Queensland Subordinate Legislation as Made

RURAL AND REGIONAL ADJUSTMENT (SPECIAL DISASTER ASSISTANCE RECOVERY LOANS SCHEME) AMENDMENT REGULATION 2020 - REG 8

8 Amendment of sch 24, s 9 (Eligibility criteria)

(1) Schedule 24 , section 9 (c) —
omit, insert—

(c) the applicant has suffered, as a direct result of the eligible disaster—

(i) damage to the assets used for carrying on the relevant activity; or

(ii) a significant loss of income; and

(2) Schedule 24 , section 9 (e) —
omit.

(3) Schedule 24 , section 9 —
insert—

(i) for assistance, other than assistance to refinance an eligible commercial loan—the applicant has used all liquid assets and normal credit sources up to normal limits; and

(j) for assistance to refinance an eligible commercial loan—

(i) the applicant has suffered the damage to assets or loss of income mentioned in paragraph (c) as a direct result of the 2019–2020 extraordinary bushfire disaster; and

(ii) immediately before the applicant was affected by the 2019–2020 extraordinary bushfire disaster, the applicant held an eligible commercial loan relating to the relevant activity; and

(iii) the applicant can not refinance the loan from the applicant’s own resources and without assistance under the scheme.

(4) Schedule 24 , section 9 (f) to (j) —
renumber as section 9 (e) to (i) .