Credit (Rural Finance) Act 1996 (Qld)

Credit (Rural Finance) Act 1996

An Act to give some protection to farmers against the enforcement of mortgages over equipment used for farming

Part 1 Preliminary

1 Short title This Act may be cited as the Credit (Rural Finance) Act 1996.

2 Commencement This Act commences when the Consumer Credit (Queensland) Act 1994, section 4 commences.

3 Definitions and dictionary The dictionary in the schedule defines particular words used in this Act.

4 Purpose of Act (1) The purpose of this Act is to provide some protection to farmers against the enforcement of mortgages over equipment they use to carry out their farming businesses. (2) The purpose is to be achieved mainly by providing for— (a) a mortgagee to give at least 30 days notice before exercising a right to take possession of, or sell, farm equipment; and (b) the court to make an order allowing a farmer to keep possession of equipment, for up to 1 year, if the equipment is used to carry out the farmer's farming business and the court considers, among other things, that the farmer has a reasonable prospect of being able to remedy any default.

5 Application of Act (1) This Act applies to all persons including the State and, so far as the legislative power of the State permits, the Commonwealth and the other States. (2) However, this Act applies in relation to a mortgage only if the mortgagor (or, if there is more than 1, each mortgagor) is an individual. (3) Also— (a) part 2 does not apply in relation to a mortgage to which the National Credit Code applies; and (b) this Act does not apply in relation to a mortgage to which the the repealed Credit Act 1987 as continued applies. Note— The provisions of the Credit Act 1987 are continued by the Credit (Commonwealth Powers) Act 2010, section 15.