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Legislative Assembly for the ACT: 1996 Week 8 Hansard (27 June) . . Page.. 2534 ..

2

Mr Speaker,

The Consumer Credit (Administration) (Consequential Provisions) Bill 1996 is the final component of a legislative package introducing the Consumer Credit Code as law in the Australian Capital Territory. The Consequential Provisions Bill deals with the consequential arrangements required on commencement of the Consumer Credit (Administration) Bill 1996 and provides for the transition from the current administrative regime to the new administrative regime established under the Administration Bill.

Importantly, it also provides for the remedy of a defect in the Consumer Credit Act 1995 which, if not corrected, will commence the Consumer Credit Code in the ACT on 5 September 1996, two months ahead of its scheduled commencement throughout Australia on 1 November 1996. This defect arose because of continued delays with the Consumer Credit Code's commencement.

Mr Speaker, the Bill recognises licenses issued under the Credit Act 1985 as certificates of registration for the purposes of the Administration Bill and provides arrangements for the finalisation of licence applications made, but not finalised, before the commencement of the Administration Bill.

The Bill also recognises appointments made to the ACT Credit Tribunal under the Credit Act 1985 as appointments under the Administration Bill.

The Bill allows for the continuation of orders of the Tribunal made under the Credit Act 1985 as if they were orders made under the Administration

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