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Consumer credit

Introduction
Amendment of the Code and Regulations
Registration of Credit Providers
Jurisdiction of the Courts
Local Transitional Provisions
Varied Commencement Provisions
Current Credit Law
Mandatory Comparison Rates
Interest Free Deals Survey

Introduction

The Consumer Credit (Tasmania) Code is administered by Consumer Affairs and Fair Trading.

The Consumer Credit (Tasmania) Act 1996 adopts a law which is uniform throughout Australia and consists of the Consumer Credit Code and the Consumer Credit Regulations, as in force in Queensland on the date of Royal Assent to that Act, as a law of Tasmania.

The Consumer Credit (Tasmania) Act 1996 provides that whenever the Code or the Regulations in Queensland are amended, the Governor may by Proclamation declare that the Consumer Credit (Tasmania) Code or the Consumer Credit (Tasmania) Regulations are amended as may be provided by the Proclamation, following approval of a draft of the Proclamation by both Houses of the Tasmanian Parliament.

There are some differences in the way the Tasmanian legislation has been established, compared with other jurisdictions.

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Amendment of the Code and Regulations

The template law exists as a law of Queensland (the Consumer Credit Code and the Consumer Credit Code Regulations) and is known as the template Act and Regulation.  The Consumer Credit (Tasmania) Act 1996, adopts the Consumer Credit Code and the Consumer Credit Regulations, as in force on 1 November 1996. Any future amendments to the Code or Regulations in Tasmania must first be approved by a motion of both Houses of the Tasmanian Parliament and Proclaimed by the Governor.

See below for details of the current credit law in Tasmania.

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Registration of Credit Providers

There is no Administration Act for Tasmania and there is no requirement for the registration of credit providers or credit brokers. Enforcement relies entirely on the provisions of the Code.

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Jurisdiction of the Courts

The jurisdiction of the Tasmanian courts in relation to the Code is conferred by section 8 of the Consumer Credit (Tasmania) Act 1996, and specific detail is provided by the Consumer Credit (Tasmania) (Jurisdiction of Courts) Regulations 1996, and as amended by the Consumer Credit (Tasmania) (Jurisdiction of Courts) Amendment Regulations 2003.  Most matters are conferred generally upon the courts system and jurisdiction is determined by the monetary jurisdiction of the courts. However, some matters are conferred exclusively upon the Magistrates Court.

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Local Transitional Provisions

Transitional provisions for the Lending of Money Act 1915, the Hire Purchase Act 1959 and the Bills of Sale Act 1900 are contained in the following Acts:

• Consumer Credit (Miscellaneous Amendments) Act 1995
• Consumer Credit (Miscellaneous Amendments) Act 1996;and
• Statute Law Revision Act 1996

The Lending of Money Act and the Hire Purchase Act were repealed by the Legislation Repeal Act 2000.

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Varied Commencement Provisions

The Consumer Credit (Tasmania) Code commenced on 1 November 1996, however it did not apply to all credit providers in Tasmania until 1 March 1997. A voluntary opt-in provision existed between 1 November 1996 and 1 March 1997. The names of those credit providers who opted-in were published in the:

• Consumer Credit (Tasmania) Order 1996;
• Consumer Credit (Tasmania) Order (No.2) 1996; and
• Consumer Credit (Tasmania) Order 1997.

Part 11 of the Consumer Credit (Tasmania) Regulations contains the template transitional provisions. As the commencement date varies for different credit providers in Tasmania, the template commencement provisions were varied in relation to their application in Tasmania. The Consumer Credit (Tasmania) (Transitional Provisions) Regulations 1997 links the commencement of the Code to a specific application date for each credit provider.

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Current Credit Law

The tables below detail a complete list of the components of the Consumer Credit (Tasmania) Code and the Consumer Credit (Tasmania) Regulations as in force in Tasmania at this time. This page will be updated whenever future amendments are made to this law.
 
Copies of the relevant Acts, Regulations and proclamations can be purchased from the Printing Authority of Tasmania [Digital Centre/City Office, 123 Collins Street, Hobart.]  Further enquiries should be directed to Consumer Affairs and Fair Trading on 1300 654 499.

The Consumer Credit (Tasmania) Code consists of:

 
The Consumer Credit (Tasmania) Regulations consists of:

Further information about the Consumer Credit Code and Regulations can be found on the national credit website www.creditcode.gov.au