Australian Capital Territory Repealed Acts

This legislation has been repealed.

CREDIT ACT 1985 (REPEALED) - SECT 19

    (1)     The Minister may, in writing, declare that this Act—

        (a)     does not apply to a person mentioned in the declaration; or

        (b)     applies to a person mentioned in the declaration to the extent stated in the declaration; or

        (c)     does not apply to a transaction or matter mentioned in the declaration; or

        (d)     applies to a transaction or matter mentioned in the declaration to the extent stated in the declaration; or

        (e)     does not apply, to the extent stated in the declaration—

              (i)     to a transaction mentioned in the declaration that is entered into by a person mentioned in the declaration; or

              (ii)     to an associated matter mentioned in the declaration; or

        (f)     applies subject to any exemption or exception under a corresponding law.

    (2)     A declaration under subsection (1)—

        (a)     may specify the period during which the declaration shall remain in force; and

        (b)     may provide that the operation of the declaration is subject to the terms and conditions specified in the declaration.

    (3)     A declaration under subsection (1) is a disallowable instrument.

Note      A disallowable instrument must be notified, and presented to the Legislative Assembly, under the Legislation Act 2001 .

    (4)     In this section:

"corresponding law" means a law for the regulation of the provision of credit, being a law of a State or Territory declared under section 17 to be a recognised State.

    (5)     If a person to whom or which a declaration under subsection (1) applies fails to comply with any terms and conditions to which the operation of the declaration is subject, that person commits an offence.

Maximum penalty:

        (a)     for an individual—$5 000; and

        (b)     for a corporation—$25 000.