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Financial Sector Reform (Hayne Royal Commission Response—Protecting Consumers (2019 Measures)) Bill 2019

2019-2020

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

As passed by both Houses

 

 

 

 

Financial Sector Reform (Hayne Royal Commission Response—Protecting Consumers (2019 Measures)) Bill 2020

 

No.      , 2020

 

 

 

 

 

A Bill for an Act to amend the law relating to unfair contract terms and insurance contracts, funeral expenses facilities, funeral benefits, mortgage brokers and mortgage intermediaries, and for related purposes

   

   



Contents

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

2............ Commencement................................................................................... 2

3............ Schedules............................................................................................ 2

Schedule 1—Unfair contract terms in insurance contracts                           3

Australian Securities and Investments Commission Act 2001                             3

Insurance Contracts Act 1984                                                                                   5

Schedule 2—Funeral expenses facilities                                                                    7

Australian Securities and Investments Commission Act 2001                             7

Corporations Act 2001                                                                                                7

Schedule 3—Mortgage brokers                                                                                      8

Part 1—Main amendments                                                                                          8

National Consumer Credit Protection Act 2009                                                    8

National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009      17

Part 2—Consequential amendments                                                                     19

National Consumer Credit Protection Act 2009                                                  19

 

 



A Bill for an Act to amend the law relating to unfair contract terms and insurance contracts, funeral expenses facilities, funeral benefits, mortgage brokers and mortgage intermediaries, and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act is the Financial Sector Reform (Hayne Royal Commission Response—Protecting Consumers (2019 Measures)) 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

5 April 2021.

5 April 2021

3.  Schedules 2 and 3

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.