Credit (Commonwealth Powers) Act 2010 (QLD)

Credit (Commonwealth Powers) Act 2010 (QLD)

Date of enactment: 23 April 2010

I refer you to the summary on the Supreme Court of Queensland Library site:

An Act to adopt the National Consumer Credit Protection Act 2009 (Cwlth) (as amended) and the National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009 (Cwlth), and to refer certain matters relating to the provision of credit and certain other financial transactions to the Parliament of the Commonwealth, for the purposes of section 51(xxxvii) of the Commonwealth Constitution, to repeal the Consumer Credit (Queensland) Act 1994 and the regulations under that Act, to repeal the Credit Act 1987 and the regulations under that Act, to provide for transitional and other matters relating to the referral of those matters and the repeal of those Acts and regulations, to continue to provide for a maximum annual percentage rate for credit contracts and to make consequential amendments to the Acts mentioned in the schedule.

The provisions of this Act, other than parts 2 and 5, will commence on a day to be fixed by proclamation.

The Act adopts the National Credit legislation as within the meaning of section 51(xxxvii) of the Commonwealth Constitution. The National Credit legislation comprises the: National Consumer Credit Protection Act 2009 (Cth) as originally enacted, and as later amended by the National Consumer Credit Protection Amendment Act 2010 (Cth); and National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009 (Cth).

The objectives of the Credit (Commonwealth Powers) Act 2010 are to refer constitutional power for credit (including finance broking) to the Commonwealth and repeal the Credit Act 1987, the Consumer Credit (Queensland) Act 1994, the appended template Consumer Credit Code, the Consumer Credit (Queensland) Special Provisions Regulation 2008 and the Consumer Credit Regulation 1995.

 

Brisbane Barrister – David Cormack

Related Posts

Recent Comments

    Categories