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This is a Bill, not an Act. For current law, see the Acts databases.


CREDIT (COMMONWEALTH POWERS) (TRANSITIONAL AND CONSEQUENTIAL PROVISIONS) BILL 2010

                     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             Australia) Act 1996 repealed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        repealed                                        3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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