Commonwealth Numbered Regulations

NATIONAL CONSUMER CREDIT PROTECTION (TRANSITIONAL AND CONSEQUENTIAL PROVISIONS) REGULATIONS 2010 (SLI NO 45 OF 2010) - REG 7

         (1)   This regulation applies if:

                (a)    a party to old proceedings under subitem 4 (1) of Schedule 1 to the Act was a Government Consumer Agency (within the same meaning as in the old Credit Code of a referring State or Territory) of a State or Territory; and

               (b)    the party to the old proceedings had powers and functions under the old Credit Code that relate to the old proceedings; and

                (c)    the party to the old proceedings is a party to new proceedings under paragraph 4 (4) (a) of Schedule 1 to the Act; and

               (d)    under the National Credit Act, ASIC has equivalent powers and functions to the powers and functions mentioned in paragraph (b).

         (2)   The party may continue to exercise the powers or perform the functions of the party under the old Credit Code for the purposes of the new proceedings, despite ASIC's equivalent powers and functions under the National Credit Act.

Note    Paragraph 6 (2) (b) of the Act provides that the regulations may prescribe matters of a transitional nature relating to the transition from the application of provisions of the old Credit Codes, or related laws, of the referring States and the Territories to the application of provisions of the National Credit Act.