Consumer Credit (Queensland) Amendment Regulation (No. 2) 1998 (Qld)

Queensland Subordinate Legislation 1998 No. 291 Consumer Credit (Queensland) Act 1994 CONSUMER CREDIT (QUEENSLAND) AMENDMENT REGULATION (No. 2) 1998 TABLE OF PROVISIONS Section Page 1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 2 Commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 Regulation amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 4 Amendment of s 22 (Information about increases in the amount of credit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 5 Replacement of s 40 (Address for notices) . . . . . . . . . . . . . . . . . . . . . . . . . . 4 40 Address for notices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 6 Amendment of s 75 (Contribution to civil penalties by participants in programs) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 7 Insertion of new div hdg and new s 78 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Division 4—Transitional provisions arising from amending Act 78 Definition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 8 Insertion of new s 79 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 79 Inclusion of additional information in financial table . . . . . . . . . . . . 6 9 Insertion of new s 80 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 80 Changes to key requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 10 Insertion of new s 81 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 81 Limitation of guarantor’s liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 11 Insertion of new s 82 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 82 Nominations to receive notices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

2 Consumer Credit (Queensland) Amendment (No. 2) No. 291, 1998 12 Amendment of schedule, form 2 (Information statement) . . . . . . . . . . . . . . 7 13 Amendment of schedule, form 2 (Information statement) . . . . . . . . . . . . . . 8 14 Amendment of schedule, form 2 (Information statement) . . . . . . . . . . . . . . 8 15 Amendment of schedule, form 3A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 16 Amendment of schedule, form 3B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 17 Amendment of schedule, form 5 (Information statement) . . . . . . . . . . . . . . 9 18 Amendment of schedule, form 6 (Information after surrender of mortgaged goods) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 19 Amendment of schedule, form 6 (Information after surrender of mortgaged goods) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 20 Amendment of schedule, form 11 (Information statement) . . . . . . . . . . . . . 10

s1 3 s3 Consumer Credit (Queensland) Amendment No. 291, 1998 (No. 2) ˙ Short title 1. This regulation may be cited as the Consumer Credit (Queensland) Amendment Regulation (No. 2) 1998 . ˙ Commencement 2.(1) Sections 3, 4, 6, 7, 8, 9, 12(1) and 14 commence on 1 November 1998. (2) Sections 5 and 11 commence on the day section 61 of the amending Act commences. (3) Section 10 commences on the day section 28 of the amending Act commences. (4) Sections 12(2), 15 and 16 commence on the day section 10 of the amending Act commences. (5) Section 13 commences on the day section 30 of the amending Act commences. (6) Section 17 commences on the day section 25 of the amending Act commences. (7) Section 18 commences on the day section 39(3) of the amending Act commences. (8) Section 19 commences on the day section 39(4) of the amending Act commences. (9) Section 20 commences on the day section 58 of the amending Act commences. (10) In this section— “amending Act” means the ConsumerCredit(Queensland)Amendment Act 1998 . ˙ Regulation amended 3. This regulation amends the Consumer Credit Regulation 1995 .

s4 4 s5 Consumer Credit (Queensland) Amendment No. 291, 1998 (No. 2) ˙ Amendment of s 22 (Information about increases in the amount of credit) 4. Section 22— insert— ‘ (2) Despite subsection (1), the matter in subsection (1)(h) and (i) relating to the total amount of repayments need only be included in the written notice given under section 65(3) of the Code if the contract concerned would, on the assumptions under sections 158 and 160 of the Code, be paid out within 7 years of the date on which credit is first provided under the contract.’. ˙ Replacement of s 40 (Address for notices) 5. Section 40— omit, insert— ˙ ‘ Address for notices ‘ 40.(1) For the purposes of section 171(4) or (6) of the Code, a nomination is to be in the following form— (a) the nomination is to contain the words 'I/We nominate............[full name of person nominated] to receive notices and other documents under the Consumer Credit Code on behalf of me/all of us; (b) the nomination is to contain a prominent statement that each debtor/mortgagor/guarantor is entitled to receive a copy of any notice or other document under the Code and that by signing the form they are giving up the right to be provided with information direct from the credit provider; (c) the nomination is to contain a prominent statement that any person who has signed the form can advise the credit provider at any time in writing that they wish to cancel their nomination. ‘ (2) For the purposes of section 171(5) of the Code, a consent is to be in the following form—

s6 5 s7 Consumer Credit (Queensland) Amendment No. 291, 1998 (No. 2) (a) the consent is to contain the words 'We consent to notices and other documents under the ConsumerCreditCode to us being sent jointly to us at............[address for service]; (b) the consent is to contain a prominent statement that each debtor/mortgagor/guarantor is entitled to receive a copy of any notice or other document under the Code and that by signing the form they are giving up the right to be provided with information separately from the credit provider; (c) the consent is to contain a prominent statement that any person who has signed the form can advise the credit provider at any time in writing that they wish to cancel their consent.’. ˙ Amendment of s 75 (Contribution to civil penalties by participants in programs) 6.(1) Section 75(3), after ‘writing’— insert— ‘, before the commencement of section 169A of the Code (as inserted by the amending Act),’. (2) Section 75(6), ‘entered into not later than 2 years after the commencement of the Code’— omit, insert— ‘entered into before the commencement of section 169A of the Code (as inserted by the amending Act)’. (3) Section 75— insert— ‘ (7) In this section— “amending Act” means the ConsumerCredit(Queensland)AmendmentAct 1998 .’. ˙ Insertion of new div hdg and new s 78 7. After section 77—

s 8 6 s 10 Consumer Credit (Queensland) Amendment No. 291, 1998 (No. 2) insert — ‘ Division 4—Transitional provisions arising from amending Act ˙ ‘ Definition ‘ 78. In this division— “amending Act” means the ConsumerCredit(Queensland)AmendmentAct 1998 .’. ˙ Insertion of new s 79 8. After section 78— insert— ˙ ‘ Inclusion of additional information in financial table ‘ 79. Information relating to the period over which repayments are to be made may continue to be, but need not be, included in the information required to be provided in the precontractual statement, as set out in section 13 of this regulation, despite the amendment of section 15F of the Code by the amending Act.’. ˙ Insertion of new s 80 9. After section 79— insert— ˙ ‘ Changes to key requirements ‘ 80. Nothing done by the amending Act affects any liability of a person under part 6, division 1 in respect of a contravention of a key requirement that occurred before the amendment by that Act of the provision containing the key requirement.’. ˙ Insertion of new s 81 10. After section 80— insert—

s 11 7 s 12 Consumer Credit (Queensland) Amendment No. 291, 1998 (No. 2) ˙ ‘ Limitation of guarantor’s liability ‘ 81. Section 55 of the Code, as in force before its amendment by the amending Act, continues to apply to a guarantee signed before the commencement of the amendment but ceases to so apply if the guarantor’s liabilities are increased in accordance with section 56 of the Code.’. ˙ Insertion of new s 82 11. After section 81— insert— ˙ ‘ Nominations to receive notices ‘ 82. A nomination given under section 171(3) of the Code, and in force immediately before the repeal of that provision, is taken to have been given under section 171(4) of the Code, as inserted by the amending Act. Any such nomination may be withdrawn by the person who gave it.’. ˙ Amendment of schedule, form 2 (Information statement) 12.(1) Form 2, clause 2— omit, insert— ‘ 2. How can I get a copy of the final contract? If the contract document is to be signed by you and returned to your credit provider, you must be given a copy to keep. Also, the credit provider must give you a copy of the final contract within 14 days after it is made. This rule does not, however, apply, if the credit provider has previously given you a copy of the contract document to keep. If you want another copy of your contract write to your credit provider and ask for one. Your credit provider may charge you a fee. Your credit provider has to give you a copy— • within 14 days of your written request if the original contract came into existence 1 year or less before your request; or • otherwise within 30 days of your written request.’.

s 13 8 s 15 Consumer Credit (Queensland) Amendment No. 291, 1998 (No. 2) (2) Form 2, clause 3— omit, insert— ‘ 3. Can I terminate the contract? Yes. You can terminate the contract by writing to the credit provider so long as— • you have not obtained any credit under the contract; or • a card or other means of obtaining credit given to you by your credit provider has not been used to acquire goods or services for which credit is to be provided under the contract. However, you will still have to pay any fees or charges incurred before you terminated the contract.’. ˙ Amendment of schedule, form 2 (Information statement) 13. Form 2, clause 8, ‘30 days’— omit, insert— ‘20 days’. ˙ Amendment of schedule, form 2 (Information statement) 14. Form 2, clause 16, ‘if, when the credit provider gives you a copy of the mortgage document to sign and return to the credit provider, you are also given a copy of the mortgage document to keep’— omit, insert— ‘if the credit provider has previously given you a copy of the mortgage document to keep’. ˙ Amendment of schedule, form 3A 15. Form 3A, first item under ‘THINGS YOU MUST KNOW’, ‘(or try to obtain) any credit’— omit, insert—

s 16 9 s 19 Consumer Credit (Queensland) Amendment No. 291, 1998 (No. 2) ‘credit, or a card or other means is used to obtain goods or services for which credit is to be provided under the contract,’. ˙ Amendment of schedule, form 3B 16. Form 3B, first item under ‘THINGS YOU MUST KNOW’, ‘(or try to obtain) any credit’— omit, insert— ‘credit, or a card or other means is used to obtain goods or services for which credit is to be provided under the contract,’. ˙ Amendment of schedule, form 5 (Information statement) 17. Form 5, clause 3, after ‘the signed guarantee’— insert— ‘(if you do not already have a copy of the guarantee)’. ˙ Amendment of schedule, form 6 (Information after surrender of mortgaged goods) 18. Form 6, paragraph headed ‘FINALISING THE CONTRACT’, fourth dot point, ‘enforcing the mortgage.’— omit, insert— ‘enforcing the mortgage; and • the expenses reasonably incurred by the credit provider in connection with the possession and sale of the mortgaged goods.’. ˙ Amendment of schedule, form 6 (Information after surrender of mortgaged goods) 19. Form 6, paragraph headed ‘FINALISING THE CONTRACT’, last dot point— omit, insert—

s 20 10 s 20 Consumer Credit (Queensland) Amendment No. 291, 1998 (No. 2) ‘• amount required to pay out the credit contract or the amount due under the guarantee.’. ˙ Amendment of schedule, form 11 (Information statement) 20. Form 11, clause 1, first paragraph, after ‘enters into the consumer lease’— insert— ‘, unless you already have a copy of the consumer lease’. ENDNOTES 1. Made by the Governor in Council on 29 October 1998. 2. Notified in the gazette on 30 October 1998. 3. Laid before the Legislative Assembly on . . . 4. The administering agency is the Office of Fair Trading. © State of Queensland 1998