Commonwealth Numbered Acts

NATIONAL CONSUMER CREDIT PROTECTION (TRANSITIONAL AND CONSEQUENTIAL PROVISIONS) ACT 2009 (NO. 135, 2009) - SECT 5

             (1)  A provision (the old provision ) of the old Credit Code of a referring State or a Territory corresponds to a provision (the new provision ) of the new Credit Code (and vice versa) if:

                     (a)  the old provision and the new provision are substantially the same, unless the regulations specify that the 2 provisions do not correspond; or

                     (b)  the regulations specify that the 2 provisions correspond.

Note:          The range of provisions of the new Credit Code that may be corresponding provisions for the purposes of this Act is affected by item 12 of Schedule 1 to this Act, which takes certain provisions of the old Credit Code to be included in the new Credit Code.

             (2)  For the purposes of paragraph (1)(a), differences of all or any of the following kinds are not sufficient to mean that 2 provisions are not substantially the same:

                     (a)  differences in the numbering of the provisions;

                     (b)  differences of a minor technical nature (for example, differences in punctuation, or differences that are attributable to the correction of incorrect cross references) or of style;

                     (c)  the fact that:

                              (i)  the old provision allowed a tribunal to exercise powers but the new provision only allows a court to do so; or

                             (ii)  the old provision allowed proceedings to be brought in a tribunal but the new provision only allows proceedings to be brought in a court; or

                            (iii)  the old provision allowed or required a particular agency to exercise powers or perform functions but the new provision allows or requires ASIC to do so;

                     (d)  other differences that are attributable to the fact that the new Credit Code applies as a Commonwealth law;

                     (e)  other differences of a kind prescribed by the regulations.

             (3)  Subsection (2) is not intended to otherwise limit the circumstances in which 2 provisions are, for the purposes of paragraph (1)(a), substantially the same.

             (4)  The regulations may provide that a specified provision of the old Credit Code of a referring State or a Territory does, or does not, correspond to a specified provision of the new Credit Code.