Consumer Credit (Victoria) Act 1995 (Vic)

Version No. 040

Consumer Credit (Victoria) Act 1995

No. 41 of 1995

Version incorporating amendments as at

17 January 2013

TABLE OF PROVISIONS

Section  Page

Part 1—Preliminary

1Purpose

2Commencement

4Crown to be bound

Part 5—Miscellaneous

38AADefinitions

38Money to be paid to Victorian Consumer Law Fund

39Contract unenforceable if rate exceeds 48 per cent

40Mortgage void if rate under credit contract exceeds 30 per cent

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ENDNOTES

1.     General Information

2.     Table of Amendments

3.     Explanatory Details

Version No. 040

Consumer Credit (Victoria) Act 1995

No. 41 of 1995

Version incorporating amendments as at

17 January 2013

The Parliament of Victoria enacts as follows:

PART 1—PRELIMINARY

1Purpose

The purpose of this Act is to regulate the provision of credit.

2Commencement

(1)This Part and sections 43, 44, 53, 54 and 58 come into operation on the day on which this Act receives the Royal Assent.

(2)The remaining provisions of this Act come into operation on a day or days to be proclaimed.

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4Crown to be bound

This Act binds the Crown, not only in right of Victoria but also, so far as the legislative power of the Parliament permits, the Crown in all its other capacities.

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PART 5—MISCELLANEOUS

38AADefinitions

In this Part—

Commonwealth commencement has the same meaning that commencement has in section 4 of the National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009 of the Commonwealth;

credit contract has the same meaning as in the National Credit Code;

credit provider has the same meaning as in the National Credit Code;

National Credit Code means the national credit code in Schedule 1 to the National Consumer Credit Protection Act 2009 of the Commonwealth.

38Money to be paid to Victorian Consumer Law Fund

The Victorian Consumer Law Fund established under the Australian Consumer Law and Fair Trading Act 2012 is the fund into which are to be paid amounts of civil penalty awarded in proceedings commenced under a provision of the Consumer Credit (Victoria) Code before the Commonwealth commencement.

39Contract unenforceable if rate exceeds 48 per cent

(1)A credit contract (and any mortgage given to a credit provider in relation to that contract) is unenforceable where the annual percentage rate in respect of the contract exceeds 48.

(2)Nothing in this section affects or limits the powers of the Court under section 70 of the Consumer Credit (Victoria) Code or of a court under section 76 of the National Credit Code if the Court or court is satisfied that the annual percentage rate in respect of a credit contract although not exceeding, in the case of a credit contract in relation to which there is a mortgage, 30, and in the case of any other contract, 48, is excessive or that the transaction is unjust within the meaning of that section 70 or section 76, as the case requires, or is such that a court of equity would give relief.

(3)A credit provider must not enter into a credit contract where the annual percentage rate in respect of the contract exceeds 48.

Penalty applying to this subsection: 10 penalty units.

40Mortgage void if rate under credit contract exceeds 30 per cent

A mortgage relating to a credit contract in respect of which the annual percentage rate exceeds 30 is void in so far as it relates to that contract.

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ENDNOTES

1.     General Information

Minister's second reading speech—

Legislative Assembly: 4 May 1995

Legislative Council: 30 May 1995

The long title for the Bill for this Act was "A Bill to regulate the provision of consumer credit, to amend the Credit (Administration) Act 1984 and the Credit Act 1984 and for other purposes."

The Consumer Credit (Victoria) Act 1995 was assented to on 14 June 1995 and came into operation as follows:

Sections 1–4, 43, 44, 53, 54 and 58 on 14 June 1995: section 2(1); section 42 on 28 September 1995: Government Gazette 28 September 1995 page 2731; section 52 on 5 March 1996: Government Gazette 29 February 1996 page 445; rest of Act on 1 November 1996: Government Gazette 29 August 1996 page 2274.

2.     Table of Amendments

This Version incorporates amendments made to the Consumer Credit (Victoria) Act 1995 by Acts and subordinate instruments.

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Law and Justice Legislation (Further Amendment) Act 1997, No. 84/1997

Assent Date:	2.12.97
Commencement Date:	S. 11 on 1.11.96: s. 2(3)
CurrentState:	This information relates only to the provision/s amending the Consumer Credit (Victoria) Act 1995

Tribunals and Licensing Authorities (Miscellaneous Amendments) Act 1998, No. 52/1998 (as amended by No. 101/1998)

Assent Date:	2.6.98
Commencement Date:	Ss 3–20 on 1.7.98: Government Gazette 18.6.98 p. 1512
CurrentState:	This information relates only to the provision/s amending the Consumer Credit (Victoria) Act 1995

Consumer Credit (Finance Brokers) Act 1998, No. 77/1998[1]

Assent Date:	10.11.98
Commencement Date:	Ss 4, 6 on 1.7.99: s. 2
CurrentState:	This information relates only to the provision/s amending the Consumer Credit (Victoria) Act 1995

Licensing and Tribunal (Amendment) Act 1998, No. 101/1998

Assent Date:	1.12.98
Commencement Date:	S. 36 on 1.2.99: Government Gazette 24.12.98 p. 3204
CurrentState:	This information relates only to the provision/s amending the Consumer Credit (Victoria) Act 1995

Fair Trading (Inspectors Powers and Other Amendments) Act 1999, No. 17/1999

Assent Date:	18.5.99
Commencement Date:	S. 27 on 1.9.99: Government Gazette 19.8.99 p. 1901
CurrentState:	This information relates only to the provision/s amending the Consumer Credit (Victoria) Act 1995

Statute Law Amendment (Authorised Deposit-taking Institutions) Act 2001, No. 11/2001

Assent Date:	8.5.01
Commencement Date:	S. 3(Sch. item 14) on 1.6.01: s. 2(2)
CurrentState:	This information relates only to the provision/s amending the Consumer Credit (Victoria) Act 1995

Corporations (Consequential Amendments) Act 2001, No. 44/2001

Assent Date:	27.6.01
Commencement Date:	S. 3(Sch. item 24) on 15.7.01: s. 2
CurrentState:	This information relates only to the provision/s amending the Consumer Credit (Victoria) Act 1995

Monetary Units Act 2004, No. 10/2004

Assent Date:	11.5.04
Commencement Date:	S. 15(Sch. 1 items 1.1, 1.2) on 1.7.04: s. 2(2)
CurrentState:	This information relates only to the provision/s amending the Consumer Credit (Victoria) Act 1995

Statute Law Revision Act 2005, No. 10/2005

Assent Date:	27.4.05
Commencement Date:	S. 3(Sch. 1 item 5) on 28.4.05: s. 2
CurrentState:	This information relates only to the provision/s amending the Consumer Credit (Victoria) Act 1995

Fair Trading and Consumer Acts Amendment Act 2007, No. 17/2007

Assent Date:	29.5.07
Commencement Date:	S. 34 on 30.5.07: s. 2(1)
CurrentState:	This information relates only to the provision/s amending the Consumer Credit (Victoria) Act 1995

Motor Car Traders Amendment Act 2008, No. 4/2008

Assent Date:	4.3.08
Commencement Date:	S. 32(Sch. item 6) on 1.12.08: s. 2(2)
CurrentState:	This information relates only to the provision/s amending the Consumer Credit (Victoria) Act 1995

Consumer Credit (Victoria) and Other Acts Amendment Act 2008, No. 6/2008 (as amended by No. 19/2009)

Assent Date:	18.3.08
Commencement Date:	Ss 3, 25 on 19.3.08: s. 2(1); ss 4, 5, 5A, 20, 23 on 1.7.09: s. 2(3); ss 4A, 6–19, 21, 22, 24 were never proclaimed, repealed by No. 30/2012 s. 3(Sch.)
CurrentState:	This information relates only to the provision/s amending the Consumer Credit (Victoria) Act 1995

Fair Trading and Other Acts Amendment Act 2009, No. 19/2009

Assent Date:	10.6.09
Commencement Date:	S. 28 on 11.6.09: s. 2(1)
CurrentState:	This information relates only to the provision/s amending the Consumer Credit (Victoria) Act 1995

Credit (Commonwealth Powers) Act 2010, No. 11/2010

Assent Date:	30.3.10
Commencement Date:	Ss 20(1), 21, 22 on 1.7.10: Government Gazette 24.6.10 p. 1273; s. 20(2) on 1.1.11: s. 2(2)
CurrentState:	This information relates only to the provision/s amending the Consumer Credit (Victoria) Act 1995

Australian Consumer Law and Fair Trading Act 2012, No. 21/2012

Assent Date:	8.5.12
Commencement Date:	S. 238(Sch. 5 item 5) on 1.7.12: Special Gazette (No. 214) 28.6.12 p. 1
CurrentState:	This information relates only to the provision/s amending the Consumer Credit (Victoria) Act 1995

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3.     Explanatory Details

[1] Table of Amendments (Consumer Credit (Finance Brokers) Act 1998): Section 5 of this Act was never proclaimed and was repealed, as from 1 February 1999, by section 35 of the Licensing and Tribunal (Amendment) Act 1998, No. 101/1998.