Consumer Credit (New South Wales) Act 1995 Consumer Credit (New South Wales) Special Provisions Regulation 1996 (1996-524) [GG No 119 of 25.10.1996] (NSW)
1996 No 524
New South Wales
Consumer Credit (New South Wales)
Special Provisions Regulation 1996
under the
Consumer Credit (New South Wales) Act 1995
His Excellency the Governor, with the advice of the Executive Council, has made the following Regulation under the Consumer Credit (New South Wales) Act 1995.
FAYE LO PO’ MP
Minister- for Fair Trading
Explanatory note
The object of this Regulation is:
(a) to prescribe the jurisdiction of the Commercial Tribunal, courts and Consumer Claims Tribunals under she Consumer Credit (New South Wales) Code, and (b) to set a maximum annual percentage rate for credit contracts to which that Code applies, and (c) to make a transitional provision relating to the application of the Credit (Home Finance Contracts) Act 1984. This Regulation comprises or relates to matters of a machinery nature and to matters arising under legislation that is substantially uniform or complementary with legislation of other States.
This Regulation is made under the Consumer Credit (New South Wales) Act 1995, including section 15 (the general regulation-making power) and sections 8 and 11.
Published in Gazette No 119 of 25 October 1996, page 7105 Page 1
1996 No 524
Consumer Credit (New South Wales) Special Provisions Regulation 1996
Contents
Page
| Part 1 | Preliminary |
1 Name of Regulation
2 Commencement
3 Definitions
4 Notes
| Part 2 | Judicial functions |
5 Conferral of judicial functions 3 6 Transfer of proceedings 4
| Part 3 | Maximum interest rate |
7 Maximum annual percentage rate 5
| Part 4 | Savings and transitional provisions |
8 Credit (Home Finance Contracts) Act 1984 5
1996 No 524
Consurner Credit (New South Wales) Special Provisions Regulation 1996 Clause 1 Preliminary Part 1 Consumer Credit (New South Wales) Special
Provisions Regulation 1996
Part 1 Preliminary 1 Name of Regulation
This Regulation is the Consumer Credit (New South Wales)
Special Provisions Regulation 1996.
2 Commencement
This Regulation commences on 1 November 1996.
3 Definitions
In this Regulation:
the Act means the Consumer Credit (New South Wales) Act 1995.
4 Notes
The explanatory note, table of contents and notes in the text of this Regulation do not form part of this Regulation.
Part 2 Judicial functions 5 Conferral of judicial functions
(1) Exclusive jurisdiction of the Commercial Tribunal The jurisdiction prescribed for the purposes of section 8 (1) (a) of the Act is:
(a)
any jurisdiction under section 69, 83 (l), 89, 100–1 14 or 162 of the Code, and
(b)
any jurisdiction under section 36 (6) of the Code in relation to an application made by a credit provider.
1996 No 524
| Clause 5 | Consumer Credit (New South Wales) Special Provisions Regulation 1996 |
| Part 2 | Judicial functions |
(2) Jurisdiction of consumer claims tribunals The jurisdiction prescribed for the purposes of section 8 (1) (c) of the Act is:
(a)
any jurisdiction under section 34 (5), 35, 36 (7), 47 (3), 68, 72 , 77 , 88 , 1 5 5 (but only in relation to the application of section 68), 157 or 174 of the Code, and
(b)
any jurisdiction under section 36 (6), 44 (4), 79 or 98 of the Code in relation to an application made by a debtor, mortgagor or guarantor.
Note. The Commercial Tribunal has concurrent jurisdiction with ordinary courts of competent jurisdiction for matters not within the exclusive jurisdiction of the Commercial Tribunal referred to in subclause (1 )-see section 8 (1) (b) of the Act.
6 Transfer of proceedings
If all the parties so agree or the Commercial Tribunal of its own motion or on the application of a party so directs, proceedings instituted in or before the Commercial Tribunal must be transferred to a court that has jurisdiction in the matter in accordance with the rules of that court and are to continue before that court as if they had been instituted there.
If all the parties so agree or a court of its own motion or on the application of a party so directs, proceedings instituted in or before the court for a matter for which the Commercial Tribunal has jurisdiction must be transferred to the Commercial Tribunal in accordance with the rules of the Commercial Tribunal and are to continue before the Commercial Tribunal as if they had been instituted there.
If all the parties so agree or a consumer claims tribunal of its own motion or on the application of a party so directs, proceedings instituted in or before the consumer claims tribunal for a matter for which the Commercial Tribunal has jurisdiction must be
transferred to the Commercial Tribunal in accordance with the
rules of the Commercial Tribunal and are to continue before the
Commercial Tribunal as if they had been instituted there. If all the parties so agree or the Commercial Tribunal of its own motion or on the application of a party so directs, proceedings instituted in or before the Commercial Tribunal for a matter for
1996 No 524
Consumer Credit (New South Wales) Special Provisions Regulation 1996 Clause 6 Judicial functions Part 2 which a consumer claims tribunal has jurisdiction must be transferred to a consumer claims tribunal in accordance with the regulations made under the Consumer Claims Tribunals Act 1987 and are to continue before the consumer claims tribunal as if they had been instituted there.
(5)
Proceedings in relation to a matter instituted in or before the Commercial Tribunal under section 19, 120, 121 or 122 of the Code must be transferred to an appropriate court having jurisdiction in the matter unless the proceedings relate to other proceedings instituted in or before the Commercial Tribunal.
Part 3 Maximum interest rate 7 Maximum annual percentage rate
The maximum annual percentage rate for a credit contract to which the Code applies is 48 per cent
Note. This clause is made pursuant to section 11 of the Act. The effect of a contravention of this clause is set out in that section. The maximum interest rate is not part of the uniform provisions of the Code in Australia.
Part 4 Savings and transitional provisions 8 Credit (Home Finance Contracts) Act 1984
The Credit (Home Finance Contracts) Act 1984 ceases to apply to a home finance contract (within the meaning of that Act), or to a mortgage or guarantee that relates to any such contract, on and from the date on which the home finance contract becomes a credit contract to which the Code applies.
This clause does not affect anything duly done in connection with such a contrast before that date under the Credit (Home Finance Contracts) Act 1984.
despite the amendments made to the Credit (Home Finance Pursuant to section 14 (2) of the Act, this clause has effect Contracts) Act 1984 by Schedule 1.3 to the Act.
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