Page 4934 - Week 15 - Thursday, 8 December 1994

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MAJORITY OF AT LEAST TWO-THIRDS OF THE MEMBERS WHO ARE PRESENT AND WHO VOTE, APPROVING THE AMENDING LEGISLATION. ONCE APPROVED, THE AMENDING LEGISLATION IS INTRODUCED INTO THE QUEENSLAND PARLIAMENT AND, IF ADOPTED, IS THEN APPLIED BY THE OTHER STATES AND TERRITORIES. ALL PARTIES ARE BOUND BY THE AGREEMENT NOT TO SUBMIT LEGISLATION TO THEIR RESPECTIVE PARLIAMENTS WHICH CONFLICTS WITH OR NEGATES THE CONSUMER CREDIT LEGISLATION.

SOME PROVISIONS WILL BE NON-UNIFORM. THESE AREAS WILL COVER ESSENTIALLY ADMINISTRATIVE MATTERS, NAMELY, WHETHER A COURT OR TRIBUNAL WILL BE UTILISED FOR RESOLVING DISPUTES, WHETHER THERE WILL BE POSITIVE OR NEGATIVE LICENSING OF CREDIT PROVIDERS AND WHETHER A MAXIMUM INTEREST RATE WILL BE SET.

THE TERRITORY HAS CHOSEN TO ESTABLISH A FINANCIAL COUNSELLING TRUST FUND INTO WHICH CIVIL PENALTY MONEYS CAN BE PAID. THIS WAS A MATTER OF DISCRETION FOR EACH JURISDICTION. THE TERRITORY WILL ALSO CONTINUE TO UTILISE THE CREDIT TRIBUNAL.

THE LEGISLATION APPLIES TO ALL FORMS OF CONSUMER CREDIT. BUSINESS CREDIT IS NOT REGULATED, AND THIS STANDS IN CONTRAST TO THE EXISTING LAW WHICH ATTEMPTS TO REGULATE CREDIT PROVIDED FOR THE PURCHASE OF FARM MACHINERY AND COMMERCIAL VEHICLES.

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