Page 4933 - Week 15 - Thursday, 8 December 1994

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THE BILL ATTEMPTS TO PROVIDE STRONG CONSUMER PROTECTION WHILE RECOGNISING THAT COMPETITION AND PRODUCT INNOVATION MUST BE ENHANCED AND ENCOURAGED BY THE DEVELOPMENT OF NON-PRESCRIPTIVE FLEXIBLE LAWS.

UNLIKE THE EXISTING CONSUMER CREDIT LAWS, THERE IS NO ARTIFICIAL MONETARY LIMIT. THE LEGISLATION APPLIES TO ALL CONSUMER CREDIT LENDING. THE BILL DOES NOT SET A MAXIMUM INTEREST RATE BUT DOES GIVE THE EXECUTIVE POWER TO MAKE REGULATIONS PRESCRIBING A MAXIMUM ANNUAL PERCENTAGE RATE. THIS IS NOT DEALT WITH IN THE CODE AND IS A RECOGNISED NON-UNIFORM ISSUE. THIS PROVISION IS INTENDED TO BE A SAFEGUARD AGAINST POSSIBLE UNSCRUPULOUS ACTIVITIES BY FRINGE CREDIT PROVIDERS.

THE CONSUMER CREDIT CODE, WHICH IS ATTACHED TO THE BILL, IS INTENDED TO FORM THE BASIS OF CONSUMER CREDIT LAWS THROUGHOUT AUSTRALIA. QUEENSLAND PASSED THIS LEGISLATION ON 2 SEPTEMBER 1994. WE ARE PROPOSING TO PASS AN APPLICATION OF LAWS ACT APPLYING THE CONSUMER CREDIT CODE TO THE TERRITORY. THIS MEANS THAT WHEN THE CODE AND REGULATIONS ARE MODIFIED, THOSE CHANGES WILL BE PICKED UP IN THOSE JURISDICTIONS, RESULTING IN UNIFORMITY BOTH IN SUBSTANCE AND TIMING.

AMENDING LEGISLATION MAY NOT BE INTRODUCED INTO THE

QUEENSLAND PARLIAMENT UNLESS THERE HAS BEEN A

RESOLUTION OF THE MINISTERIAL COUNCIL, PASSED BY A

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