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This is a Bill, not an Act. For current law, see the Acts databases.
South Australia
Credit (Transitional Arrangements)
Bill 2010
A BILL FOR
An Act to enact ancillary provisions, including transitional provisions,
relating to the enactment by the Parliament of the Commonwealth of legislation
relating to the provision of credit and certain other financial transactions
under its legislative powers, including powers with respect to matters referred
to that Parliament for the purposes of section 51(xxxvii) of the
Constitution of the Commonwealth; to amend the Bills of Sale
Act 1886, the Criminal Law (Clamping, Impounding and Forfeiture of
Vehicles) Act 2007, the Second-hand Vehicle Dealers
Act 1995, the Security and Investigation Agents Act 1995,
and the Stamp Duties Act 1923; and to repeal the Consumer Credit
(South Australia) Act 1995 and the Credit Administration
Act 1995.
Contents
1 Short
title
2 Commencement
3 Interpretation
4 Pre-Code
contracts
5 Consumer Credit Fund
6 Provision of information and assistance
to ASIC
7 ASIC has certain functions and
powers
8 References
9 Regulations
Schedule 1—Related amendments and
repeals
Part 1—Preliminary
1 Amendment
provisions
Part 2—Amendment of Bills of Sale
Act 1886
2 Amendment of section 28—Bills of sale
to be void in certain circumstances
Part 3—Amendment of Criminal Law (Clamping,
Impounding and Forfeiture of Vehicles) Act 2007
3 Amendment
of section 3—Interpretation
Part 4—Amendment of Second-hand Vehicle Dealers
Act 1995
4 Amendment of section
3—Interpretation
Part 5—Amendment of Security and Investigation
Agents Act 1995
5 Amendment of
section 4—Application of Act
Part 6—Amendment of Stamp Duties
Act 1923
6 Amendment of
section 76—Interpretation
Part 7—Repeal of Acts
7 Repeal of
Consumer Credit (South Australia) Act 1995
8 Repeal of Credit
Administration Act 1995
The Parliament of South Australia enacts as
follows:
This Act may be cited as the Credit (Transitional Arrangements)
Act 2010.
(1) This Act will come into operation on a day to be fixed by
proclamation.
(2) Section 7(5) of the Acts Interpretation Act 1915 does
not apply to this Act or to a provision of this Act.
In this Act—
ASIC means the Australian Securities and Investments
Commission;
Commissioner means the Commissioner for Consumer
Affairs;
National Credit Code means the National Credit Code in
Schedule 1 of the NCCP Act;
National Credit legislation means—
(a) the NCCP Act; and
(b) the NCCP Transitional Provisions Act;
NCCP Act means the National Consumer Credit Protection
Act 2009 of the Commonwealth;
NCCP Transitional Provisions Act means the National
Consumer Credit Protection (Transitional and Consequential Provisions)
Act 2009 of the Commonwealth;
relevant day means a day appointed by proclamation as the
relevant day for the purposes of the provision in which the term is
used.
(1) In this section—
old system law means the Consumer Credit Act 1972
or the Consumer Transactions Act 1972, as in force immediately
before the commencement of the Consumer Credit (South Australia)
Code.
(2) A contract which, immediately before the relevant day, is subject to
the application of an old system law by virtue of regulations under
section 10 of the Consumer Credit (South Australia) Act 1995
will continue to be subject to the old system law to the extent provided by
those regulations immediately before the relevant day.
(1) The Consumer Credit Fund continues in existence (and will continue to
be constituted in the manner provided by section 14(2) of the Credit
Administration Act 1995 immediately before the repeal of that Act by
this Act).
(2) Money standing to the credit of the Consumer Credit Fund may be
applied by the Commissioner for any purpose authorised by the
Minister.
(3) The Commissioner may, when the Commissioner considers it appropriate
to do so, after consultation with the Minister, wind up the Consumer Credit Fund
and apply any remaining money for any purpose authorised by the
Minister.
6—Provision of
information and assistance to ASIC
(1) The Commissioner is authorised, on his or her own initiative or at the
request of ASIC—
(a) to provide ASIC with such documents and other information in the
possession or control of the Commissioner that is reasonably required by ASIC in
connection with the performance or exercise of its functions or powers under the
National Credit legislation; and
(b) to provide ASIC with such other assistance as is reasonably required
by ASIC to perform or exercise a function or power under the National Credit
legislation.
(2) This section has effect despite any other Act or law.
7—ASIC has certain
functions and powers
(1) The Minister, or a person authorised in writing by the Minister, may
enter into an agreement or arrangement with ASIC for the performance of
functions or exercise of powers by ASIC as an agent of the State, even if those
functions or powers are or may be conferred on another person or body by or
under a law of the State.
(2) An agreement or arrangement of a kind referred to in
subsection (1) has effect by force of this section despite any provision of
a law of the State with respect to any function or power that is the subject of
the agreement or arrangement.
(1) Unless the contrary intention appears or the context requires a
different interpretation, a reference in an Act, a statutory instrument, or any
other kind of instrument or a contract, agreement or other document, to an Act,
code or regulations specified in column 1 of the following table will have
effect as if it were a reference to the Act, code or regulations specified
opposite it in column 2 of the table.
Column 1 |
Column 2 |
Consumer Credit (South Australia) Act 1995 |
NCCP Act |
Credit Administration Act 1995 |
NCCP Act |
Consumer Credit (South Australia) Code |
National Credit Code |
Consumer Credit (South Australia) Regulations |
Regulations made under the NCCP Act for the purposes of the National
Credit Code |
(2) Unless the contrary intention appears or the context requires a
different interpretation, a reference in an Act, a statutory instrument, or any
other kind of instrument or a contract, agreement or other document, to a
provision of the Consumer Credit (South Australia) Code will have effect
as if it were a reference to the corresponding provision of the National Credit
Code.
(3) For the purposes of subsection (2), a question of correspondence
will be determined in the manner set out in section 5 of the NCCP
(Transitional and Consequential Provisions) Act.
(1) The Governor may, by regulation, make additional provisions of a
saving or transitional nature consequent on—
(a) the enactment of this Act; or
(b) the transition from the application of provisions of the Consumer
Credit (South Australia) Code, or related laws, of the State to the
application of provisions of the National Credit legislation.
(2) A provision of a regulation made under subsection (1) may, if the
regulation so provides, take effect from the commencement of the relevant Act or
from a later day.
(3) To the extent to which a provision takes effect under
subsection (2) from a day earlier than the day of the regulation's
publication in the Gazette, the provision does not operate to the disadvantage
of a person by—
(a) decreasing the person's rights; or
(b) imposing liabilities on the person.
Schedule 1—Related
amendments and repeals
Part 1—Preliminary
In this Schedule, a provision under a heading referring to the amendment of
a specified Act amends the Act so specified.
Part 2—Amendment of Bills of Sale
Act 1886
2—Amendment of
section 28—Bills of sale to be void in certain
circumstances
(1) Section 28(2)—delete subsection (2) and
substitute:
(2) A bill of sale that constitutes a goods mortgage to which the
National Credit Code applies is not rendered void as against any person
under subsection (1) by reason of the fact that it is not
registered.
(2) Section 28—after subsection (3) insert:
(4) In this section—
National Credit Code means the National Credit Code in
Schedule 1 to the National Consumer Credit Protection Act 2009
of the Commonwealth.
Part 3—Amendment of Criminal Law (Clamping,
Impounding and Forfeiture of Vehicles) Act 2007
3—Amendment of
section 3—Interpretation
Section 3(1), definition of credit provider,
(a)—delete "the Consumer Credit (South Australia) Code" and
substitute:
the National Credit Code in Schedule 1 to the National
Consumer Credit Protection Act 2009 of the Commonwealth
Part 4—Amendment of Second-hand Vehicle Dealers
Act 1995
4—Amendment of
section 3—Interpretation
Section 3—definition of credit provider—delete
the definition and substitute:
credit provider means a credit provider within the meaning of
the National Credit Code in Schedule 1 to the National Consumer
Credit Protection Act 2009 of the Commonwealth;
Part 5—Amendment of Security and Investigation
Agents Act 1995
5—Amendment of
section 4—Application of Act
Section 4(f)(viii)—delete subparagraph (viii) and
substitute:
(viii) a person lawfully carrying on the business of providing credit
within the meaning of the National Credit Code in Schedule 1 to the
National Consumer Credit Protection Act 2009 of the Commonwealth;
or
Part 6—Amendment of Stamp Duties
Act 1923
6—Amendment of
section 76—Interpretation
Section 76, definition of mortgage—delete
"section 10(3) of the Consumer Credit (South Australia) Code" and
substitute:
section 9(3) of the National Credit Code in Schedule 1 to
the National Consumer Credit Protection Act 2009 of the
Commonwealth
Part 7—Repeal of Acts
7—Repeal of
Consumer Credit (South Australia)
Act 1995
The Consumer Credit (South Australia) Act 1995 is
repealed.
8—Repeal of
Credit Administration
Act 1995
The Credit Administration Act 1995 is repealed.