Victorian Numbered Acts

AUSTRALIAN CONSUMER LAW AND FAIR TRADING ACT 2012 (NO. 21 OF 2012) - SCHEDULE 5

SCHEDULE 5

Sch. 5

Section 238

CLOSURE OF THE CONSUMER CREDIT FUND

        1     Definition

In this Schedule—

"Consumer Credit Fund" means the fund established under section 86AA of the Credit (Administration) Act 1984 ;

"liabilities" means all liabilities, duties and obligations, whether actual, contingent or prospective;

"rights" means all rights, powers, privileges and immunities, whether actual, contingent or prospective;

"Victorian Consumer Law Fund" means the fund referred to in section 134(1).

See:
Act No.
10091.
Reprint No. 5
as at
1 May 2008
and amending
Act Nos
68/2009, 11/2010 and 29/2011.
LawToday:
www.
legislation.
vic.gov.au

        2     Repeal of Part 5A of the Credit (Administration) Act 1984

Part 5A of the Credit (Administration) Act 1984 is repealed .

        3     Transitional provisions

On the commencement of clause 2—

        (a)     the Consumer Credit Fund is closed and the members of its Advisory Committee established under section 86AC of the Credit (Administration) Act 1984 go out of office as members;

        (b)     all money standing to the credit of the Consumer Credit Fund immediately before that commencement forms part of the Victorian Consumer Law Fund;

        (c)     all rights and liabilities of the Consumer Credit Fund immediately before that commencement become rights and liabilities of the Victorian Consumer Law Fund;

        (d)     a reference to the Consumer Credit Fund in any Act, subordinate instrument, agreement or other document to the extent that it relates to any matter on or after that commencement is taken to be a reference to the Victorian Consumer Law Fund, unless the contrary intention appears.
Sch. 5

        4     Payments into Victorian Consumer Law Fund

    (1)     Money that a credit provider has agreed or undertaken to pay to a fund with objects similar to those of the Consumer Credit Fund must be paid into the Victorian Consumer Law Fund.

    (2)     In this clause—

"credit provider" has the same meaning as in the National Credit Code in Schedule 1 to the National Consumer Credit Protection Act 2009 of the Commonwealth.

        5     Consumer Credit (Victoria) Act 1995 amended— section 38

    (1)     In the heading to section 38 of the C onsumer Credit (Victoria) Act 1995 , for " Consumer Credit Fund " substitute " Victorian Consumer Law Fund ".

    (2)     In section 38 of the Consumer Credit (Victoria) Act 1995 , for "Consumer Credit Fund established under the Credit (Administration) Act 1984 " substitute "Victorian Consumer Law Fund established under the Australian Consumer Law and Fair Trading Act 2012 ".

        6     Credit Act 1984 amended——section 86A

    (1)     Insert the following heading to section 86A of the Credit Act 1984 —

" Payments to Victorian Consumer Law Fund ".
Sch. 5

    (2)     In section 86A of the Credit Act 1984 , for "Consumer Credit Fund established under Part 5A of the Credit (Administration) Act 1984 " substitute "Victorian Consumer Law Fund established under Division 5 of Part 6.2 of the Australian Consumer Law and Fair Trading Act 2012 ".

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