Credit (Commonwealth Powers) (Transitional and Consequential Provisions) Act 2010 (WA)
Western Australia
Western Australia
Western Australia
Credit (Commonwealth Powers) (Transitional and Consequential Provisions) Act 2010This is the
This Act comes into operation as follows —
(a) sections 1 and 2 — on the day on which this Act receives the Royal Assent;
(b) the rest of the Act — on a day fixed by proclamation, and different days may be fixed for different provisions.
In this Act, unless the contrary intention appears —
The
(1) Proceedings brought in relation to a provision of the
Consumer Credit (Western Australia) Code —(a) which are not proceedings to which the
National Consumer Credit Protection Act 2009 (Commonwealth) Schedule 1 item 4 applies; and(b) which upon section 4 coming into operation are pending before a court,
are to be dealt with under the
(2) Proceedings brought in relation to a provision of the
Consumer Credit (Western Australia) Code which upon section 4 coming into operation are pending before the State Administrative Tribunal are to be dealt with under theConsumer Credit (Western Australia) Act 1996 despite the repeal of that Act.
(1) The CEO may make an arrangement with ASIC about the conduct of any proceedings to which section 5 applies.
(2) In particular, an arrangement may provide —
(a) for the performance of functions and the exercise of powers conferred by subsection (3) on ASIC; or
(b) for the performance of functions or the exercise of powers of the CEO in relation to the conduct of proceedings to which section 5 applies by staff members of ASIC.
(3) Subject to subsection (4), ASIC has the functions and powers of the CEO in relation to the conduct of proceedings to which section 5 applies.
(4) ASIC must not perform a function or exercise a power conferred by subsection (3) except in accordance with an arrangement under this section.
(1) This section applies to information obtained by the CEO in connection with the administration or enforcement of the
Consumer Credit (Western Australia) Act 1996 or theConsumer Credit (Western Australia) Code .(2) The CEO may —
(a) disclose information to which this section applies; or
(b) give copies of records which contain information to which this section applies and which are in the CEO’s possession or under the CEO’s control,
to ASIC for the purpose of the administration or enforcement of the
(1) This section amends the
Bills of Sale Act 1899 .(2) In section 17S(2)(b) delete “
Consumer Credit (Western Australia) Code ” and insert:
(1) This section amends the
Credit Act 1984 .(2) In section 19A(2)(b)(i) delete “the credit contract does” and insert:
the credit contract as made did
(3) Delete section 19B(2) and insert:
(2) If the credit provider under a contract to which this Act continues to apply acts in accordance with —
(a) in respect of any action before [reference date], the
Consumer Credit (Western Australia) Code section 34, 35, 66 to 69, 78 to 99, 163, 171, 172 or 173; or(b) in respect of any action on or after [reference date], the
National Credit Code section 36, 37, 72 to 75, 85 to 107, 185, 194, 195 or 196,
the credit provider is taken to have acted in accordance with the corresponding provision of this Act.
(1) This section amends the
Door to Door Trading Act 1987 .(2) In section 16(2) delete “and the
Consumer Credit (Western Australia) Code ”.
(1) This section amends the
Hire‑Purchase Act 1959 .(2) In section 2 in the definition of
hire‑purchase agreement paragraph (g) delete “Consumer Credit (Western Australia) Code ;” and insert:
(3) Delete section 2B.
(1) This section amends the
Road Traffic Act 1974 .(2) In section 78A in the definition of
lent :(a) delete “Consumer Credit Code;” and insert:
National Credit Code (Commonwealth);(b) after “the
Hire‑Purchase Act 1959 or” delete “is”.
13. Supreme Court Act 1935 amended (1) This section amends the
Supreme Court Act 1935 .(2) Delete section 31(1).
(1) This section amends the
Transport Co‑ordination Act 1966 .(2) In section 4 in the definition of
owner paragraph (ab) delete “Consumer Credit (Western Australia) Code ” and insert:
This Part amends the
(1) In section 4 delete the definition of
Code .(2) In section 4 insert in alphabetical order:
Before section 6(1) insert:
(1A) On and after the referral day, subsections (1) and (2) have no effect.
Before section 9(1) insert:
(1A) Despite anything in this Act, on and after the referral day no application for a credit provider’s licence is to be made.
Before section 10(1) insert:
(1A) This section does not apply to a pending application.
Before section 11(1) insert:
(1A) This section does not apply to a pending application.
Before section 12(1) insert:
(1A) Despite anything in this Act, on and after the referral day the Commissioner is neither to grant nor to refuse a pending application.
Before section 13(1) insert:
(1A) Despite anything in this Act, on and after the referral day the Commissioner is not to impose, vary or revoke conditions or restrictions subject to which a licence is to be held.
In section 14(2) delete “A licensee shall” and insert:
Before the referral day, a licensee must
In section 15 delete “The holder of a credit provider’s licence shall” and insert:
Before the referral day, the holder of a credit provider’s licence must
(1) In section 17(1) after “Where” insert:
at any time before the referral day
(2) In section 17(2) after “ceasing” insert:
at any time before the referral day
(1) After section 21(1) insert:
(2A) Subsection (1) does not apply in respect of a year commencing on an anniversary falling on or after the referral day.
(2B) Regulations may provide for the Commissioner to repay to a licensee part or all of a fee paid by the licensee under subsection (1) in respect of a year commencing on an anniversary falling within 12 months before the referral day.
(2) After section 21(2) insert:
(3A) A statement is not required under subsection (2) in respect of a year commencing on an anniversary falling on or after the referral day, or within 12 months before the referral day.
In section 23(4) delete “believing that —” and insert:
believing that at any time before the referral day —
Delete Part III.
Delete Part IV.
At the end of Part V insert:
(1) The Commissioner may make an arrangement with ASIC about any matter connected with the administration of this Act.
(2) In particular, an arrangement may provide —
(a) for the performance of functions and the exercise of powers conferred by subsection (3) by ASIC; or
(b) for the performance of functions or the exercise of powers of the Commissioner under this Act by staff members of ASIC.
(3) Subject to subsection (4), ASIC has the functions and powers of the Commissioner under this Act.
(4) ASIC must not perform a function or exercise a power conferred by subsection (3) except in accordance with an arrangement under this section.
(1) This section applies to information obtained by the Commissioner in connection with the administration or enforcement of this Act.
(2) The Commissioner may —
(a) disclose information to which this section applies; or
(b) give copies of records which contain information to which this section applies and which are in the Commissioner’s possession or under the Commissioner’s control,
to ASIC for the purpose of the administration or enforcement of the
In the heading to Part VA delete “Fund” and insert:
Account
(1) Delete section 44A(1) and (2) and insert:
(1) An agency special purpose account called the Consumer Credit Account is established under the
Financial Management Act 2006 section 16.(2) In section 44A(3):
(a) delete “If subsection (2)(b) applies, moneys” and insert:
Moneys
(b) delete “Consumer Credit Fund” and insert:
Consumer Credit Account
(c) delete “under section 38 of the
Financial Administration and Audit Act 1985 .” and insert:
under the
Note: The heading to amended section 44A is to read:
(1) Delete section 44B(1).
(2) In section 44B(2) delete “Consumer Credit Fund” and insert:
Consumer Credit Account
(3) In section 44B(2)(b) and (c) delete “Consumer Credit Fund;” and insert:
Consumer Credit Account;
Note: The heading to amended section 44B is to read:
(1) In section 44C:
(a) delete “Consumer Credit Fund” and insert:
Consumer Credit Account
(b) delete paragraph (a) and insert:
(a) the payment of such moneys as are approved by the Minister, on the terms approved by the Minister, for providing information, advice or research relevant to the protection of the interests of consumers; and
(c) after paragraph (b) insert:
and
Note: The heading to amended section 44C is to read:
In section 44D:
(a) delete “section 52 of the
Financial Administration and Audit Act 1985 ,” and insert:
(b) delete “Consumer Credit Fund” and insert:
Consumer Credit Account
Note: The heading to amended section 44D is to read:
(1) This section amends the
Credit Act 1984 .(2) In section 5 delete the definition of
licensed credit provider and insert:
This Division amends the
(1) In section 4 delete the definition of
Treasurer .(2) In section 4 insert in alphabetical order:
(3) In section 4 in the definition of
supervisor delete “broker;” and insert:
broker.
In section 7:
(a) delete paragraphs (a), (b) and (d);
(b) after paragraph (c) insert:
and
After section 8 insert:
(1) The Commissioner may make an arrangement with ASIC about the conduct of any investigation under Division 2 or 2A, or the conduct of any proceedings under this Act.
(2) In particular, an arrangement may provide —
(a) for the performance of functions and the exercise of powers conferred by subsection (3) on ASIC; or
(b) for the performance of functions or the exercise of powers of the Commissioner in relation to the conduct of any investigation under Division 2 or 2A, or the conduct of any proceedings under this Act by staff members of ASIC.
(3) Subject to subsection (4), ASIC has the functions and powers of the Commissioner in relation to the conduct of any investigation under Division 2 or 2A, or the conduct of any proceedings under this Act.
(4) ASIC must not perform a function or exercise a power conferred by subsection (3) except in accordance with an arrangement under this section.
(1) This section applies to information obtained by the Commissioner in connection with the administration or enforcement of this Act.
(2) The Commissioner may —
(a) disclose information to which this section applies; or
(b) give copies of records which contain information to which this section applies and which are in the Commissioner’s possession or under the Commissioner’s control,
to ASIC for the purpose of the administration or enforcement of the
In section 17(1) —
(a) after “a licensee” insert:
has acted or
(b) after “the licence and is” insert:
or was
Before section 24(1) insert:
(1A) Despite anything in this Act, on and after the referral day no application for a licence is to be made.
Before section 25(1) insert:
(1A) Despite anything in this Act, on and after the referral day no objection to the grant or renewal of a licence is to be made or determined.
Before section 26(1) insert:
(1A) On and after the referral day, subsection (1) has no effect.
After section 26 insert:
Despite anything in this Act, on and after the referral day, no licences are to be granted under section 27, 28 or 29.
Before section 30(1) insert:
(1A) Despite anything in this Act, on the referral day every licence which has not already expired or been surrendered expires.
Delete section 31(1) and insert:
(1) Despite anything in this Act, on and after the referral day no licence is to be renewed under subsection (2).
Before section 32(1) insert:
(1A) Despite anything in this Act, on and after the referral day —
(a) no application for the renewal of a licence is to be made; and
(b) no licence is to be renewed.
49. Section 34 amended (1) In section 34(1) delete “shall” and insert:
must until the referral day
(2) In section 34(3) delete “shall” and insert:
must until the referral day
(3) After section 34(4) insert:
(5) No condition to which a licence is subject may be varied or revoked under subsection (4) on or after the referral day.
After section 35(5) insert:
(6) Where —
(a) a licence has expired under section 30(1A); and
(b) the Commissioner is reasonably satisfied, having regard to the period of time since the licence has expired, that the former licensee is unlikely to have, or to incur, an undischarged liability in respect of moneys which came to his hands before the referral day,
the Commissioner may release a bond or guarantee lodged by the former licensee under subsection (1) and may return to the former licensee any document associated with the bond or guarantee.
Delete sections 36, 37 and 38.
Before section 40A(1) insert:
(1A) On and after the referral day, subsections (2) and (3) have no effect.
Before section 41(1) insert:
(1A) On and after the referral day, subsections (1) and (2) have no effect.
(1) At the beginning of section 42 insert:
(1) On and after the referral day, subsection (2) has no effect.
(2) In section 42 delete “A licensee shall exhibit,” and insert:
(2) A licensee shall exhibit,
Before section 43(1) insert:
(1A) On and after the referral day, subsection (1) has no effect.
Before section 44(1) insert:
(1A) On and after the referral day, subsections (5) and (6) have no effect.
Before section 45(1) insert:
(1A) On and after the referral day, subsections (1), (2) and (3) have no effect.
In section 46 after “Where” insert:
before the referral day
Before section 48(1) insert:
(1A) On and after the referral day, subsections (1), (2), (3) and (4) have no effect.
Before section 49(1) insert:
(1A) On and after the referral day, subsections (1), (2), (3), (4), (5) and (6) have no effect.
Before section 50(1) insert:
(1A) On and after the referral day, subsections (1), (2), (3), (4), (5), (6), (7), (8) and (9) have no effect.
In section 53(1) after “to be made” insert:
under this Division
In section 54 after “separate audits” insert:
under this Division
(1) In section 60(1) after “his trust accounts” insert:
under this Division
(2) In section 60(4) after “are being audited” insert:
under this Division
In section 61 after “a finance broker’s trust accounts” insert:
under this Division
In section 66 after “has in any year” insert:
for which an audit of trust accounts under this Division would otherwise be required
In section 68 after “trust accounts of a finance broker” insert:
maintained in compliance with section 48
In section 69:
(a) in paragraph (a) after “nominated by the Commissioner” insert:
under section 68
(b) after “his trust accounts” insert:
maintained in compliance with section 48
(c) delete “of the licensee”.
(1) In section 72(1)(a) delete “the trust account of” and insert:
a trust account maintained in compliance with section 48 by
(2) In section 72(1)(b)(i) delete “the trust account of” and insert:
a trust account maintained in compliance with section 48 by
(3) In section 72(1)(b)(ii) delete “the trust account” and insert:
a trust account
Delete sections 73, 74, 75, 76, 77, 78, 79 and 80.
(1) In section 82(a) delete “is” and insert:
was immediately before the referral day
(2) In section 82(b) delete “occurred but who is no longer a licensed finance broker.” and insert:
occurred.
Delete section 82A.
(1) In section 83(1):
(a) delete “one or more” and insert:
both
(b) in paragraph (b) delete “him; and” and insert:
him.
(c) delete paragraph (c);
(d) after paragraph (a) insert:
and
(2) In section 83(2):
(a) delete “if —” and insert:
if, before the referral day —
(b) in paragraph (b) delete “has,”;
(c) in paragraph (b) delete “constitutes” and insert:
constituted
(d) in paragraph (c) delete “is acting or has”.
(3) Delete section 83(3).
Delete section 84.
(1) Delete section 85(1) and (2).
(2) In section 85(3):
(a) delete “is or is not, or”;
(b) delete “the date of or a date referred to,” and insert:
the date referred to
(c) delete “certificate, or as to any other matter contained in a register,” and insert:
certificate
(3) Delete section 85(4).
Delete section 92B.
After section 95(2)(d) insert:
(ea) provide for the refund, on the expiry of a licence under section 30(1A), of the whole or part of a fee paid on the grant or most recent renewal of the licence;
(1) This section amends the
Housing Societies Act 1976 .(2) In section 78(3) delete “a person who is a licensed finance broker under the
Finance Brokers Control Act 1975 ” and insert:
a person who holds an Australian credit licence issued under the
(1) This section amends the
Settlement Agents Act 1981 .(2) In Schedule 1 clause 6 delete “of another State or a Territory of the Commonwealth” and insert:
of another State, of a Territory or of the Commonwealth
This is a compilation of the
14 of 2010 | 25 Jun 2010 | s. 1 & 2: 25 Jun 2010 (see s. 2(a)); s. 3 & Pt. 2-4: 1 Jul 2010 (see s. 2(b) and |
To view the text of the uncommenced provisions see
14 of 2010 | 25 Jun 2010 | To be proclaimed (see s. 2(b)) |
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