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This is a Bill, not an Act. For current law, see the Acts databases.


CREDIT AMENDMENT BILL 1994

       Queensland




CREDIT AMENDMENT BILL
         1994

 


 

Queensland CREDIT AMENDMENT BILL 1994 TABLE OF PROVISIONS Section Page 1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 2 Act amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 3 Amendment of s 7 (Interpretation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 Amendment of s 86 (Credit provider may apply to court for reduction of loss for contravention of Act) . . . . . . . . . . . . . . . . . . . . . . . . . . 4 5 Insertion of new s 87B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 87B Court may direct payment to the Fund . . . . . . . . . . . . . . . . . . . . . . . 5 6 Insertion of new Pt 9A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 PART 9A--CONSUMER CREDIT FUND 153A Establishment of Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 153B Purpose of Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 153C What Fund consists of . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 153D Investment of Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 153E Payment out of the Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 153F Report by Registrar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 7 Amendment of Sch 8 (Further transitional and other special provisions) . . 7

 


 

 

1994 A BILL FOR An Act to amend the Credit Act 1987

 


 

s1 4 s5 Credit Amendment The Parliament of Queensland enacts-- 1 title 2 Short 1. This Act may be cited as the Credit Amendment Act 1994. 3 amended 4 Act 2. This Act amends the Credit Act 1987. 5 of s 7 (Interpretation) 6 Amendment 3. Section 7(1)-- 7 insert-- 8 ` "Fund" means the Consumer Credit Fund established under Part 9A.'. 9 of s 86 (Credit provider may apply to court for reduction 10 Amendment of loss for contravention of Act) 11 4.(1) Section 86-- 12 insert-- 13 `(3A) Subsection (3) does not apply if the court acts under 14 section 87B(2).'. 15 (2) Section 86-- 16 insert-- 17 `(6) This section is subject to section 87B (Court may direct payment to 18 the Fund).'. 19 of new s 87B 20 Insertion 5. After section 87A-- 21 insert-- 22

 


 

s6 5 s6 Credit Amendment may direct payment to the Fund 1 `Court `87B.(1) If a court makes a determination mentioned in section 87(1)(a), 2 (b) or (c) because of a contravention of, or failure to comply with, this Act, 3 it may direct that the credit provider must pay into the Fund an amount 4 decided by the court. 5 `(2) However, the direction may be given only if the court is satisfied 6 that-- 7 (a) the contravention or failure, and the relevant circumstances 8 mentioned in section 86(2), are serious enough to justify the 9 credit provider being penalised; and 10 (b) it would be unreasonable (whether because of the number of 11 contracts concerned, the small amount owing to each debtor, or 12 for another reason), to require the credit provider to adjust the 13 debtors' accounts, or to refund amounts to the debtors, to give 14 effect to a reduction in liability that would happen if the credit 15 charges were reduced. 16 `(3) The direction may be given about all or only some of the regulated 17 contracts to which the determination relates. 18 `(4) The court must decide the amount having regard to the number (or 19 estimated number) of the regulated contracts about which the direction is 20 given. 21 `(5) The direction must be included in the court's order under 22 section 86.'. 23 of new Pt 9A 24 Insertion 6. After section 153-- 25 insert-- 26 `PART 9A--CONSUMER CREDIT FUND 27 stablishment of Fund 28 `E `153A. There is established, within the Trust and Special Funds of the 29 public accounts, a fund called the Consumer Credit Fund. 30

 


 

s6 6 s6 Credit Amendment urpose of Fund 1 `P `153B. The Fund is established to provide counselling and information 2 services to consumers on financial issues. 3 hat Fund consists of 4 `W `153C. The Fund consists of-- 5 (a) amounts paid to the Fund under section 87B; and 6 (b) interest and other income derived from the investment of 7 amounts standing to the credit of the Fund; and 8 (c) costs awarded to the Registrar by a court in proceedings in which 9 the Registrar appeared or intervened; and 10 (d) all other amounts lawfully paid into the Fund. 11 nvestment of Fund 12 `I `153D. Amounts standing to the credit of the Fund may be invested in 13 any way the Treasurer approves. 14 ayment out of the Fund 15 `P `153E.(1) The Registrar may pay amounts out of the Fund for or in 16 connection with its purposes, including, for example, to fund-- 17 (a) providing face to face financial counselling services to 18 consumers; and 19 (b) providing legal advice to consumers about the giving of credit to 20 consumers ("consumer credit"); and 21 (c) research into, or projects about, anything relevant to improving 22 consumers' knowledge about consumer credit; and 23 (d) education about consumer credit; and 24 (e) anything promoting consumers' interests. 25

 


 

s7 7 s7 Credit Amendment `(2) The Registrar may also pay the following out of the Fund-- 1 (a) legal fees incurred by the Registrar in appearing or intervening in 2 a proceeding before a court; 3 (b) all expenses incurred in administering the Fund. 4 by Registrar 5 `Report `153F.(1) As soon as practicable after the end of each financial year, but 6 within 4 months after the end of the year, the Registrar must give to the 7 Minister a report on the operations of the Fund during the year. 8 `(2) The Minister must table a copy of the report in the Legislative 9 Assembly within 14 sitting days after the Minister receives the report.'. 10 of Sch 8 (Further transitional and other special 11 Amendment provisions) 12 7.(1) Schedule 8, before clause 1-- 13 insert-- 14 `PART 1--PROVISIONS BECAUSE OF THE 15 ENACTMENT OF THE CREDIT ACT 1987'. 16 (2) Schedule 8, at the end-- 17 insert-- 18 `PART 2--PROVISIONS BECAUSE OF THE 19 ENACTMENT OF THE CREDIT AMENDMENT ACT 20 1994 21 `Application of amendments to existing proceedings 22 `5. The amendments of this Act made by the Credit Amendment Act 23 1994 apply to proceedings started before, as well as after, the 24 commencement of the amendments.'. 25 State of Queensland 1994

 


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