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Treasury Laws Amendment (Banking Measures No. 1) Bill 2017

2016-2017

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

Treasury Laws Amendment (Banking Measures No. 1) Bill 2017

 

No.      , 2017

 

(Treasury)

 

 

A Bill for an Act to amend the law relating to banking, insurance, credit, registrable corporations and financial system regulation, and for related purposes

     

 



C ontents

 

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

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

3............ Schedules............................................................................................ 3

Schedule 1—Non-ADI lender rules                                                                              4

Banking Act 1959                                                                                                         4

Schedule 2—Registrable corporations                                                                     11

Financial Sector (Collection of Data) Act 2001                                                  11

Schedule 3—Restricted words                                                                                       15

Banking Act 1959                                                                                                       15

Schedule 4—Objects provisions                                                                                    18

Banking Act 1959                                                                                                       18

Insurance Act 1973                                                                                                    19

Life Insurance Act 1995                                                                                            19

Schedule 5—Credit card reforms                                                                               21

Part 1—When a credit card contract, or a credit limit increase, is unsuitable        21

National Consumer Credit Protection Act 2009                                                  21

Part 2—Credit limits                                                                                                     24

Division 1—Credit limit increases                                                                            24

National Consumer Credit Protection Act 2009                                                  24

Division 2—Credit limit reductions                                                                          24

National Consumer Credit Protection Act 2009                                                  24

Part 3—Interest charges                                                                                              29

National Consumer Credit Protection Act 2009                                                  29

Part 4—Ending credit card contracts                                                                   31

National Consumer Credit Protection Act 2009                                                  31

Part 5—Application provisions                                                                               35

National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009      35



A Bill for an Act to amend the law relating to banking, insurance, credit, registrable corporations and financial system regulation, and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act is the Treasury Laws Amendment (Banking Measures No. 1) Act 2017 .

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

Provisions

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 and 2

The day this Act receives the Royal Assent.

 

3.  Schedule 3

The day after the end of the period of 2 months beginning on the day this Act receives the Royal Assent.

 

4.  Schedule 4

The day this Act receives the Royal Assent.

 

5.  Schedule 5, Part 1

1 January 2019.

1 January 2019

6.  Schedule 5, Part 2, Division 1

1 July 2018.

1 July 2018

7.  Schedule 5, Part 2, Division 2

1 January 2019.

1 January 2019

8.  Schedule 5, Parts 3 and 4

1 January 2019.

1 January 2019

9.  Schedule 5,  item 24

1 July 2018.

1 July 2018

10.  Schedule 5, item 25

1 January 2019.

1 January 2019

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   Schedules

                   Legislation 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.