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The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
National Consumer Credit Protection Amendment (Supporting Economic Recovery) Bill 2020
No. , 2020
(Treasury)
A Bill for an Act to amend the law relating to consumer credit and consumer leases, and for related purposes
Contents
1............ Short title............................................................................................. 1
2............ Commencement................................................................................... 1
3............ Schedules............................................................................................ 2
Schedule 1—New regulatory framework for provision of consumer credit 4
Part 1—Main amendments 4
National Consumer Credit Protection Act 2009 4
Part 2—Related amendments 19
Age Discrimination Act 2004 19
Part 3—Amendments relating to best interests obligations 20
National Consumer Credit Protection Act 2009 20
Schedule 2—Small amount credit contracts 24
National Consumer Credit Protection Act 2009 24
Schedule 3—Consumer leases 36
National Consumer Credit Protection Act 2009 36
Schedule 4—Avoidance 56
National Consumer Credit Protection Act 2009 56
Schedule 5—Consumer leases for indefinite terms 62
National Consumer Credit Protection Act 2009 62
Schedule 6—Consequential and other amendments 65
National Consumer Credit Protection Act 2009 65
Schedule 7—Application provisions 68
National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009 68
A Bill for an Act to amend the law relating to consumer credit and consumer leases, and for related purposes
The Parliament of Australia enacts:
This Act is the National Consumer Credit Protection Amendment (Supporting Economic Recovery) Act 2020 .
(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.
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Commencement information |
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Column 1 |
Column 2 |
Column 3 |
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Provisions |
Commencement |
Date/Details |
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1. Sections 1 to 3 and anything in this Act not elsewhere covered by this table |
The day this Act receives the Royal Assent. |
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2. Schedule 1, Parts 1 and 2 |
The later of: (a) the day after this Act receives the Royal Assent; and (b) 1 March 2021. |
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3. Schedule 1, Part 3 |
The day after the end of the period of 6 months beginning on the day the provisions covered by table item 2 commence. |
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4. Schedules 2 and 3 |
The day after the end of the period of 6 months beginning on the day this Act receives the Royal Assent. |
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5. Schedule 4 |
The day after this Act receives the Royal Assent. |
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6. Schedules 5 and 6 |
The day after the end of the period of 6 months beginning on the day this Act receives the Royal Assent. |
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7. Schedule 7 |
The day after this Act receives the Royal Assent. |
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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.
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.