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National Consumer Credit Protection Amendment (Supporting Economic Recovery) Bill 2020

2019-2020

 

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:

1   Short title

                   This Act is the National Consumer Credit Protection Amendment (Supporting Economic Recovery) Act 2020 .

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.  Schedule 1, Parts 1 and 2

The later of:

(a) the day after this Act receives the Royal Assent; and

(b) 1 March 2021.

 

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.

 

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.

 

5.  Schedule 4

The day after this Act receives the Royal Assent.

 

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.

 

7.  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   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.