Proclamation under the Consumer Credit (Tasmania) Act 1996 (TAS)

Proclamation under the Consumer Credit (Tasmania) Act 1996

I, the Governor 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 Schedule 1 to this proclamation; and (b) this proclamation takes effect on 1 May 1999.

G. S. M. GREEN

Governor

By His Excellency’s Command,

P. PATMORE

Minister for Justice and Industrial Relations

Schedule 1Amendments to Consumer Credit (Tasmania) Regulations1ObjectThe object of this Schedule is to amend the Consumer Credit (Tasmania) Regulations in conformity with the Consumer Credit (Queensland) Amendment Regulation (No 4) 1996 and the Consumer Credit (Queensland) Amendment Regulation (No 1) 1999. 2InterpretationIn this Schedule, the Consumer Credit (Tasmania) Regulations means the provisions applying under section 6 of the Consumer Credit (Tasmania) Act 1996 . 3Insertion of new s 6AAfter section 6 –

insert —

‘GIO Finance Limited’s No Interest Loan Scheme — exemption from Code

‘6A.(1) This section applies to the scheme (the "No Interest Loan Scheme") that is operated by GIO Finance Limited ACN 002 812 704 in accordance with the deed of agreement executed on 26 June 1992 by the New South Wales Minister for Further Education, Training and Employment and GIO Finance Limited.

‘(2) The Code does not apply to the provision of credit under the No Interest Loan Scheme.’.

4Insertion of new s 6BAfter section 6A –

insert —

‘Rental Purchase Plan — exemption from certain provisions of Code

‘6B. The Code, other than sections 70 to 74, does not apply to the provision of credit under the Queensland Government Scheme known as the Rental Purchase Plan Scheme, and formerly known as the H.O.M.E. Shared Scheme.’.

5Insertion of new s 6CAfter section 6B –

insert —

‘Partnership loans — exemption from certain provisions of Code

‘6C.(1) The Code, other than Part 1, Division 3 of Part 4, Divisions 4 and 5 of Part 5, Part 7, Part 11 and Schedules 1 and 2, does not apply to the provision of credit by a firm, or by a related body corporate of the firm, to a partner of the firm, whether or not it is provided to a partner with another person.

‘(2) However, for a credit provider who provides credit in the course of a business of providing credit to which the Code applies to partners of a firm and to others, this section applies only to the provision of credit on terms that are more favourable to the debtor than the terms on which the credit provider provides credit to which the Code applies to persons who are not partners of the firm.

‘(3) For the purposes of this section –

(a) a partner of a firm includes a former partner of a firm and an employee or former employee of the firm; and

(b) a related body corporate of a firm is a body corporate that is ultimately wholly owned by all or some of the partners of the firm or by other persons on their behalf.’.

Displayed and numbered in accordance with the Rules Publication Act 1953.

Notified in the Gazette on 30 April 1999

This proclamation is administered in the Department of Justice and Industrial Relations.

EXPLANATORY NOTE

(This note is not part of the proclamation) This proclamation amends the Consumer Credit (Tasmania) Regulations in conformity with the