Credit (Administration) Regulations 2024 (Vic)

Version No. 001

Credit (Administration) Regulations 2024

S.R. No. 91/2024

Version as at

22 September 2024

TABLE OF PROVISIONS

Regulation  Page

1Objective

2Authorising provision

3Commencement

4Revocation

5Embargo notice

Schedule 1—Embargo notice

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Endnotes

1       General information

2       Table of Amendments

3       Explanatory details

Version No. 001

Credit (Administration) Regulations 2024

S.R. No. 91/2024

Version as at

22 September 2024

1Objective

The objective of these Regulations is to prescribe an embargo notice form authorised by the Credit (Administration) Act 1984.

2Authorising provision

These Regulations are made under section 95 of the Credit (Administration) Act 1984.

3Commencement

These Regulations come into operation on 22 September 2024.

4Revocation

The Credit (Administration) Regulations 2014[1] are revoked.

5Embargo notice

For the purposes of section 32(1) of the Credit (Administration) Act 1984, an embargo notice must be in the form set out in Schedule 1.

SCHEDULE 1—EMBARGO NOTICE

Regulation 5

EMBARGO NOTICE

CREDIT (ADMINISTRATION) ACT 1984

Section 32

1The item described below has been embargoed under section 32 of the Credit (Administration) Act 1984.

2Section 32(2) provides that a person who knows that an embargo notice relates to a thing and who—

(a)sells; or

(b)leases; or

(c)without the written consent of the inspector who issued the embargo notice, moves; or

(d)transfers; or

(e)otherwise deals with—

the thing or any part of the thing is guilty of an offence and liable to a penalty not exceeding 10 penalty units.

3Section 32(3) provides that it is a defence to a prosecution for an offence against section 32(2) to prove that the thing or part of the thing was moved for the purpose of protecting and preserving it.

4Section 32(4) provides that despite anything in any other Act, a sale, lease, transfer or other dealing with a thing in contravention of that section is void.

Description of embargoed item: [description]

This notice has been—

o  served on [name]

o  affixed to the item described above

Signature of inspector

Name of inspector

Telephone number         Date         Time

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ENDNOTES

1   General information

See for Victorian Bills, Acts and current Versions of legislation and up-to-date legislative information.

The Credit (Administration) Regulations 2024, S.R. No. 91/2024 were made on 17 September 2024 by the Governor in Council under section 95 of the Credit (Administration) Act 1984, No. 10091/1984 and came into operation on 22 September 2024: regulation 3.

The Credit (Administration) Regulations 2024 will sunset 10 years after the day of making on 17 September 2034 (see section 5 of the Subordinate Legislation Act 1994).

INTERPRETATION OF LEGISLATION ACT 1984 (ILA)

Style changes

Section 54A of the ILA authorises the making of the style changes set out in Schedule 1 to that Act.

References to ILA s. 39B

Sidenotes which cite ILA s. 39B refer to section 39B of the ILA which provides that where an undivided regulation, rule or clause of a Schedule is amended by the insertion of one or more subregulations, subrules or subclauses the original regulation, rule or clause becomes subregulation, subrule or subclause (1) and is amended by the insertion of the expression "(1)" at the beginning of the original regulation, rule or clause.

Interpretation

As from 1 January 2001, amendments to section 36 of the ILA have the following effects:

•     Headings

All headings included in a Statutory Rule which is made on or after
1 January 2001 form part of that Statutory Rule.  Any heading inserted in a Statutory Rule which was made before 1 January 2001, by a Statutory Rule made on or after 1 January 2001, forms part of that Statutory Rule.
This includes headings to Parts, Divisions or Subdivisions in a Schedule; Orders; Parts into which an Order is divided; clauses; regulations; rules; items; tables; columns; examples; diagrams; notes or forms. 
See section 36(1A)(2A)(2B).

•     Examples, diagrams or notes

All examples, diagrams or notes included in a Statutory Rule which is made on or after 1 January 2001 form part of that Statutory Rule.  Any examples, diagrams or notes inserted in a Statutory Rule which was made before 1 January 2001, by a Statutory Rule made on or after 1 January 2001, form part of that Statutory Rule.  See section 36(3A).

•     Punctuation

All punctuation included in a Statutory Rule which is made on or after
1 January 2001 forms part of that Statutory Rule.  Any punctuation inserted in a Statutory Rule which was made before 1 January 2001, by a Statutory Rule made on or after 1 January 2001, forms part of that Statutory Rule.
See section 36(3B).

•     Provision numbers

All provision numbers included in a Statutory Rule form part of that Statutory Rule, whether inserted in the Statutory Rule before, on or after
1 January 2001.  Provision numbers include regulation numbers, rule numbers, subregulation numbers, subrule numbers, paragraphs and subparagraphs.  See section 36(3C).

•     Location of "legislative items"

A "legislative item" is a penalty, an example or a note.  As from 13 October 2004, a legislative item relating to a provision of a Statutory Rule is taken to be at the foot of that provision even if it is preceded or followed by another legislative item that relates to that provision.  For example, if a penalty at the foot of a provision is followed by a note, both of these legislative items will be regarded as being at the foot of that provision.  See section 36B.

•     Other material

Any explanatory memorandum, table of provisions, endnotes, index and other material printed after the Endnotes does not form part of a Statutory Rule.  See section 36(3)(3D)(3E).

2   Table of Amendments

There are no amendments made to the Credit (Administration) Regulations 2024 by statutory rules, subordinate instruments and Acts.

3   Explanatory details

[1] Reg. 4: S.R. No. 140/2014.

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Penalty Units

These Regulations provide for penalties by reference to penalty units within the meaning of section 110 of the Sentencing Act 1991. The amount of the penalty is to be calculated, in accordance with section 7 of the Monetary Units Act 2004, by multiplying the number of penalty units applicable by the value of a penalty unit.

The value of a penalty unit for the financial year commencing 1 July 2024 is $197.59. The amount of the calculated penalty may be rounded to the nearest dollar.

The value of a penalty unit for future financial years is to be fixed by the Treasurer under section 5 of the Monetary Units Act 2004. The value of a penalty unit for a financial year must be published in the Government Gazette and a Victorian newspaper before 1 June in the preceding financial year.