Page 2249 - Week 07 - Thursday, 16 June 1994
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BORDER WAS CHARGING 108% PER ANNUM UNDER THIS MEASURE,
THIS WILL NEVER OCCUR IN THE A.C.T.
THIRDLY, MADAM SPEAKER THE BILL ESTABLISHES A FINANCIAL
COUNSELLING TRUST FUND. THE A.C.T. CREDIT TRIBUNAL WILL NOW BE
ABLE TO ORDER CREDIT PROVIDERS WHO BREACH THE ACT TO PAY A
PENALTY TO A FINANCIAL COUNSELLING TRUST FUND.
THE FINANCIAL COUNSELLING TRUST FUND MONIES WILL BE USED TO
ASSIST CONSUMER CREDIT COUNSELLING, CREDIT AND DEBT
MANAGEMENT EDUCATION, CONSUMER CREDIT RESEARCH,
CONSUMER CREDIT LITIGATION AND OTHER CREDIT-RELATED
ACTIVITIES.
MADAM SPEAKER, THE BILL ALSO INCLUDES SOME TECHNICAL
AMENDMENTS REQUIRED TO CLARIFY THE LEGISLATION. FIRSTLY, I
HAVE ADDRESSED THE CONCERN RAISED BY THE SCRUTINY OF BILLS
COMMITTEE TO ENSURE THAT SECTION 241A (WHICH DEALS WITH
EXEMPTIONS FROM THE CIVIL PENALTY REGIME) OF THE CREDIT ACT
1985 HAS ITS INTENDED EFFECT AND THAT IT APPLIES TO CONTRACTS
MADE AFTER 28 FEBRUARY 1985, THE DATE THE CREDIT ACT 1985
COMMENCED.
FURTHER, THERE IS A TECHNICAL AMENDMENT TO CLARIFY THE
MEANING OF THE TERM "FINANCIAL INSTITUTION" WITHIN THE
CREDIT ACT SO THAT THE TERM INCLUDES FOREIGN CREDIT UNIONS
AND BUILDING SOCIETIES. THE PURPOSE OF THIS AMENDMENT IS TO
ENSURE THAT ALL CREDIT UNIONS AND BUILDING SOCIETIES,
REGARDLESS OF WHERE THEY ARE FORMED, ARE EXEMPT FROM
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