CONSUMER CREDIT (NATIONAL UNIFORM LEGISLATION) IMPLEMENTATION BILL 2010

LEGISLATIVE ASSEMBLY OF THE
NORTHERN TERRITORY

MINISTER FOR JUSTICE AND ATTORNEY-GENERAL

SERIAL NO. 90 

EXPLANATORY STATEMENT

GENERAL OUTLINE

The Consumer Credit (National Uniform Legislation) Implementation Bill 2010 repeals the Consumer Credit (Northern Territory) Act and amends the Consumer Affairs and Fair Trading Act and other Acts, consequential to the enactment by the Commonwealth Parliament of the 
National Consumer Credit Protection Act 2009.

NOTES ON CLAUSES

Part 1	Preliminary matters

1.	Short Title

This is a formal clause which provides for the citation of the Bill.  
The Bill when passed may be cited as the Consumer Credit (National Uniform Legislation) Implementation Act 2010.

2.	Commencement

The Act will commence on the same day as the Commonwealth 
National Consumer Credit Protection Act 2009.  This is expected to be 
1 July 2010.

Part 2	Amendment of the Consumer Affairs and Fair Trading Act.

3.	Act amended 

Part 2 amends the Consumer Affairs and Fair Trading Act.

4.	Repeal of sections 83 to 86

This clause repeals section 83 to 86 of the Consumer Affairs and Fair Trading Act.  These sections will be redundant as the matters dealt with in these sections will come under the National Consumer Credit Protection Act 2009 (Cth).

5.	Repeal of Part 12

This clause repeals Part 12 of the Consumer Affairs and Fair Trading Act.  This Part will be redundant as the matters dealt with under this Part will come under the National Consumer Credit Protection Act 2009 (Cth).

Part 3	Repeal of the Consumer Credit (Northern Territory) Act.

6.	Repeal of Consumer Credit (Northern Territory) Act

This clause repeals the Consumer Credit (Northern Territory) Act.  This Act will be redundant as the matters dealt with under this Act will come under the National Consumer Credit Protection Act 2009 (Cth).

Part 4	Amendment of the Instruments Act

7.  Act amended

Part 4 amends the Instruments Act.

8.  Amendment of section 3A (Application of Act)	

This clause makes a consequential amendment, to omit reference to the Consumer Credit (Northern Territory) Act and refer instead to the National Consumer Credit Protection Act 2009 (Cth). 

Part 5	Amendment of the Traffic Act

9.  Act amended

This Part amends the Traffic Act.

10. Amendment of section 29AB (Definitions)

This clause makes a consequential amendment, to omit reference to the Consumer Credit (Northern Territory) Act and refer instead to the National Consumer Credit Protection Act 2009 (Cth).

11. Amendment of section 29AO (Rights of credit provider)

This clause makes a consequential amendment, to omit reference to the Consumer Credit (Northern Territory) Act and refer instead to the National Consumer Credit Protection Act 2009 (Cth).

Part 6	Transitional provisions for National Credit legislation

12. Definitions for Part

This clause establishes the definitions of terms used in this Part.

13. Court proceedings

This clause provides that any court proceedings in progress when the Territory legislation is repealed and the Commonwealth legislation commences, will be taken to be proceedings commenced under the Commonwealth legislation.  This means the proceedings will stay in the same court, but the court will be exercising federal jurisdiction.  This will provide for seamless transition to the new legislation.

14. Construction of references to former consumer credit          legislation

This clause provides that in any other Act, statutory instrument, instrument, contract or agreement, a reference to the repealed Territory legislation or a provision of that legislation is to be taken to be a reference to the new Commonwealth legislation or the corresponding provision of the new Commonwealth legislation.

15. Provision of information and assistance to ASIC

This clause provides authority for the Commissioner of Consumer Affairs to provide information that may be held about credit and credit related matters, to ASIC, despite any other law to the contrary.  In particular, this clause will overcome any potential difficulties regarding transfer of regulatory, enforcement or other information that might otherwise be encountered under the Consumer Affairs and Fair Trading Act, the Information Act or the Information Privacy Principles.

16. ASIC has certain functions and powers

This clause provides that the Minister, or a person authorised by the Minister, may make arrangements with ASIC for ASIC to perform functions or exercise powers as an agent of the Territory.  This would only be necessary to finalise or resolve matters commenced under the repealed Territory legislation.

17. Regulations

Regulations may be made under this Act.  The Regulations can be of a savings or transitional nature, including the saving of the operation of a repealed provision.  The Regulations may have retrospective effect, except to the extent that they disadvantage a person by decreasing their rights or imposing liabilities.

This regulation making power is intended to allow for resolution of any unforseen technical issues arising from the transfer of regulation of credit to the Commonwealth.