EXPLANATORY STATEMENT

 

Select Legislative Instrument 2010 No. 60

 

 

Subject - National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009

National Consumer Credit Protection (Transitional and Consequential Provisions) Amendment Regulations 2010 (No. 1)

The National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009 (the Transitional Act) sets out the transitional and consequential arrangements to support the transfer of the regulation of credit from the states and territories to the Commonwealth.

Section 6 of the Transitional Act provides, in part, that the Governor‑General may make regulations prescribing matters required or permitted by that Act to be prescribed, or necessary or convenient to be prescribed for carrying out or giving effect to that Act.

The purpose of the Regulations is to correct a drafting oversight in the National Consumer Credit Protection (Transitional and Consequential Provisions) Regulations 2010 (the Transitional Regulations) by omitting Regulation 9 from the Transitional Regulations provides for confirmation of the commencement date of registration provisions in Schedule 2 of the Transitional Act. It is necessary to omit Regulation 9 because items 3 and 4 of Schedule 2 of the Transitional Act provide that one of the subjects of Regulation 9 (provisions prohibiting against engaging in credit activities) commence on 1 July 2010 rather than 1 April 2010 and the other parliamentary amendments to the Transitional Bill (moved and passed in November 2009) provide sufficient clarity about commencement of the registration period without the need for further regulation.

The Transitional Act does not specify any conditions that need to be satisfied before the power to make the Regulations may be exercised.

The Regulations are a legislative instrument for the purposes of the Legislative Instruments Act 2003.

The Regulations commence on the day after they are registered on the Federal Register of Legislative Instruments.

 

Authority: Section 6 of the
National Consumer Credit
Protection (Transitional and Consequential Provisions) Act 2009