Australian Securities and Investments Commission Credit (Repeal) Instrument 2016/1087 (Cth)
ASIC Credit (Repeal) Instrument 2016/1087
I, Stephen Yen PSM, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.
Date: 2 November 2016
Stephen Yen
Contents
Part 1—Preliminary
1 Name of legislative instrument
2 Commencement
3 Authority
4 Schedules
Schedule 1—Repeals
ASIC Class Order [CO 13/818]
Schedule 2—Transitional
Part 1—Preliminary
1 Name of legislative instrument
This is the ASIC Credit (Repeal) Instrument 2016/1087.
2 Commencement
This instrument commences on the later of:
(a) the day after it is registered on the Federal Register of Legislation; and
(b) 1 February 2017.
Note: The register may be accessed at Authority
This instrument is made under paragraph 163(3)(d) of the National Consumer Credit Protection Act 2009 (Credit Act) and subsection 203A(3) of the National Credit Code.
Note: The National Credit Code is found in Schedule 1 to the Credit Act.
4 Schedules
Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.
Schedule 1—Repeals
ASIC Class Order [CO 13/818]
1 The whole of the instrument
Repeal the instrument.
Schedule 2—Transitional
ASIC Class Order [CO 13/818] (the old instrument) continues to apply, despite its repeal, in relation to a contract that is:
(a) a small amount credit contract (within the meaning of the National Credit Code) or a relevant small amount credit contract (within the meaning of the old instrument); and
(b) in force immediately before that repeal.
2. Item 1 applies to the contract for so long as:
(a) it is in the terms it was in at that time; and
(b) the amount of any direct debit processing fee or charge (within the meaning of the old instrument) in relation to the contract is the amount that applied at that time.
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