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Consumer Credit Legislation Amendment (Enhancements) Bill 2012

2010-2011

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

 

 

 

 

 

Consumer Credit and Corporations Legislation Amendment (Enhancements) Bill 2011

 

No.      , 2011

 

(Treasury)

 

 

 

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

   

   



Contents

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

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

3............ Schedule(s)......................................................................................... 2

Schedule 1—Enhancements                                                                                              3

Part 1—Protection of debtor in cases of hardship                                           3

National Consumer Credit Protection Act 2009                                                    3

Part 2—Remedies for unfair or dishonest conduct by credit service providers   8

National Consumer Credit Protection Act 2009                                                    8

Part 3—Representations about eligibility to enter credit contracts, consumer leases etc. without assessing unsuitability                                                                                                    12

National Consumer Credit Protection Act 2009                                                  12

Part 4—Prohibition on certain representations and other matters         14

National Consumer Credit Protection Act 2009                                                  14

Part 5—Civil remedies for contravention of the National Credit Code   18

National Consumer Credit Protection Act 2009                                                  18

Part 6—Miscellaneous amendments                                                                     19

National Consumer Credit Protection Act 2009                                                  19

Part 7—Technical corrections                                                                                  23

National Consumer Credit Protection Act 2009                                                  23

Schedule 2—Reverse mortgages                                                                                  25

Part 1—Definitions                                                                                                       25

Division 1—Definition of reverse mortgage                                                           25

National Consumer Credit Protection Act 2009                                                  25

Division 2—Other definitions                                                                                   26

National Consumer Credit Protection Act 2009                                                  26

Part 2—Provisions applying to licensees                                                            28

National Consumer Credit Protection Act 2009                                                  28

Part 3—Provisions applying to credit providers generally                        35

National Consumer Credit Protection Act 2009                                                  35

Schedule 3—Small amount credit contracts                                                         46

National Consumer Credit Protection Act 2009                                                  46

Schedule 4—Caps on costs etc. for credit contracts                                         53

National Consumer Credit Protection Act 2009                                                  53

Schedule 5—Consumer leases                                                                                       64

National Consumer Credit Protection Act 2009                                                  64

Schedule 6—Application provisions                                                                          97

National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009      97

Schedule 7—Voting at AGMs of public companies                                       102

Corporations Act 2001                                                                                            102

 



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

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the Consumer Credit and Corporations Legislation Amendment (Enhancements) Act 2011 .

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.  Schedules 1, 2 and 3

Immediately after the commencement of Part 2 of Schedule 1 to the National Consumer Credit Protection Amendment (Home Loans and Credit Cards) Act 2011 .

1 July 2012

3.  Schedule 4

1 January 2013.

1 January 2013

4.  Schedules 5 and 6

Immediately after the commencement of Schedule 2 to the National Consumer Credit Protection Amendment (Home Loans and Credit Cards) Act 2011 .

1 July 2012

5.  Schedule 7

The day after this Act receives the Royal Assent.

 

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.