Consumer Credit Amendment Regulation (No. 2) 2003 (Qld)

Queensland Subordinate Legislation 2003 No. 61 Consumer Credit (Queensland) Act 1994 CONSUMER CREDIT AMENDMENT REGULATION (No. 2) 2003 TABLE OF PROVISIONS Section Page 1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 Regulation amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Insertion of new ss 6G and 6H . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 6G Estate administrators—exemption from certain provisions of Code ...................................... 2 6H Credit under Aged Care Act 1997 (Cwlth)—exemption from certain provisions of Code .......................... 2 4 Insertion of new s 19A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 19A Mortgage arising from certain home ownership schemes— exemption from section 46(1) of the Code . . . . . . . . . . . . . . . . 3

s1 2 s4 Consumer Credit Amendment Regulation (No. 2) 2003 No. 61, 2003 1 Short title This regulation may be cited as the Consumer Credit Amendment Regulation (No. 2) 2003 . 2 Regulation amended This regulation amends the Consumer Credit Regulation 1995. 3 Insertion of new ss 6G and 6H After section 6F— insert— ‘6G Estate administrators—exemption from certain provisions of Code ‘ (1) The Code, other than sections 70 to 72, does not apply to the provision of credit to a person’s estate, whether or not the person is deceased, by a public official or a public body authorised by any law or court to administer the estate. ‘ (2) In this section— “estate” includes trust property. “public body” includes a corporation owned or controlled by the State or an authority of the State. ‘6H Credit under Aged Care Act 1997 (Cwlth)—exemption from certain provisions of Code ‘The Code, other than sections 66 to 68 and 70 to 74, does not apply to the provision of credit by an approved provider, within the meaning of the Aged Care Act 1997 (Cwlth), if the provision of credit is made and regulated under that Act.’. 4 Insertion of new s 19A Part 4— insert —

s4 3 s4 Consumer Credit Amendment Regulation (No. 2) 2003 No. 61, 2003 ‘19A Mortgage arising from certain home ownership schemes—exemption from section 46(1) of the Code ‘ (1) This section applies to— (a) the home ownership scheme operated by the Mt Newman Joint Venturers, being BHP Billiton Minerals Pty Ltd ACN 008 694 782, Mitsui-Itochu Iron Pty Ltd ACN 088 702 761 and CI Minerals Australia Pty Ltd ACN 009 256 259; and (b) the home ownership scheme operated by the Mount Goldsworthy Mining Associates Joint Venturers, being BHP Billiton Minerals Pty Ltd ACN 008 694 782, Mistsui Iron Ore Corporation Pty Ltd ACN 050 157 456 and CI Minerals Australia Pty Ltd ACN 009 256 259; that assist employees, whether alone or jointly with 1 or more other persons, to purchase land owned respectively by the Mt Newman Joint Venturers and the Mount Goldsworthy Mining Associates Joint Venturers. ‘ (2) Section 46(1) of the Code does not apply to any mortgage created over an interest that is acquired by an employee under a contract for the purchase of land entered into by the employee, whether alone or jointly with 1 or more other persons, under a home ownership scheme to which this section applies. ‘ (3) In this section— “employee” means— (a) if BHP Billiton Iron Ore Pty Ltd ACN 008 700 981 is the manager of the Mt Newman Joint Venture or the Mount Goldsworthy Mining Associates Joint Venture—an employee of that corporation or an employee of a corporation that is a related body corporate within the meaning of the Corporations Act in relation to BHP Billiton Iron Ore Pty Ltd; or (b) if BHP Billiton Iron Ore Pty Ltd ceases to manage the Mt Newman Joint Venture or the Mount Goldworthy Mining Associates Joint Venture—an employee of the person for the time being exercising the functions of the manager of the Mt Newman Joint Venture or of the Mount Goldsworthy Mining Associates Joint Venture. Note —Section 46 of the Code provides that a mortgage cannot be created over employees’ remuneration or employment benefits or benefits under a superannuation scheme unless the regulations permit it to do so. ’.

4 Consumer Credit Amendment Regulation (No. 2) 2003 No. 61, 2003 ENDNOTES 1. Made by the Governor in Council on 3 April 2003. 2. Notified in the gazette on 4 April 2003. 3. Laid before the Legislative Assembly on . . . 4. The administering agency is the Office of Fair Trading. © State of Queensland 2003 Authorised by the Parliamentary Counsel and printed by the Government Printer