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CLAUSE NOTES
CREDIT (COMMONWEALTH POWERS)(TRANSITIONAL AND
CONSEQUENTIAL PROVISIONS) BILL 2009
PART 1 PRELIMINARY
Clause 1 Short Title
The Act is referred to as the Credit (Commonwealth Powers)
(Transitional and Consequential Provisions) Act 2009.
Clause 2 Commencement
The Act commences on a day (or days) to be proclaimed.
Clause 3 Section 3 (Interpretation)
Defines a number of terms used in the Bill. Of particular note are:
" for mer consumer cr edit legislation" includes the Consumer Credit
(Tasmania) Act 1996.
" National Cr edit legislation" means the two Commonwealth Acts:
(a) the National Consumer Credit Protection Act 2009; and
(b) the National Consumer Credit Protection (Transitional and Consequential
Provisions) Act 2009.
`Proceedings' has the same meaning as in the National Consumer
Credit Protection (Transitional and Consequential Provisions) Act 2009 (ie.
means proceedings whether criminal or civil, before a court or tribunal).
PART 2 TRANSITIONAL PROVISIONS
Clause 4 Court proceedings
Upon commencement of the Commonwealth legislation old proceedings,
relating to credit contracts, will cease to be proceedings under a law of the
State, but will be proceedings under the Commonwealth legislation.
Clause 5 Construction of references to former consumer credit legislation
Ensures that in any `other documents' (which may not have been mentioned in
the Bill) a reference to the Uniform Consumer Credit Code will also be a
reference to the corresponding provision in the Commonwealth legislation.
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CLAUSE NOTES
CREDIT (COMMONWEALTH POWERS)(TRANSITIONAL AND
CONSEQUENTIAL PROVISIONS) BILL 2009
PART 3 MISCELLANEOUS
Clause 6 Provision of information and assistance to the Australian Securities and
Investments Commission
The Director of Consumer Affairs and Fair Trading is authorised to provide
the Australian Securities and Investments Commission (ASIC) with any
documents, information or assistance. ASIC will administer the
Commonwealth credit legislation.
Clause 7 ASIC has certain functions and powers
The Minister may enter into an agreement or arrangement with ASIC for the
performance of functions as an agent of the State.
Clause 8 Regulations
The Governor may make regulations containing provisions of a savings or
transitional nature.
Clause 9 Administration of the Act
Administration of the Act is assigned to the Minister for Corrections and
Consumer Protection and the Department of Justice, until provision is made
under section 4 of the Administrative Arrangements Act 1990.
Clause 10 Consequential amendments
The legislation listed in Schedule 1 is amended as specified in that Schedule.
Clause 11 Legislation repealed
The legislation listed in Schedule 2 is repealed, includes the Consumer Credit
(Tasmania) Act 1996.
Clause 12 Legislation rescinded
The legislation listed in Schedule 3 is rescinded.
Clause 13 Legislation revoked
The legislation listed in Schedule 4 is revoked.
Clause 14 Effect of certain consequential amendments
The amendment of an order under Schedule 1 (consequential amendments)
does not bar its further amendment by a subsequent order.
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