Credit Amendment Bill 1994 (Qld)

Queensland

CREDIT AMENDMENT BILL Queensland

CREDIT AMENDMENT BILL 1994

TABLE OF PROVISIONS

Section Page

1 Short title 2.2... eee eee 2 Act amended .......... 0... eee eee 3 Amendment of s 7 (Interpretation) ................0...00 0000000000. Amendment of s 86 (Credit provider may apply to court for reduction of loss for contravention of Act) ............. 00 eee eee eee

5 Insertion of news 87B... 1... eee eee 87B Court may direct payment to the Fund ...................00..

6 Insertion of new Pt9A... 2... cee eee eee PART 9A—CONSUMER CREDIT FUND 153A Establishment of Fund.............0... 000000. c eee eee eee 153B Purpose of Fund........... 6.00. cece ee 153C What Fund consists of .........0... 0.0000. c eee eee eee 153D Investment of Fund ........... 0.000000 0 cee ee 153E Payment out of the Fund........... 00... cee cece eee eee eee 153F Report by Registrar ...... 0.66... eee ees

7 Amendment of Sch 8 (Further transitional and other special provisions) . .

A BILL

FOR

An Act to amend the Credit Act 1987

sl 4 s5 Credit Amendment

The Parliament of Queensland enacts—

Short title 1. This Act may be cited as the Credit Amendment Act 1994.

Act amended 2. This Act amends the Credit Act 1987.

Amendment of s 7 (Interpretation) 3. Section 7(1)— insert—

' "Fund" means the Consumer Credit Fund established under Part 9A.'.

Amendment of s 86 (Credit provider may apply to court for reduction of loss for contravention of Act)

4.(1) Section 86— insert—

'3A) Subsection (3) does not apply if the court acts under section 87B(2).'.

(2) Section 86— insert—

'(6) This section is subject to section 87B (Court may direct payment to the Fund).'.

Insertion of new s 87B 5. After section 87A—

insert—

o ON DD 11 13 15 17 19 21 $6 5 $6 Credit Amendment

'Court may direct payment to the Fund

"87B.(1) If a court makes a determination mentioned in section 87(1)(a), (b) or (c) because of a contravention of, or failure to comply with, this Act, it may direct that the credit provider must pay into the Fund an amount decided by the court.