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Legislative Assembly for the ACT: 1996 Week 8 Hansard (27 June) . . Page.. 2529 ..

2

Mr Speaker,

In July 1993, the ACT signed the Uniform Credit Laws Agreement which binds this jurisdiction to implementing national uniform credit law in the form of the Consumer Credit Code ("the Code"). This we have done by passing the Consumer Credit Act 1995 and the Consumer Credit (Consequential Provisions) Act 1995. The Consumer Credit Code is now set to commence throughout Australia on 1 November 1996 and it is necessary that an administrative structure be implemented in the ACT before the Code commences.

The Consumer Credit (Administration) Bill 1996 and the Consumer Credit (Administration) (Consequential Provisions) Bill 1996 will establish an administrative framework for the Code by carrying forward, with certain changes, the following administrative structures existing under the Credit Act 1985:

. the Financial Counselling Trust Fund;

. the ACT Credit Tribunal;

. the Inquiries Power of the Minister;

. undertakings by credit providers and finance brokers;

. powers and functions of the Director of Consumer Affairs; and

. certain Miscellaneous Provisions.

Mr Speaker, under the Consumer Credit (Administration) Bill the Financial Counselling Trust Fund will be maintained and its scope expanded to include payment into the fund of monies appropriated by an Act of the Legislative Assembly and monies arising out of negotiated settlements or agreements

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