Proclamation under the Consumer Credit (Tasmania) Act 1996
I, the Administrator in and over the State of Tasmania and its Dependencies in the Commonwealth of Australia, acting with the advice of the Executive Council, by this my proclamation made under section 6(2) of the Consumer Credit (Tasmania) Act 1996 declare that –
(a) the Consumer Credit (Tasmania) Regulations are amended as provided by Part 2 of Schedule 1 to this proclamation; and (b) this proclamation takes effect on the day on which its making is notified in the Gazette. E. C. CRAWFORD
Administrator
By His Excellency’s Command,
JUDY JACKSON
Minister for Justice and Industrial Relations
Schedule 1Amendments to Consumer Credit (Tasmania) RegulationsPART 1Preliminary 1. Object The object of this Schedule is to amend the Consumer Credit (Tasmania) Regulations in conformity with the Consumer Credit Amendment Regulation (No. 2) 2003 of Queensland, the Consumer Credit Amendment Regulation (No. 1) 2004 of Queensland and the Consumer Credit Amendment Regulation (No. 2) 2004 of Queensland. 2. Interpretation In this Schedule – Consumer Credit (Tasmania) Regulations means the provisions applying under section 6 of the Consumer Credit (Tasmania) Act 1996 . PART 2Amendments to Consumer Credit (Tasmania) Regulations 3. Insertion of new sections 6G and 6H After section 6F – 6GEstate administrators – exemption from certain provisions of Code (1) The Code, other than sections 70 to 72, does not apply to the provision of credit to a person’s estate, whether or not the person is deceased, by a public official or a public body authorised by any law or court to administer the estate. (2) In this section – estate includes trust property; public body includes a corporation owned or controlled by the State or an authority of the State. 6HCredit under Aged Care Act 1997 (Cwlth) – exemption from certain provisions of Code The Code, other than sections 66 to 68 and 70 to 74, does not apply to the provision of credit by an approved provider, within the meaning of the Aged Care Act 1997 (Cwlth), if the provision of credit is made and regulated under that Act. 4. Insertion of new s 19A Part 4 – 19AMortgage arising from certain home ownership schemes – exemption from section 46(1) of Code (1) This section applies to – (a) the home ownership scheme operated by the Mt Newman Joint Venturers, being BHP Billiton Minerals Pty Ltd ACN 008 694 782, Mitsui-Itochu Iron Pty Ltd ACN 088 702 761 and CI Minerals Australia Pty Ltd ACN 009 256 259; and (b) the home ownership scheme operated by the Mount Goldsworthy Mining Associates Joint Venturers, being BHP Billiton Minerals Pty Ltd ACN 008 694 782, Mistsui Iron Ore Corporation Pty Ltd ACN 050 157 456 and CI Minerals Australia Pty Ltd ACN 009 256 259; that assist employees, whether alone or jointly with one or more other persons, to purchase land owned respectively by the Mt Newman Joint Venturers and the Mount Goldsworthy Mining Associates Joint Venturers. (2) Section 46(1) of the Code does not apply to any mortgage created over an interest that is acquired by an employee under a contract for the purchase of land entered into by the employee, whether alone or jointly with 1 or more other persons, under a home ownership scheme to which this section applies. (3) In this section – employee means – (a) if BHP Billiton Iron Ore Pty Ltd ACN 008 700 981 is the manager of the Mt Newman Joint Venture or the Mount Goldsworthy Mining Associates Joint Venture—an employee of that corporation or an employee of a corporation that is a related body corporate within the meaning of the Corporations Act in relation to BHP Billiton Iron Ore Pty Ltd; or (b) if BHP Billiton Iron Ore Pty Ltd ceases to manage the Mt Newman Joint Venture or the Mount Goldworthy Mining Associates Joint Venture—an employee of the person for the time being exercising the functions of the manager of the Mt Newman Joint Venture or of the Mount Goldsworthy Mining Associates Joint Venture. | Note - Section 46 of the Code provides that a mortgage cannot be created over employees’ remuneration or employment benefits or benefits under a superannuation scheme unless the regulations permit it to do so. |
5. Insertion of new s 22A Part 5, after section 22 – 22AApplication 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. 6. Insertion of new s 23A After section 23 – 23AApplication of pt 5, div 3 of 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 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. 7. Replacement of s 33C (Warnings about comparison rate) Section 33C – 33CWarnings about comparison rate (1) For the purposes of section 146H(1) of the Code, the warning about the accuracy of a comparison rate in a credit advertisement must – (a) include the short statement or long statement; and (b) be given in the same form as the comparison rate is given unless the credit advertisement is on television, the Internet or other electronic display medium.1 | 1. For a credit advertisement on an electronic display medium, see the Consumer Credit Code, section 146I(3) for the form in which the warning must be given. |
(2) For the purposes of section 146O(1) of the Code, the warning about the accuracy of a comparison rate in a comparison rate schedule must include the long statement. (3) A warning may also contain a statement that the credit provider does not provide credit for an amount, or a term, or both, specified in a credit advertisement or comparison rate schedule. (4) In this section – long statement means the following statement: | ‘WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.’. |
short statement means the following statement – | ‘WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.’. |
8. Amendment of s 33D (Relevant comparison rate schedules) Section 33D – (2) For the purposes of section 146M(2) of the Code, if a credit provider generally provides credit for an amount listed in subsection (1)(m) to (u) for a term of less than 25 years for purposes other than for a housing loan, the term prescribed for the amount is the term for which credit of that amount is provided by the credit provider. (3) If the annual percentage rate applicable to an amount of credit provided by a credit provider is determined by a credit provider according to the risk profile of the debtor, a comparison rate schedule in which the amount is included must contain 5 comparison rates for that amount. (4) The comparison rates for an amount of credit mentioned in subsection (3) are to be calculated on the basis of repayments with an annual percentage rate that is the average annual percentage rate charged by the credit provider for the amount rounded to the nearest whole number and the 2 whole number rates above and below that rate. 9. Amendment of s 33E (Information about whether comparison rate relates to secured loan) Section 33E – (2) A comparison rate schedule may, but is not required to, contain statements as to whether a comparison rate in a comparison rate schedule is for a secured loan or unsecured loan for amounts other than the amounts for which such a statement is required to be made by subsection (1). 10. Amendment of s 33G (Exemption of certain premises) Section 33G – (2) A credit provider is exempt from section 146K(5) of the Code in relation to applications for credit sent or given by the credit provider from or at premises referred to in subsection (1). 11. Insertion of new s 33HA After section 33H – 33HAMatters that may be included in comparison rate schedules A comparison rate schedule may include a statement as to the frequency of repayments used to calculate a comparison rate contained in the schedule. Displayed and numbered in accordance with the Rules Publication Act 1953.
Notified in the Gazette on 20 July 2005
This proclamation is administered in the Department of Justice.
EXPLANATORY NOTE
(This note is not part of the proclamation) This proclamation amends the Consumer Credit (Tasmania) Regulations in conformity with the following Queensland legislation:
(a) Consumer Credit Amendment Regulation (No. 2) 2003; (b) Consumer Credit Amendment Regulation (No. 1) 2004; (c) Consumer Credit Amendment Regulation (No. 2) 2004.