Consumer Credit (Western Australia) Code Regulations Amendment Order 2004 (WA)

7132 GOVERNMENT GAZETTE, WA 31 December 2004

Regulations Amendment Order 2004.

CE301*

Consumer Credit (Western Australia) Act 1996

Consumer Credit (Western Australia) Code

Regulations Amendment Order 2004

Made by the Governor in Executive Council under section 6 of the Act.

1.            Citation

This order is the Consumer Credit (Western Australia) Code

31 December 2004 GOVERNMENT GAZETTE, WA 7133

2.            Commencement

This order comes into operation on the day on which it is published in the Gazette.

3.            The regulations amended

The amendments in this order are to the Consumer Credit
(Western Australia) Code Regulations*.

[* The regulations in force under Part 4 of the Consumer Credit

(Queensland) Act 1994 as applied, and amended under,
section 6 of the Consumer Credit (Western Australia)

Act 1996.]

4. Section 22A inserted
After section 22 the following section is inserted in Part 5 -

22A.	Application of sections 66 to 69 of the Code
(1)	For the purposes of section 66(3) of the Code, sections 66 to 69 of the Code do not apply to a credit contract under which the maximum amount of credit that is or may be provided is more than an amount equal to 110% of the amount of the average loan size for new dwellings in New South Wales.
(2)	In this section—
"average loan size for new dwellings in New South

Wales" means the average loan size for the purchase of new dwellings in New South Wales as set out in the Table of Housing Finance Commitments in the publication entitled Housing Finance, Australia, as published from time to time by the Australian Bureau of Statistics.

5.            Section 23A inserted

After section 23 the following section is inserted -

23A.	Application of Part 5 Division 3 of the Code
(1)	For the purposes of section 86(2) of the Code, Part 5 Division 3 of the Code does not apply to a credit contract in respect of which the maximum amount of credit that is or may be provided is more than an amount equal to 110% of the average loan size for new dwellings in New South Wales.
(2)	In this section—
"average loan size for new dwellings in New South

Wales" means the average loan size for the purchase of new dwellings in New South Wales as

7134 GOVERNMENT GAZETTE, WA 31 December 2004

set out in the Table of Housing Finance by the Australian Bureau of Statistics.

Commitments in the publication entitled Housing

Note: A draft of this Order was approved by the Legislative Assembly on 26 November 2004 (see Hansard p. 8658-9) and by the Legislative Council on 1 December 2004 (see Hansard p. 8862).

By Command of the Governor,

M. C. WAUCHOPE, Clerk of the Executive Council.