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This is a Bill, not an Act. For current law, see the Acts databases.
South Australia
Consumer Credit (South Australia) (Pay Day Lending)
Amendment Bill 2009
A BILL FOR
An Act to amend the Consumer Credit (South Australia)
Act 1995.
Contents
Part 1—Preliminary
1 Short
title
2 Commencement
3 Amendment provisions
Part 2—Amendment of Consumer Credit (South
Australia) Act 1995
4 Amendment of section
3—Definitions
5 Substitution of section 12
12 Maximum
annual percentage rate
Schedule 1—Transitional
provisions
1 Transitional provisions
The Parliament of South Australia enacts as
follows:
This Act may be cited as the Consumer Credit (South Australia) (Pay Day
Lending) Amendment Act 2009.
(1) Subject to subsection (2), this Act will come into operation on a
day to be fixed by proclamation.
(2) If a provision of this Act has not been brought into operation sooner,
it will, by force of this subsection, come into operation 3 months after
assent.
In this Act, a provision under a heading referring to the amendment of a
specified Act amends the Act so specified.
Part 2—Amendment
of Consumer Credit (South Australia)
Act 1995
4—Amendment of
section 3—Definitions
Section 3—after its present contents (now to be designated as
subsection (1)) insert:
(2) Words and expressions used in this Act and also in the Consumer
Credit (South Australia) Code have the same meanings in this Act as they
have in the Code.
Section 12—delete the section and substitute:
12—Maximum annual percentage
rate
(1) The maximum annual percentage rate for any credit contract is
48%.
(2) For the purposes of calculating a maximum annual percentage rate under
subsection (1), interest charges and credit fees and charges must be
included.
(3) However, the regulations may exclude prescribed classes of credit fees
or charges from the operation of subsection (2).
(4) Division 2 of Part 2 of the Code (which limits the debtor's monetary
obligations) applies in relation to the rate specified by subsection (1) as
if that rate had been prescribed by the Code.
(3) Nothing in this section affects the powers of the Court under Division
3 of Part 4 of the Code in relation to a contract, or a provision of a contract,
that is not, by reason of this section, void.
Schedule
1—Transitional provisions
(1) In this clause—
principal Act means the Consumer Credit (South Australia)
Act 1995.
(2) Subject to subclause 3, section 12 of the principal Act, as enacted by
this Act, applies to any credit contract entered into after the commencement of
this Act.
(3) Section 12 of the principal Act, as enacted by this Act, extends to a
credit contract entered into before the commencement of this Act if, after that
commencement—
(a) the interest charges or credit fees or charges under the credit
contract are increased, or a new fee or charge is imposed, whether or not the
increase is made, or a new fee or charge is imposed, under the contract;
or
(b) the period of the credit contract is extended, whether or not under
the contract, other than under section 66 of the Code.
(4) Except as provided by subclause 3, section 12 of the principal Act, as
in existence immediately before the commencement of this Act, and any
regulations in force under that section immediately before that commencement,
will continue to apply to a credit contract entered into before the commencement
of this Act as if this Act had not been enacted.