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This is a Bill, not an Act. For current law, see the Acts databases.
Western Australia Credit (Commonwealth Powers) (Transitional and Consequential Provisions) Bill 2010 CONTENTS Part 1 -- Preliminary 1. Short title 2 2. Commencement 2 3. Terms used 2 Part 2 -- Consumer Credit (Western Australia) Act 1996 repealed Division 1 -- Repeal 4. Consumer Credit (Western Australia) Act 1996 repealed 3 Division 2 -- Transitional Provisions 5. Proceedings 3 6. Arrangements for conduct of proceedings 3 7. Information 4 Division 3 -- Consequential Provisions 8. Bills of Sale Act 1899 amended 4 9. Credit Act 1984 amended 5 10. Door to Door Trading Act 1987 amended 5 11. Hire-Purchase Act 1959 amended 6 12. Road Traffic Act 1974 amended 6 13. Supreme Court Act 1935 amended 6 14. Transport Co-ordination Act 1966 amended 6 122--1 page i Credit (Commonwealth Powers) (Transitional and Consequential Provisions) Bill 2010 Contents Part 3 -- Credit (Administration) Act 1984 amended Division 1 -- Credit (Administration) Act 1984 amended 15. Act amended 7 16. Section 4 amended 7 17. Section 6 amended 7 18. Section 9 amended 8 19. Section 10 amended 8 20. Section 11 amended 8 21. Section 12 amended 8 22. Section 13 amended 9 23. Section 14 amended 9 24. Section 15 amended 9 25. Section 17 amended 9 26. Section 21 amended 10 27. Section 23 amended 10 28. Part III deleted 10 29. Part IV deleted 10 30. Section 44AA and 44AB inserted 11 44AA. Arrangements for administration of this Act 11 44AB. Information 11 31. Part VA heading amended 12 32. Section 44A amended 12 33. Section 44B amended 13 34. Section 44C amended 13 35. Section 44D amended 14 Division 2 -- Consequential provisions 36. Credit Act 1984 amended 14 Part 4 -- Finance Brokers Control Act 1975 amended Division 1 -- Finance Brokers Control Act 1975 amended 37. Act amended 16 38. Section 4 amended 16 39. Section 7 amended 16 page ii Credit (Commonwealth Powers) (Transitional and Consequential Provisions) Bill 2010 Contents 40. Section 9A and 9B inserted 17 9A. Arrangements with ASIC 17 9B. Information 17 41. Section 17 amended 18 42. Section 24 amended 18 43. Section 25 amended 19 44. Section 26 amended 19 45. Section 27A inserted 19 27A. No further grants of licences 19 46. Section 30 amended 19 47. Section 31 amended 20 48. Section 32 amended 20 49. Section 34 amended 20 50. Section 35 amended 21 51. Sections 36, 37 and 38 deleted 21 52. Section 40A amended 21 53. Section 41 amended 21 54. Section 42 amended 22 55. Section 43 amended 22 56. Section 44 amended 22 57. Section 45 amended 22 58. Section 46 amended 23 59. Section 48 amended 23 60. Section 49 amended 23 61. Section 50 amended 23 62. Section 53 amended 23 63. Section 54 amended 24 64. Section 60 amended 24 65. Section 61 amended 24 66. Section 66 amended 24 67. Section 68 amended 25 68. Section 69 amended 25 69. Section 72 amended 25 70. Sections 73 to 80 deleted 26 71. Section 82 amended 26 72. Section 82A deleted 26 73. Section 83 amended 26 74. Section 84 deleted 27 75. Section 85 amended 27 76. Section 92B deleted 28 77. Section 95 amended 28 page iii Credit (Commonwealth Powers) (Transitional and Consequential Provisions) Bill 2010 Contents Division 2 -- Consequential provisions 78. Housing Societies Act 1976 amended 28 79. Settlement Agents Act 1981 amended 28 Part 5 -- Finance Brokers Control Act 1975 repealed Division 1 -- Repeal 80. Finance Brokers Control Act 1975 repealed 30 Division 2 -- Transitional Provisions 81. Housing Societies Repeal Act 2005 amended 30 82. State Administrative Tribunal Act 2004 amended 30 page iv Western Australia LEGISLATIVE ASSEMBLY Credit (Commonwealth Powers) (Transitional and Consequential Provisions) Bill 2010 A Bill for An Act to amend or repeal various Acts as a consequence of the National Consumer Credit Protection Act 2009 (Commonwealth). The Parliament of Western Australia enacts as follows: page 1 Credit (Commonwealth Powers) (Transitional and Consequential Provisions) Bill 2010 Part 1 Preliminary s. 1 1 Part 1 -- Preliminary 2 1. Short title 3 This is the Credit (Commonwealth Powers) 4 (Transitional and Consequential Provisions) Act 2010. 5 2. Commencement 6 This Act comes into operation as follows -- 7 (a) sections 1 and 2 -- on the day on which this Act 8 receives the Royal Assent; 9 (b) the rest of the Act -- on a day fixed by proclamation, 10 and different days may be fixed for different provisions. 11 3. Terms used 12 In this Act, unless the contrary intention appears -- 13 ASIC means the Australian Securities and Investments 14 Commission; 15 CEO means the chief executive officer of the Department 16 principally assisting the Minister in the administration of the 17 Credit Act 1984 and the Credit (Administration) Act 1984. page 2 Credit (Commonwealth Powers) (Transitional and Consequential Provisions) Bill 2010 Consumer Credit (Western Australia) Act 1996 repealed Part 2 Repeal Division 1 s. 4 1 Part 2 -- Consumer Credit (Western Australia) Act 1996 2 repealed 3 Division 1 -- Repeal 4 4. Consumer Credit (Western Australia) Act 1996 repealed 5 The Consumer Credit (Western Australia) Act 1996 is repealed. 6 Division 2 -- Transitional Provisions 7 5. Proceedings 8 (1) Proceedings brought in relation to a provision of the Consumer 9 Credit (Western Australia) Code -- 10 (a) which are not proceedings to which the National 11 Consumer Credit Protection Act 2009 (Commonwealth) 12 Schedule 1 item 4 applies; and 13 (b) which upon section 4 coming into operation are pending 14 before a court, 15 are to be dealt with under the Consumer Credit (Western 16 Australia) Act 1996 despite the repeal of that Act. 17 (2) Proceedings brought in relation to a provision of the Consumer 18 Credit (Western Australia) Code which upon section 4 coming 19 into operation are pending before the State Administrative 20 Tribunal are to be dealt with under the Consumer Credit 21 (Western Australia) Act 1996 despite the repeal of that Act. 22 6. Arrangements for conduct of proceedings 23 (1) The CEO may make an arrangement with ASIC about the 24 conduct of any proceedings to which section 5 applies. 25 (2) In particular, an arrangement may provide -- 26 (a) for the performance of functions and the exercise of 27 powers conferred by subsection (3) on ASIC; or page 3 Credit (Commonwealth Powers) (Transitional and Consequential Provisions) Bill 2010 Part 2 Consumer Credit (Western Australia) Act 1996 repealed Division 3 Consequential Provisions s. 7 1 (b) for the performance of functions or the exercise of 2 powers of the CEO in relation to the conduct of 3 proceedings to which section 5 applies by staff members 4 of ASIC. 5 (3) Subject to subsection (4), ASIC has the functions and powers of 6 the CEO in relation to the conduct of proceedings to which 7 section 5 applies. 8 (4) ASIC must not perform a function or exercise a power 9 conferred by subsection (3) except in accordance with an 10 arrangement under this section. 11 7. Information 12 (1) This section applies to information obtained by the CEO in 13 connection with the administration or enforcement of the 14 Consumer Credit (Western Australia) Act 1996 or the Consumer 15 Credit (Western Australia) Code. 16 (2) The CEO may -- 17 (a) disclose information to which this section applies; or 18 (b) give copies of records which contain information to 19 which this section applies and which are in the CEO's 20 possession or under the CEO's control, 21 to ASIC for the purpose of the administration or enforcement of 22 the National Consumer Credit Protection Act 2009 23 (Commonwealth). 24 Division 3 -- Consequential Provisions 25 8. Bills of Sale Act 1899 amended 26 (1) This section amends the Bills of Sale Act 1899. page 4 Credit (Commonwealth Powers) (Transitional and Consequential Provisions) Bill 2010 Consumer Credit (Western Australia) Act 1996 repealed Part 2 Consequential Provisions Division 3 s. 9 1 (2) In section 17S(2)(b) delete "Consumer Credit (Western 2 Australia) Code" and insert: 3 4 National Credit Code (Commonwealth) 5 6 9. Credit Act 1984 amended 7 (1) This section amends the Credit Act 1984. 8 (2) In section 19A(2)(b)(i) delete "the credit contract does" and 9 insert: 10 11 the credit contract as made did 12 13 (3) Delete section 19B(2) and insert: 14 15 (2) If the credit provider under a contract to which this Act 16 continues to apply acts in accordance with -- 17 (a) in respect of any action before [reference date], 18 the Consumer Credit (Western Australia) Code 19 section 34, 35, 66 to 69, 78 to 99, 163, 171, 172 20 or 173; or 21 (b) in respect of any action on or after [reference 22 date], the National Credit Code section 36, 37, 23 72 to 75, 85 to 107, 185, 194, 195 or 196, 24 the credit provider is taken to have acted in accordance 25 with the corresponding provision of this Act. 26 27 10. Door to Door Trading Act 1987 amended 28 (1) This section amends the Door to Door Trading Act 1987. 29 (2) In section 16(2) delete "and the Consumer Credit (Western 30 Australia) Code". page 5 Credit (Commonwealth Powers) (Transitional and Consequential Provisions) Bill 2010 Part 2 Consumer Credit (Western Australia) Act 1996 repealed Division 3 Consequential Provisions s. 11 1 11. Hire-Purchase Act 1959 amended 2 (1) This section amends the Hire-Purchase Act 1959. 3 (2) In section 2 in the definition of hire-purchase agreement 4 paragraph (g) delete "Consumer Credit (Western Australia) 5 Code;" and insert: 6 7 National Credit Code (Commonwealth); 8 9 (3) Delete section 2B. 10 12. Road Traffic Act 1974 amended 11 (1) This section amends the Road Traffic Act 1974. 12 (2) In section 78A in the definition of lent: 13 (a) delete "Consumer Credit Code;" and insert: 14 15 National Credit Code (Commonwealth); 16 17 (b) after "the Hire-Purchase Act 1959 or" delete "is". 18 13. Supreme Court Act 1935 amended 19 (1) This section amends the Supreme Court Act 1935. 20 (2) Delete section 31(1). 21 14. Transport Co-ordination Act 1966 amended 22 (1) This section amends the Transport Co-ordination Act 1966. 23 (2) In section 4 in the definition of owner paragraph (ab) delete 24 "Consumer Credit (Western Australia) Code" and insert: 25 26 National Credit Code (Commonwealth) 27 page 6 Credit (Commonwealth Powers) (Transitional and Consequential Provisions) Bill 2010 Credit (Administration) Act 1984 amended Part 3 Credit (Administration) Act 1984 amended Division 1 s. 15 1 Part 3 -- Credit (Administration) Act 1984 amended 2 Division 1 -- Credit (Administration) Act 1984 amended 3 15. Act amended 4 This Part amends the Credit (Administration) Act 1984. 5 16. Section 4 amended 6 (1) In section 4 delete the definition of Code. 7 (2) In section 4 insert in alphabetical order: 8 9 ASIC means the Australian Securities and Investments 10 Commission; 11 Code means the Consumer Credit (Western Australia) 12 Code as in force from time to time before the referral 13 day; 14 pending application means an application for a credit 15 provider's licence made under section 9 which 16 immediately before the referral day has been neither 17 granted under section 12(1) nor refused under 18 section 12(2) or (4); 19 referral day means the day on which the Credit 20 (Commonwealth Powers) Act 2010 section 4 comes 21 into operation; 22 23 17. Section 6 amended 24 Before section 6(1) insert: 25 26 (1A) On and after the referral day, subsections (1) and (2) 27 have no effect. 28 page 7 Credit (Commonwealth Powers) (Transitional and Consequential Provisions) Bill 2010 Part 3 Credit (Administration) Act 1984 amended Division 1 Credit (Administration) Act 1984 amended s. 18 1 18. Section 9 amended 2 Before section 9(1) insert: 3 4 (1A) Despite anything in this Act, on and after the referral 5 day no application for a credit provider's licence is to 6 be made. 7 8 19. Section 10 amended 9 Before section 10(1) insert: 10 11 (1A) This section does not apply to a pending application. 12 13 20. Section 11 amended 14 Before section 11(1) insert: 15 16 (1A) This section does not apply to a pending application. 17 18 21. Section 12 amended 19 Before section 12(1) insert: 20 21 (1A) Despite anything in this Act, on and after the referral 22 day the Commissioner is neither to grant nor to refuse a 23 pending application. 24 page 8 Credit (Commonwealth Powers) (Transitional and Consequential Provisions) Bill 2010 Credit (Administration) Act 1984 amended Part 3 Credit (Administration) Act 1984 amended Division 1 s. 22 1 22. Section 13 amended 2 Before section 13(1) insert: 3 4 (1A) Despite anything in this Act, on and after the referral 5 day the Commissioner is not to impose, vary or revoke 6 conditions or restrictions subject to which a licence is 7 to be held. 8 9 23. Section 14 amended 10 In section 14(2) delete "A licensee shall" and insert: 11 12 Before the referral day, a licensee must 13 14 24. Section 15 amended 15 In section 15 delete "The holder of a credit provider's licence 16 shall" and insert: 17 18 Before the referral day, the holder of a credit provider's 19 licence must 20 21 25. Section 17 amended 22 (1) In section 17(1) after "Where" insert: 23 24 at any time before the referral day 25 26 (2) In section 17(2) after "ceasing" insert: 27 28 at any time before the referral day 29 page 9 Credit (Commonwealth Powers) (Transitional and Consequential Provisions) Bill 2010 Part 3 Credit (Administration) Act 1984 amended Division 1 Credit (Administration) Act 1984 amended s. 26 1 26. Section 21 amended 2 (1) After section 21(1) insert: 3 4 (2A) Subsection (1) does not apply in respect of a year 5 commencing on an anniversary falling on or after the 6 referral day. 7 (2B) Regulations may provide for the Commissioner to 8 repay to a licensee part or all of a fee paid by the 9 licensee under subsection (1) in respect of a year 10 commencing on an anniversary falling within 11 12 months before the referral day. 12 13 (2) After section 21(2) insert: 14 15 (3A) A statement is not required under subsection (2) in 16 respect of a year commencing on an anniversary falling 17 on or after the referral day, or within 12 months before 18 the referral day. 19 20 27. Section 23 amended 21 In section 23(4) delete "believing that --" and insert: 22 23 believing that at any time before the referral day -- 24 25 28. Part III deleted 26 Delete Part III. 27 29. Part IV deleted 28 Delete Part IV. page 10 Credit (Commonwealth Powers) (Transitional and Consequential Provisions) Bill 2010 Credit (Administration) Act 1984 amended Part 3 Credit (Administration) Act 1984 amended Division 1 s. 30 1 30. Section 44AA and 44AB inserted 2 At the end of Part V insert: 3 4 44AA. Arrangements for administration of this Act 5 (1) The Commissioner may make an arrangement with 6 ASIC about any matter connected with the 7 administration of this Act. 8 (2) In particular, an arrangement may provide -- 9 (a) for the performance of functions and the 10 exercise of powers conferred by subsection (3) 11 by ASIC; or 12 (b) for the performance of functions or the exercise 13 of powers of the Commissioner under this Act 14 by staff members of ASIC. 15 (3) Subject to subsection (4), ASIC has the functions and 16 powers of the Commissioner under this Act. 17 (4) ASIC must not perform a function or exercise a power 18 conferred by subsection (3) except in accordance with 19 an arrangement under this section. 20 44AB. Information 21 (1) This section applies to information obtained by the 22 Commissioner in connection with the administration or 23 enforcement of this Act. 24 (2) The Commissioner may -- 25 (a) disclose information to which this section 26 applies; or 27 (b) give copies of records which contain 28 information to which this section applies and page 11 Credit (Commonwealth Powers) (Transitional and Consequential Provisions) Bill 2010 Part 3 Credit (Administration) Act 1984 amended Division 1 Credit (Administration) Act 1984 amended s. 31 1 which are in the Commissioner's possession or 2 under the Commissioner's control, 3 to ASIC for the purpose of the administration or 4 enforcement of the National Consumer Credit 5 Protection Act 2009 (Commonwealth). 6 7 31. Part VA heading amended 8 In the heading to Part VA delete "Fund" and insert: 9 10 Account 11 12 32. Section 44A amended 13 (1) Delete section 44A(1) and (2) and insert: 14 15 (1) An agency special purpose account called the 16 Consumer Credit Account is established under the 17 Financial Management Act 2006 section 16. 18 19 (2) In section 44A(3): 20 (a) delete "If subsection (2)(b) applies, moneys" and insert: 21 22 Moneys 23 24 (b) delete "Consumer Credit Fund" and insert: 25 26 Consumer Credit Account 27 page 12 Credit (Commonwealth Powers) (Transitional and Consequential Provisions) Bill 2010 Credit (Administration) Act 1984 amended Part 3 Credit (Administration) Act 1984 amended Division 1 s. 33 1 (c) delete "under section 38 of the Financial Administration 2 and Audit Act 1985." and insert: 3 4 under the Financial Management Act 2006 section 37. 5 6 Note: The heading to amended section 44A is to read: 7 Establishment of Consumer Credit Account 8 33. Section 44B amended 9 (1) Delete section 44B(1). 10 (2) In section 44B(2) delete "Consumer Credit Fund" and insert: 11 12 Consumer Credit Account 13 14 (3) In section 44B(2)(b) and (c) delete "Consumer Credit Fund;" 15 and insert: 16 17 Consumer Credit Account; 18 19 Note: The heading to amended section 44B is to read: 20 Payments to Consumer Credit Account 21 34. Section 44C amended 22 (1) In section 44C: 23 (a) delete "Consumer Credit Fund" and insert: 24 25 Consumer Credit Account 26 page 13 Credit (Commonwealth Powers) (Transitional and Consequential Provisions) Bill 2010 Part 3 Credit (Administration) Act 1984 amended Division 2 Consequential provisions s. 35 1 (b) delete paragraph (a) and insert: 2 3 (a) the payment of such moneys as are approved by 4 the Minister, on the terms approved by the 5 Minister, for providing information, advice or 6 research relevant to the protection of the 7 interests of consumers; and 8 9 (c) after paragraph (b) insert: 10 11 and 12 13 Note: The heading to amended section 44C is to read: 14 Payments from Consumer Credit Account 15 35. Section 44D amended 16 In section 44D: 17 (a) delete "section 52 of the Financial Administration and 18 Audit Act 1985," and insert: 19 20 Financial Management Act 2006 section 52, 21 22 (b) delete "Consumer Credit Fund" and insert: 23 24 Consumer Credit Account 25 26 Note: The heading to amended section 44D is to read: 27 Report on operations of Consumer Credit Account 28 Division 2 -- Consequential provisions 29 36. Credit Act 1984 amended 30 (1) This section amends the Credit Act 1984. page 14 Credit (Commonwealth Powers) (Transitional and Consequential Provisions) Bill 2010 Credit (Administration) Act 1984 amended Part 3 Consequential provisions Division 2 s. 36 1 (2) In section 5 delete the definition of licensed credit provider and 2 insert: 3 4 licensed credit provider means the holder of an 5 Australian credit licence for the time being in force 6 under the National Credit Protection Act 2009 7 (Commonwealth); 8 page 15 Credit (Commonwealth Powers) (Transitional and Consequential Provisions) Bill 2010 Part 4 Finance Brokers Control Act 1975 amended Division 1 Finance Brokers Control Act 1975 amended s. 37 1 Part 4 -- Finance Brokers Control Act 1975 amended 2 Division 1 -- Finance Brokers Control Act 1975 amended 3 37. Act amended 4 This Division amends the Finance Brokers Control Act 1975. 5 38. Section 4 amended 6 (1) In section 4 delete the definition of Treasurer. 7 (2) In section 4 insert in alphabetical order: 8 9 ASIC means the Australian Securities and Investments 10 Commission; 11 referral day means the day on which the Credit 12 (Commonwealth Powers) Act 2010 section 5 comes into 13 operation; 14 15 (3) In section 4 in the definition of supervisor delete "broker;" and 16 insert: 17 18 broker. 19 20 39. Section 7 amended 21 In section 7: 22 (a) delete paragraphs (a), (b) and (d); 23 (b) after paragraph (c) insert: 24 25 and 26 page 16 Credit (Commonwealth Powers) (Transitional and Consequential Provisions) Bill 2010 Finance Brokers Control Act 1975 amended Part 4 Finance Brokers Control Act 1975 amended Division 1 s. 40 1 40. Section 9A and 9B inserted 2 After section 8 insert: 3 4 9A. Arrangements with ASIC 5 (1) The Commissioner may make an arrangement with 6 ASIC about the conduct of any investigation under 7 Division 2 or 2A, or the conduct of any proceedings 8 under this Act. 9 (2) In particular, an arrangement may provide -- 10 (a) for the performance of functions and the 11 exercise of powers conferred by subsection (3) 12 on ASIC; or 13 (b) for the performance of functions or the exercise 14 of powers of the Commissioner in relation to 15 the conduct of any investigation under 16 Division 2 or 2A, or the conduct of any 17 proceedings under this Act by staff members of 18 ASIC. 19 (3) Subject to subsection (4), ASIC has the functions and 20 powers of the Commissioner in relation to the conduct 21 of any investigation under Division 2 or 2A, or the 22 conduct of any proceedings under this Act. 23 (4) ASIC must not perform a function or exercise a power 24 conferred by subsection (3) except in accordance with 25 an arrangement under this section. 26 9B. Information 27 (1) This section applies to information obtained by the 28 Commissioner in connection with the administration or 29 enforcement of this Act. page 17 Credit (Commonwealth Powers) (Transitional and Consequential Provisions) Bill 2010 Part 4 Finance Brokers Control Act 1975 amended Division 1 Finance Brokers Control Act 1975 amended s. 41 1 (2) The Commissioner may -- 2 (a) disclose information to which this section 3 applies; or 4 (b) give copies of records which contain 5 information to which this section applies and 6 which are in the Commissioner's possession or 7 under the Commissioner's control, 8 to ASIC for the purpose of the administration or 9 enforcement of the National Consumer Credit 10 Protection Act 2009 (Commonwealth). 11 12 41. Section 17 amended 13 In section 17(1) -- 14 (a) after "a licensee" insert: 15 16 has acted or 17 18 (b) after "the licence and is" insert: 19 20 or was 21 22 42. Section 24 amended 23 Before section 24(1) insert: 24 25 (1A) Despite anything in this Act, on and after the referral 26 day no application for a licence is to be made. 27 page 18 Credit (Commonwealth Powers) (Transitional and Consequential Provisions) Bill 2010 Finance Brokers Control Act 1975 amended Part 4 Finance Brokers Control Act 1975 amended Division 1 s. 43 1 43. Section 25 amended 2 Before section 25(1) insert: 3 4 (1A) Despite anything in this Act, on and after the referral 5 day no objection to the grant or renewal of a licence is 6 to be made or determined. 7 8 44. Section 26 amended 9 Before section 26(1) insert: 10 11 (1A) On and after the referral day, subsection (1) has no 12 effect. 13 14 45. Section 27A inserted 15 After section 26 insert: 16 17 27A. No further grants of licences 18 Despite anything in this Act, on and after the referral 19 day, no licences are to be granted under section 27, 28 20 or 29. 21 22 46. Section 30 amended 23 Before section 30(1) insert: 24 25 (1A) Despite anything in this Act, on the referral day every 26 licence which has not already expired or been 27 surrendered expires. 28 page 19 Credit (Commonwealth Powers) (Transitional and Consequential Provisions) Bill 2010 Part 4 Finance Brokers Control Act 1975 amended Division 1 Finance Brokers Control Act 1975 amended s. 47 1 47. Section 31 amended 2 Delete section 31(1) and insert: 3 4 (1) Despite anything in this Act, on and after the referral 5 day no licence is to be renewed under subsection (2). 6 7 48. Section 32 amended 8 Before section 32(1) insert: 9 10 (1A) Despite anything in this Act, on and after the referral 11 day -- 12 (a) no application for the renewal of a licence is to 13 be made; and 14 (b) no licence is to be renewed. 15 16 49. Section 34 amended 17 (1) In section 34(1) delete "shall" and insert: 18 19 must until the referral day 20 21 (2) In section 34(3) delete "shall" and insert: 22 23 must until the referral day 24 25 (3) After section 34(4) insert: 26 27 (5) No condition to which a licence is subject may be 28 varied or revoked under subsection (4) on or after the 29 referral day. 30 page 20 Credit (Commonwealth Powers) (Transitional and Consequential Provisions) Bill 2010 Finance Brokers Control Act 1975 amended Part 4 Finance Brokers Control Act 1975 amended Division 1 s. 50 1 50. Section 35 amended 2 After section 35(5) insert: 3 4 (6) Where -- 5 (a) a licence has expired under section 30(1A); and 6 (b) the Commissioner is reasonably satisfied, 7 having regard to the period of time since the 8 licence has expired, that the former licensee is 9 unlikely to have, or to incur, an undischarged 10 liability in respect of moneys which came to his 11 hands before the referral day, 12 the Commissioner may release a bond or guarantee 13 lodged by the former licensee under subsection (1) and 14 may return to the former licensee any document 15 associated with the bond or guarantee. 16 17 51. Sections 36, 37 and 38 deleted 18 Delete sections 36, 37 and 38. 19 52. Section 40A amended 20 Before section 40A(1) insert: 21 22 (1A) On and after the referral day, subsections (2) and (3) 23 have no effect. 24 25 53. Section 41 amended 26 Before section 41(1) insert: 27 28 (1A) On and after the referral day, subsections (1) and (2) 29 have no effect. 30 page 21 Credit (Commonwealth Powers) (Transitional and Consequential Provisions) Bill 2010 Part 4 Finance Brokers Control Act 1975 amended Division 1 Finance Brokers Control Act 1975 amended s. 54 1 54. Section 42 amended 2 (1) At the beginning of section 42 insert: 3 4 (1) On and after the referral day, subsection (2) has no 5 effect. 6 7 (2) In section 42 delete "A licensee shall exhibit," and insert: 8 9 (2) A licensee shall exhibit, 10 11 55. Section 43 amended 12 Before section 43(1) insert: 13 14 (1A) On and after the referral day, subsection (1) has no 15 effect. 16 17 56. Section 44 amended 18 Before section 44(1) insert: 19 20 (1A) On and after the referral day, subsections (5) and (6) 21 have no effect. 22 23 57. Section 45 amended 24 Before section 45(1) insert: 25 26 (1A) On and after the referral day, subsections (1), (2) and 27 (3) have no effect. 28 page 22 Credit (Commonwealth Powers) (Transitional and Consequential Provisions) Bill 2010 Finance Brokers Control Act 1975 amended Part 4 Finance Brokers Control Act 1975 amended Division 1 s. 58 1 58. Section 46 amended 2 In section 46 after "Where" insert: 3 4 before the referral day 5 6 59. Section 48 amended 7 Before section 48(1) insert: 8 9 (1A) On and after the referral day, subsections (1), (2), (3) 10 and (4) have no effect. 11 12 60. Section 49 amended 13 Before section 49(1) insert: 14 15 (1A) On and after the referral day, subsections (1), (2), (3), 16 (4), (5) and (6) have no effect. 17 18 61. Section 50 amended 19 Before section 50(1) insert: 20 21 (1A) On and after the referral day, subsections (1), (2), (3), 22 (4), (5), (6), (7), (8) and (9) have no effect. 23 24 62. Section 53 amended 25 In section 53(1) after "to be made" insert: 26 27 under this Division 28 page 23 Credit (Commonwealth Powers) (Transitional and Consequential Provisions) Bill 2010 Part 4 Finance Brokers Control Act 1975 amended Division 1 Finance Brokers Control Act 1975 amended s. 63 1 63. Section 54 amended 2 In section 54 after "separate audits" insert: 3 4 under this Division 5 6 64. Section 60 amended 7 (1) In section 60(1) after "his trust accounts" insert: 8 9 under this Division 10 11 (2) In section 60(4) after "are being audited" insert: 12 13 under this Division 14 15 65. Section 61 amended 16 In section 61 after "a finance broker's trust accounts" insert: 17 18 under this Division 19 20 66. Section 66 amended 21 In section 66 after "has in any year" insert: 22 23 for which an audit of trust accounts under this Division would 24 otherwise be required 25 page 24 Credit (Commonwealth Powers) (Transitional and Consequential Provisions) Bill 2010 Finance Brokers Control Act 1975 amended Part 4 Finance Brokers Control Act 1975 amended Division 1 s. 67 1 67. Section 68 amended 2 In section 68 after "trust accounts of a finance broker" insert: 3 4 maintained in compliance with section 48 5 6 68. Section 69 amended 7 In section 69: 8 (a) in paragraph (a) after "nominated by the Commissioner" 9 insert: 10 11 under section 68 12 13 (b) after "his trust accounts" insert: 14 15 maintained in compliance with section 48 16 17 (c) delete "of the licensee". 18 19 69. Section 72 amended 20 (1) In section 72(1)(a) delete "the trust account of " and insert: 21 22 a trust account maintained in compliance with section 48 by 23 24 (2) In section 72(1)(b)(i) delete "the trust account of " and insert: 25 26 a trust account maintained in compliance with section 48 by 27 page 25 Credit (Commonwealth Powers) (Transitional and Consequential Provisions) Bill 2010 Part 4 Finance Brokers Control Act 1975 amended Division 1 Finance Brokers Control Act 1975 amended s. 70 1 (3) In section 72(1)(b)(ii) delete "the trust account" and insert: 2 3 a trust account 4 5 70. Sections 73 to 80 deleted 6 Delete sections 73, 74, 75, 76, 77, 78, 79 and 80. 7 71. Section 82 amended 8 (1) In section 82(a) delete "is" and insert: 9 10 was immediately before the referral day 11 12 (2) In section 82(b) delete "occurred but who is no longer a licensed 13 finance broker." and insert: 14 15 occurred. 16 17 72. Section 82A deleted 18 Delete section 82A. 19 73. Section 83 amended 20 (1) In section 83(1): 21 (a) delete "one or more" and insert: 22 23 both 24 25 (b) in paragraph (b) delete "him; and" and insert: 26 27 him. 28 page 26 Credit (Commonwealth Powers) (Transitional and Consequential Provisions) Bill 2010 Finance Brokers Control Act 1975 amended Part 4 Finance Brokers Control Act 1975 amended Division 1 s. 74 1 (c) delete paragraph (c); 2 (d) after paragraph (a) insert: 3 4 and 5 6 (2) In section 83(2): 7 (a) delete "if --" and insert: 8 9 if, before the referral day -- 10 11 (b) in paragraph (b) delete "has,"; 12 (c) in paragraph (b) delete "constitutes" and insert: 13 14 constituted 15 16 (d) in paragraph (c) delete "is acting or has". 17 (3) Delete section 83(3). 18 74. Section 84 deleted 19 Delete section 84. 20 75. Section 85 amended 21 (1) Delete section 85(1) and (2). 22 (2) In section 85(3): 23 (a) delete "is or is not, or"; 24 (b) delete "the date of or a date referred to," and insert: 25 26 the date referred to 27 page 27 Credit (Commonwealth Powers) (Transitional and Consequential Provisions) Bill 2010 Part 4 Finance Brokers Control Act 1975 amended Division 2 Consequential provisions s. 76 1 (c) delete "certificate, or as to any other matter contained in 2 a register," and insert: 3 4 certificate 5 6 (3) Delete section 85(4). 7 76. Section 92B deleted 8 Delete section 92B. 9 77. Section 95 amended 10 After section 95(2)(d) insert: 11 12 (ea) provide for the refund, on the expiry of a 13 licence under section 30(1A), of the whole or 14 part of a fee paid on the grant or most recent 15 renewal of the licence; 16 17 Division 2 -- Consequential provisions 18 78. Housing Societies Act 1976 amended 19 (1) This section amends the Housing Societies Act 1976. 20 (2) In section 78(3) delete "a person who is a licensed finance 21 broker under the Finance Brokers Control Act 1975" and insert: 22 23 a person who holds an Australian credit licence issued 24 under the National Consumer Credit Protection 25 Act 2009 (Commonwealth) 26 27 79. Settlement Agents Act 1981 amended 28 (1) This section amends the Settlement Agents Act 1981. page 28 Credit (Commonwealth Powers) (Transitional and Consequential Provisions) Bill 2010 Finance Brokers Control Act 1975 amended Part 4 Consequential provisions Division 2 s. 79 1 (2) In Schedule 1 clause 6 delete "of another State or a Territory of 2 the Commonwealth" and insert: 3 4 of another State, of a Territory or of the Commonwealth 5 page 29 Credit (Commonwealth Powers) (Transitional and Consequential Provisions) Bill 2010 Part 5 Finance Brokers Control Act 1975 repealed Division 1 Repeal s. 80 1 Part 5 -- Finance Brokers Control Act 1975 repealed 2 Division 1 -- Repeal 3 80. Finance Brokers Control Act 1975 repealed 4 The Finance Brokers Control Act 1975 is repealed. 5 Division 2 -- Transitional Provisions 6 81. Housing Societies Repeal Act 2005 amended 7 (1) This section amends the Housing Societies Repeal Act 2005. 8 (2) If, when this section comes into operation, the Housing 9 Societies Repeal Act 2005 section 27 has not come into 10 operation, repeal section 27. 11 82. State Administrative Tribunal Act 2004 amended 12 (1) This section amends the State Administrative Tribunal Act 2004. 13 (2) In Schedule 1 delete "Finance Brokers Control Act 1975". 14
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