Consumer Credit (Queensland) Amendment Bill 2001 (Qld)

Queensland

CONSUMER CREDIT (QUEENSLAND) AMENDMENT BILL 2001

Queensland

CONSUMER CREDIT (QUEENSLAND)

AMENDMENT BILL 2001 TABLE OF PROVISIONS Section Page 1 Short title... eee eee ene 4 2 Commencement... 0.6... eee 4 3 Code amended... 2... eee 4 4 Amendment of s 7 (Provision of credit to which this Code does not apply) 4 5 Insertion of new pt 12 ..... 0... 5

PART 12—TRANSITIONAL PROVISION FOR CONSUMER CREDIT (QUEENSLAND) AMENDMENT ACT 2001

185 Provision for particular contracts ending after commencement of amendment... 0... eee 5

A BILL FOR

An Act to amend the Consumer Credit (Queensland) Act 1994 to make changes to the Consumer Credit Code

Clause

Clause

Clause

Clause

sl 4 s4 Consumer Credit (Queensland) Amendment Bill 2001

The Parliament of Queensland enacts—

1__ Short title

This Act may be cited as the Consumer Credit (Queensland) Amendment Act 2001.

2 Commencement

This Act commences on a day to be fixed by proclamation.

3 Code amended

This Act amends the Consumer Credit Code set out in the appendix to the Consumer Credit (Queensland) Act 1994.

4 Amendment of s7 (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'.

& WW

ow

NO SOW AND NF WN FO

NNNN BRWNFK