Proclamation under the Consumer Credit (Tasmania) Act 1996

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 5(2) of the Consumer Credit (Tasmania) Act 1996 declare that –

(a) the Consumer Credit (Tasmania) Code is amended as provided by Schedule 1 to this proclamation; and

(b) this proclamation takes effect on the day on which its making is notified in the Gazette.

16 December 2002

G. S. M. GREEN

Governor

By His Excellency's Command,

J. L. JACKSON

Minister for Justice and Industrial Relations

SCHEDULE 1 - Amendments to Consumer Credit (Tasmania) Code

1.   Object

The object of this Schedule is to amend the Consumer Credit (Tasmania) Code in conformity with the Consumer Credit (Queensland) Amendment Act 2001 of Queensland.

2.   Interpretation

In this Schedule, "Consumer Credit (Tasmania) Code" means the provisions applying under section 5 of the Consumer Credit (Tasmania) Act 1996 .

3.   Amendment of section 7 (Provision of credit to which this Code does not apply)

(1) Section 7(1) –

omit, insert –

(1) Short term credit. This Code does not apply to the provision of credit if, under the contract –

(a) the provision of credit is limited to a total period that does not exceed 62 days; and

(b) the maximum amount of credit fees and charges that may be imposed or provided for does not exceed 5% of the amount of credit; and

(c) the maximum amount of interest charges that may be imposed or provided for does not exceed an amount (calculated as if the Code applied to the contract) equal to the amount payable if the annual percentage rate were 24% per annum.

(2) Section 7(2), heading, before "prior" –

insert –

"express".

(3) Section 7(2), first sentence, from "without" –

omit, insert –

"if, before the credit was provided, there was no express agreement between the credit provider and the debtor for the provision of credit".

(4) Section 7(2), second sentence, before "agreed" –

insert –

"expressly".

4.   Insertion of new Part 12

After Part 11 –

insert –

PART 12 –TRANSITIONAL PROVISION FOR AMENDMENTS TO CONSUMER CREDIT (TASMANIA) CODE

185. Provision for particular contracts ending after commencement of amendment

(1) This Code does not apply to the provision of short term credit if –

(a) the contract is entered into before the commencement day; and

(b) the term of the contract ends after the commencement day.

(2) In this section –

"commencement day" means the day on which this proclamation takes effect;

"short term credit" means the provision of credit mentioned in section 7(1) as in force immediately before the commencement day.

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

Notified in the Gazette on 25 December 2002

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) Code to reflect amendments to the Consumer Credit (Queensland) Act 1994 of Queensland.