Consumer Credit (Tasmania) (Transitional) Regulations 2006 (TAS)

The Consumer Credit (Tasmania) (Transitional) Regulations 2006 were made under the authority of the Consumer Credit (Tasmania) Act 1996 and were brought into effect on 28 February 2007. These regulations were created to provide transitional provisions for credit providers in Tasmania following the introduction of the Consumer Credit (Tasmania) Code. The primary focus of the regulations is to clarify the application of certain provisions of Part 11 of the Consumer Credit (Tasmania) Regulations to credit providers, ensuring a smooth transition from the previous regulatory framework to the new one.

The legal issues addressed by these regulations include the interpretation of references to the commencement of the Consumer Credit (Tasmania) Code within Part 11 of the Consumer Credit (Tasmania) Regulations. Specifically, the regulations clarify that for credit providers with an existing order under section 5 or 6 of the Consumer Credit (Tasmania) Act 1996 in force on 28 February 1997, the reference to the commencement of the Code should be interpreted as the day on which that order took effect. For credit providers without such an order, the reference should be interpreted as 1 March 1997. The regulations also explicitly state that they do not alter the application of the Code or the Consumer Credit (Tasmania) Regulations as a law of Tasmania.

The reasoning behind these regulations was to ensure a consistent and clear interpretation of transitional provisions, thereby avoiding any potential confusion or legal disputes regarding the application of Part 11 of the Consumer Credit (Tasmania) Regulations. By specifying the exact dates for the commencement of the Code, the regulations aim to provide certainty to credit providers and consumers alike during the transition period.

The regulations were made consequentially on the repeal of the Consumer Credit (Tasmania) (Transitional) Regulations 1997 under section 11 of the Subordinate Legislation Act 1992, indicating a systematic approach to updating and maintaining the regulatory framework.