) Order No. 2 made under section 19 of the Credit Act 1984 and published in the Government Gazette on 5 February 1992 is deemed to have been made as if, in clause 7(1)(c), after "you may elect to extend the term of your contract and continue to make existing payments" there were included the words "for the extended term or pay the increased payments". (2) The Credit (Credit Union Fees) Order No. 3 made under section 19 of the Credit Act 1984 and published in the Government Gazette on 1 July 1993 is deemed to have come into operation on 6 May 1992. (3) The Credit (Exemption of Small Credit Societies) Order No. 2 made under section 19 of the Credit Act 1984 and published in the Government Gazette on 30 September 1993 is deemed to have come into operation on 6 May 1992. Consumer Credit (Victoria) Act 1995 - SECT 43 Credit Regulations 1995 43. Credit Regulations 1995 (1) The Credit Regulations 1995 made under the Credit Act 1984 are deemed to have come into operation immediately after the revocation of the Credit Regulations 1984. (2) A contract entered into or anything done or omitted to be done after the revocation of the Credit Regulations 1984 that, if it had been entered into or done or omitted to be done before that revocation, would have been in accordance with those Regulations as in force immediately before their revocation is deemed to have been entered into or done or omitted to be done in accordance with the Credit Regulations 1995. (3) If the Credit Regulations 1995 are amended, subsection (2) does not apply to anything done or omitted to be done that is inconsistent with those Regulations as amended and in force for the time being. Consumer Credit (Victoria) Act 1995 - SECT 44 Exemptions 44. Exemptions An Order made under section 10 of the Credit (Administration) Act 1984 and in force immediately before the commencement of this section has effect, on and after that commencement, as if made under section 10 of this Act and may be revoked or varied as if it had been so made. Consumer Credit (Victoria) Act 1995 - SECT 45 Registered credit providers deemed to be registered under this Act 45. Registered credit providers deemed to be registered under this Act (1) A credit provider who was a registered credit provider within the meaning of the Credit (Administration) Act 1984 immediately before the commencement of this section is deemed to be registered as a credit provider under Part 4 of this Act. (2) The Registrar must make an entry in the Register of Credit Providers of the particulars of each credit provider to whom subsection (1) applies including particulars of any suspension in force and any specified condition or requirement imposed by the Authority and applying to the credit provider immediately before the commencement of this section. (3) For the purposes of sections 23 and 24, the anniversary in relation to a person who is deemed to have been registered as a credit provider under this Act is the same anniversary as applied in relation to that person for the purposes of sections 49 and 50 of the Credit (Administration) Act 1984 immediately before the commencement of this section. Consumer Credit (Victoria) Act 1995 - SECT 46 Register of credit providers 46. Register of credit providers The Register of Credit Providers kept under the Credit (Administration) Act 1984 continues as the Register of Credit Providers required to be kept under Part 4 of this Act. Consumer Credit (Victoria) Act 1995 - SECT 47 Application for registration 47. Application for registration An application for registration as a credit provider under the Credit (Administration) Act 1984 made, but not determined, before the commencement of this section is deemed to have been made under Part 4 of this Act. Consumer Credit (Victoria) Act 1995 - SECT 48 Transitional provision for registration of credit providers 48. Transitional provision for registration of credit providers A person who- (a) immediately before the commencement of this section was an exempt credit provider within the meaning of the Credit (Administration) Act 1984 or a person to whom section 37 of that Act did not apply; and (b) is not registered as a credit provider under this Act- is not guilty of an offence under section 11- (c) if the person makes an application for registration in accordance with section 13 within 3 months after the commencement of this section-during the period before the person is registered; or (d) if the person does not make such an application-during the period of 3 months after that commencement. Consumer Credit (Victoria) Act 1995 - SECT 49 Transitional provision relating to objections 49. Transitional provision relating to objections (1) If an objection had been made under section 54 of the Credit (Administration) Act 1984 before the commencement of this section but had not been disposed of by that date, the objection has effect as an objection to the registration of the credit provider under section 28 of this Act. (2) Anything done by the Authority before the commencement of this section in relation to an objection referred to in subsection (1) has effect, so far as applicable, as if done in relation to an objection to the registration of the credit provider under section 28 of this Act. Consumer Credit (Victoria) Act 1995 - SECT 50 Special savings and transitional regulations for Victoria 50. Special savings and transitional regulations for Victoria (1) The Governor in Council may make regulations of a savings or transitional nature consequent on the enactment of this Act 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 (Victoria) Code. (3) A provision of regulations made under this section may, if the regulations so provide, take effect from the date on which the Act concerned receives the Royal Assent or from a later date. (4) To the extent to which a provision takes effect from a date earlier than the date on which notice of the making of the regulations is published in the Government 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 (Victoria) Act 1995 - * * * * * $$T --------------- CONSUMER CREDIT (VICTORIA) ACT 1995 - NOTES ENDNOTES 1. General Information Minister's second reading speech- Legislative Assembly: 4 May 1995 Legislative Council: 30 May 1995 The long title for the Bill for this Act was "A Bill to regulate the provision of consumer credit, to amend the Credit (Administration) Act 1984 and the Credit Act 1984 and for other purposes." The Consumer Credit (Victoria) Act 1995 was assented to on 14 June 1995 and came into operation as follows: Sections 1-4, 43, 44, 53, 54 and 58 on 14 June 1995: section 2(1); section 42 on 28 September 1995: Government Gazette 28 September 1995 page 2731; section 52 on 5 March 1996: Government Gazette 29 February 1996 page 445; rest of Act on 1 November 1996: Government Gazette 29 August 1996 page 2274. 2. Table of Amendments This Version incorporates amendments made to the Consumer Credit (Victoria) Act 1995 by Acts and subordinate instruments. ------------------------------------------------------------- Law and Justice Legislation (Further Amendment) Act 1997, No. 84/1997 Assent Date: 2.12.97 Commencement Date: S. 11 on 1.11.96: s. 2(3) Current State: This information relates only to the provision/s amending the Consumer Credit (Victoria) Act 1995 Tribunals and Licensing Authorities (Miscellaneous Amendments) Act 1998, No. 52/1998 (as amended by No. 101/1998) Assent Date: 2.6.98 Commencement Date: Ss 3-20 on 1.7.98: Government Gazette 18.6.98 p. 1512 Current State: This information relates only to the provision/s amending the Consumer Credit (Victoria) Act 1995 Consumer Credit (Finance Brokers) Act 1998, No. 77/19981 Assent Date: 10.11.98 Commencement Date: Ss 4, 6 on 1.7.99: s. 2 Current State: This information relates only to the provision/s amending the Consumer Credit (Victoria) Act 1995 Licensing and Tribunal (Amendment) Act 1998, No. 101/1998 Assent Date: 1.12.98 Commencement Date: S. 36 on 1.2.99: Government Gazette 24.12.98 p. 3204 Current State: This information relates only to the provision/s amending the Consumer Credit (Victoria) Act 1995 Fair Trading (Inspectors Powers and Other Amendments) Act 1999, No. 17/1999 Assent Date: 18.5.99 Commencement Date: S. 27 on 1.9.99: Government Gazette 19.8.99 p. 1901 Current State: This information relates only to the provision/s amending the Consumer Credit (Victoria) Act 1995 Statute Law Amendment (Authorised Deposit-taking Institutions) Act 2001, No. 11/2001 Assent Date: 8.5.01 Commencement Date: S. 3(Sch. item 14) on 1.6.01: s. 2(2) Current State: This information relates only to the provision/s amending the Consumer Credit (Victoria) Act 1995 Corporations (Consequential Amendments) Act 2001, No. 44/2001 Assent Date: 27.6.01 Commencement Date: S. 3(Sch. item 24) on 15.7.01: s. 2 Current State: This information relates only to the provision/s amending the Consumer Credit (Victoria) Act 1995 Monetary Units Act 2004, No. 10/2004 Endnotes Assent Date: 11.5.04 Commencement Date: S. 15(Sch. 1 items 1.1, 1.2) on 1.7.04: s. 2(2) Current State: This information relates only to the provision/s amending the Consumer Credit (Victoria) Act 1995 Statute Law Revision Act 2005, No. 10/2005 Assent Date: 27.4.05 Commencement Date: S. 3(Sch. 1 item 5) on 28.4.05: s. 2 Current State: This information relates only to the provision/s amending the Consumer Credit (Victoria) Act 1995 Fair Trading and Consumer Acts Amendment Act 2007, No. 17/2007 Assent Date: 29.5.07 Commencement Date: S. 34 on 30.5.07: s. 2(1) Current State: This information relates only to the provision/s amending the Consumer Credit (Victoria) Act 1995 Motor Car Traders Amendment Act 2008, No. 4/2008 Assent Date: 4.3.08 Commencement Date: S. 32(Sch. item 6) on 1.12.08: s. 2(2) Current State: This information relates only to the provision/s amending the Consumer Credit (Victoria) Act 1995 Consumer Credit (Victoria) and Other Acts Amendment Act 2008, No. 6/2008 (as amended by No. 19/2009) Assent Date: 18.3.08 Commencement Date: Ss 3, 25 on 19.3.08: s. 2(1); ss 4, 5, 5A, 20, 23 on 1.7.09: s. 2(3). Current State: This information relates only to the provision/s amending the Consumer Credit (Victoria) Act 1995 Fair Trading and Other Acts Amendment Act 2009, No. 19/2009 Assent Date: 10.6.09 Commencement Date: S. 28 on 11.6.09: s. 2(1) Current State: This information relates only to the provision/s amending the Consumer Credit (Victoria) Act 1995 ------------------------------------------------------------- 3. Explanatory Details 1 Table of Amendments (Consumer Credit (Finance Brokers) Act 1998): Section 5 of this Act was never proclaimed and was repealed, as from 1 February 1999, by section 35 of the Licensing and Tribunal (Amendment) Act 1998, No. 101/1998. ?? ?? Part 1-Preliminary Consumer Credit (Victoria) Act 1995 No. 41 of 1995