Consumer Credit Amendment Regulation (No. 3) 1996 (Qld)

Queensland Subordinate Legislation 1996 No. 291 Consumer Credit (Queensland) Act 1994 CONSUMER CREDIT AMENDMENT REGULATION (No. 3) 1996 TABLE OF PROVISIONS Section Page 1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 Commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Regulation amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 4 Insertion of new ss 75–77 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 75 Contribution to civil penalties by participants in programs . . . . . . . 2 76 Recovery by nominated credit provider . . . . . . . . . . . . . . . . . . . . . . . 3 77 Effect of ss 75–76 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

s1 2 s4 Consumer Credit Amendment (No. 3) No. 291, 1996 ˙ Short title 1. This regulation may be cited as the Consumer Credit Amendment Regulation (No. 3) 1996 . ˙ Commencement 2. This regulation commences on 1 November 1996. ˙ Regulation amended 3. This regulation amends the Consumer Credit Regulation 1995 . ˙ Insertion of new ss 75–77 4. After section 74— insert — ˙ ‘ Contribution to civil penalties by participants in programs ‘ 75.(1) A credit provider who is ordered to pay a civil penalty under part 6 of the Code may recover— (a) the amount of the civil penalty; and (b) any other money ordered to be paid by the credit provider, or legal costs or other costs or expenses payable or incurred by the credit provider, related to the order; from the nominated credit provider for the purposes of the credit contract concerned. ‘ (2) A credit provider who agrees to pay an amount of money to a debtor or other person in settlement of an application for an order under part 6 may recover the amount, and any legal costs or other costs or expenses payable or incurred by the credit provider related to the application, from the nominated credit provider for the purposes of the credit contract concerned. ‘ (3) A person is a nominated credit provider for the purposes of a credit contract if the person and the credit provider have agreed in writing that the person is the nominated credit provider for the purposes of this section and the person is involved in the credit program of which the credit contract is part.

s4 3 s4 Consumer Credit Amendment (No. 3) No. 291, 1996 ‘ (4) The liability of a nominated credit provider under this section is subject to the terms of the agreement under which the nominated credit provider agrees to be the nominated credit provider. ‘ (5) For the avoidance of doubt, a credit provider under a credit program who holds the rights under a credit contract, mortgage or guarantee on trust for another may recover any amount payable by the credit provider as referred to in subsection (1) or (2) from the assets of the trust, subject to the terms of the trust. ‘ (6) This section applies only to credit contacts, entered into not later than 12 months after the commencement of the Code, that are part of a credit program, including a public mortgage trust program, a securitised program or a bare trustee program— (a) involving the funding, or proposed funding, of credit that has been or is to be provided, or the purchase of a person’s rights under a credit contract, mortgage or guarantee, by the issue of instruments or entitlements to investors and under which payments to investors in respect of those instruments or entitlements are principally derived, directly or indirectly from payments in respect of the credit provided; or (b) involving the provision of credit by a credit provider who holds the rights under a credit contract, mortgage or guarantee on trust for another and under which payments to the beneficiary under the trustee program are principally derived, directly or indirectly from payments in respect of the credit provided. ˙ ‘ Recovery by nominated credit provider ‘ 76. A nominated credit provider who is required to pay an amount of money to a credit provider as a consequence of section 75 may recover that money from another person involved in the credit program if— (a) the nominated credit provider and the person have agreed in writing that the person is a person liable to pay the amount under this section; and (b) the amount is payable under the terms of the agreement under which the person agrees to be so liable.

s4 4 s4 Consumer Credit Amendment (No. 3) No. 291, 1996 ˙ ‘ Effect of ss 75–76 ‘ 77. Sections 75 and 76 do not derogate from any other rights and remedies that exist apart from those sections.’. ENDNOTES 1. Made by the Governor in Council on 24 October 1996. 2. Notified in the gazette on 25 October 1996. 3. Laid before the Legislative Assembly on . . . 4. The administering agency is the Office of Consumer Affairs. © State of Queensland 1996