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Consumer Credit Legislation Amendment (Enhancements) Bill 2012

2010-2011-2012

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

As passed by both Houses

 

 

 

 

 

 

 

 

 

Consumer Credit Legislation Amendment (Enhancements) Bill 2012

 

No.      , 2012

 

 

 

 

 

A Bill for an Act to amend the law relating to consumer credit and consumer protection, and for related purposes

   

   



Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 1

3............ Schedule(s)......................................................................................... 3

Schedule 1—Enhancements                                                                                              4

Part 1—Protection of debtor in cases of hardship                                           4

National Consumer Credit Protection Act 2009                                                    4

Part 2—Remedies for unfair or dishonest conduct by credit service providers   9

National Consumer Credit Protection Act 2009                                                    9

Part 3—Representations about eligibility to enter credit contracts, consumer leases etc. without assessing unsuitability                                                                                                    13

National Consumer Credit Protection Act 2009                                                  13

Part 4—Prohibition on certain representations and other matters         15

National Consumer Credit Protection Act 2009                                                  15

Part 5—Civil remedies for contravention of the National Credit Code   21

National Consumer Credit Protection Act 2009                                                  21

Part 6—Miscellaneous amendments                                                                     22

National Consumer Credit Protection Act 2009                                                  22

Part 7—Technical corrections                                                                                  26

National Consumer Credit Protection Act 2009                                                  26

Schedule 2—Reverse mortgages                                                                                  28

Part 1—Definitions                                                                                                       28

Division 1—Definition of reverse mortgage                                                           28

National Consumer Credit Protection Act 2009                                                  28

Division 2—Other definitions                                                                                   29

National Consumer Credit Protection Act 2009                                                  29

Part 2—Provisions applying to licensees                                                            31

National Consumer Credit Protection Act 2009                                                  31

Part 3—Provisions applying to credit providers generally                        38

National Consumer Credit Protection Act 2009                                                  38

Schedule 3—Short-term and small amount credit contracts                      48

National Consumer Credit Protection Act 2009                                                  48

Schedule 4—Caps on costs etc. for credit contracts                                         57

National Consumer Credit Protection Act 2009                                                  57

Schedule 5—Consumer leases                                                                                       71

National Consumer Credit Protection Act 2009                                                  71

Schedule 6—Application provisions                                                                        105

National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009      105

Schedule 7—Lay-by agreements etc.                                                                       110

Competition and Consumer Act 2010                                                                  110

 



A Bill for an Act to amend the law relating to consumer credit and consumer protection, and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the Consumer Credit Legislation Amendment (Enhancements) Act 2012 .

2   Commencement

             (1)  Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Column 3

Provision(s)

Commencement

Date/Details

1.  Sections 1 to 3 and anything in this Act not elsewhere covered by this table

The day this Act receives the Royal Assent.

 

2.  Schedule 1

1 March 2013.

1 March 2013

2A.  Schedule 2, Part 1

The day after this Act receives the Royal Assent.

 

2B.  Schedule 2, Part 2

1 March 2013.

1 March 2013

2C.  Schedule 2, items 12 to 14

1 March 2013.

1 March 2013

2D.  Schedule 2, item 15

The day after this Act receives the Royal Assent.

 

2E.  Schedule 2, items 16 to 18

1 March 2013.

1 March 2013

2F.  Schedule 2, items 19 and 20

The day after this Act receives the Royal Assent.

 

2G.  Schedule 2, items 21 and 22

1 March 2013.

1 March 2013

2H.  Schedule 2, item 23

The day after this Act receives the Royal Assent.

 

2J.  Schedule 2, items 24 to 26

1 March 2013.

1 March 2013

2K.  Schedule 3

1 March 2013.

1 March 2013

3.  Schedule 4

1 July 2013.

1 July 2013

4.  Schedule 5

1 March 2013.

1 March 2013

4A.  Schedule 6

The day after this Act receives the Royal Assent.

 

5.  Schedule 7

A single day to be fixed by Proclamation.

However, if the provision(s) do not commence within the period of 12 months beginning on the day this Act receives the Royal Assent, they commence on the day after the end of that period.

 

Note:          This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

             (2)  Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

3   Schedule(s)

                   Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.