{"id":"sr:credit-administration-regulations-2024","name":"Credit (Administration) Regulations 2024","slug":"credit-administration-regulations-2024","collection":"regulation","jurisdiction":"vic","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":181466,"registerId":"vic-sr:credit-administration-regulations-2024-current","compilationNumber":null,"startDate":"2026-04-05","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Credit (Administration) Regulations 2024","content":"Version No. 001\n\n**Credit (Administration) Regulations 2024**\n\n**S.R. No. 91/2024**\n\nVersion as at  \n22 September 2024\n\n**TABLE OF PROVISIONS**\n\n*Regulation Page*\n\n1 Objective 1\n\n2 Authorising provision 1\n\n3 Commencement 1\n\n4 Revocation 1\n\n5 Embargo notice 1\n\nSchedule 1—Embargo notice 2\n\n═════════════\n\nEndnotes 3\n\n1 General information 3\n\n2 Table of Amendments 5\n\n3 Explanatory details 6\n\n**Version No.** **001**\n\n**Credit (Administration) Regulations 2024**\n\n**S.R. No. 91/2024**\n\nVersion as at  \n22 September 2024\n\n\t1 Objective\n\nThe objective of these Regulations is to prescribe an embargo notice form authorised by the **Credit (Administration) Act 1984**.\n\n\t2 Authorising provision\n\nThese Regulations are made under section 95 of the **Credit (Administration) Act 1984**.\n\n\t3 Commencement\n\nThese Regulations come into operation on 22 September 2024.\n\n\t4 Revocation\n\nThe Credit (Administration) Regulations 2014[[1]](#endnote-1) are **revoked**.\n\n\t5 Embargo notice\n\nFor the purposes of section 32(1) of the **Credit (Administration) Act 1984**, an embargo notice must be in the form set out in Schedule 1.\n\nSchedule 1—Embargo notice\n\nRegulation 5\n\nEMBARGO NOTICE\n\nCredit (Administration) Act 1984\n\nSection 32\n\n1 The item described below has been embargoed under section 32 of the **Credit (Administration) Act 1984**.\n\n2 Section 32(2) provides that a person who knows that an embargo notice relates to a thing and who—\n\n(a) sells; or\n\n(b) leases; or\n\n(c) without the written consent of the inspector who issued the embargo notice, moves; or\n\n(d) transfers; or\n\n(e) otherwise deals with—\n\nthe thing or any part of the thing is guilty of an offence and liable to a penalty not exceeding 10 penalty units.\n\n3 Section 32(3) provides that it is a defence to a prosecution for an offence against section 32(2) to prove that the thing or part of the thing was moved for the purpose of protecting and preserving it.\n\n4 Section 32(4) provides that despite anything in any other Act, a sale, lease, transfer or other dealing with a thing in contravention of that section is void.\n\nDescription of embargoed item: [*description*]\n\nThis notice has been—\n\n🞏 served on [*name*]\n\n🞏 affixed to the item described above\n\nSignature of inspector\n\nName of inspector\n\nTelephone number Date Time\n\n═════════════\n\nEndnotes\n\n1 General information\n\nSee [www.legislation.vic.gov.au](http://www.legislation.vic.gov.au) for Victorian Bills, Acts and current Versions of legislation and up-to-date legislative information.\n\nThe Credit (Administration) Regulations 2024, S.R. No. 91/2024 were made on 17 September 2024 by the Governor in Council under section 95 of the **Credit (Administration) Act 1984**, No. 10091/1984 and came into operation on 22 September 2024: regulation 3.\n\nThe Credit (Administration) Regulations 2024 will sunset 10 years after the day of making on 17 September 2034 (see section 5 of the **Subordinate Legislation Act 1994**).\n\nINTERPRETATION OF LEGISLATION ACT 1984 (ILA)\n\nStyle changes\n\nSection 54A of the ILA authorises the making of the style changes set out in Schedule 1 to that Act.\n\nReferences to ILA s. 39B\n\nSidenotes which cite ILA s. 39B refer to section 39B of the ILA which provides that where an undivided regulation, rule or clause of a Schedule is amended by the insertion of one or more subregulations, subrules or subclauses the original regulation, rule or clause becomes subregulation, subrule or subclause (1) and is amended by the insertion of the expression \"(1)\" at the beginning of the original regulation, rule or clause.\n\nInterpretation\n\nAs from 1 January 2001, amendments to section 36 of the ILA have the following effects:\n\n• Headings\n\nAll headings included in a Statutory Rule which is made on or after  \n1 January 2001 form part of that Statutory Rule. Any heading inserted in a Statutory Rule which was made before 1 January 2001, by a Statutory Rule made on or after 1 January 2001, forms part of that Statutory Rule.  \nThis includes headings to Parts, Divisions or Subdivisions in a Schedule; Orders; Parts into which an Order is divided; clauses; regulations; rules; items; tables; columns; examples; diagrams; notes or forms.  \nSee section 36(1A)(2A)(2B).\n\n• Examples, diagrams or notes\n\nAll examples, diagrams or notes included in a Statutory Rule which is made on or after 1 January 2001 form part of that Statutory Rule. Any examples, diagrams or notes inserted in a Statutory Rule which was made before 1 January 2001, by a Statutory Rule made on or after 1 January 2001, form part of that Statutory Rule. See section 36(3A).\n\n• Punctuation\n\nAll punctuation included in a Statutory Rule which is made on or after  \n1 January 2001 forms part of that Statutory Rule. Any punctuation inserted in a Statutory Rule which was made before 1 January 2001, by a Statutory Rule made on or after 1 January 2001, forms part of that Statutory Rule.  \nSee section 36(3B).\n\n• Provision numbers\n\nAll provision numbers included in a Statutory Rule form part of that Statutory Rule, whether inserted in the Statutory Rule before, on or after  \n1 January 2001. Provision numbers include regulation numbers, rule numbers, subregulation numbers, subrule numbers, paragraphs and subparagraphs. See section 36(3C).\n\n• Location of \"legislative items\"\n\nA \"legislative item\" is a penalty, an example or a note. As from 13 October 2004, a legislative item relating to a provision of a Statutory Rule is taken to be at the foot of that provision even if it is preceded or followed by another legislative item that relates to that provision. For example, if a penalty at the foot of a provision is followed by a note, both of these legislative items will be regarded as being at the foot of that provision. See section 36B.\n\n• Other material\n\nAny explanatory memorandum, table of provisions, endnotes, index and other material printed after the Endnotes does not form part of a Statutory Rule. See section 36(3)(3D)(3E).\n\n2 Table of Amendments\n\nThere are no amendments made to the Credit (Administration) Regulations 2024 by statutory rules, subordinate instruments and Acts.\n\n3 Explanatory details\n\n1. Reg. 4: S.R. No. 140/2014.\n\n  ——\n\n  **Penalty Units**\n\n  These Regulations provide for penalties by reference to penalty units within the meaning of section 110 of the **Sentencing Act 1991**. The amount of the penalty is to be calculated, in accordance with section 7 of the **Monetary Units Act 2004**, by multiplying the number of penalty units applicable by the value of a penalty unit.\n\n  The value of a penalty unit for the financial year commencing 1 July 2024 is $197.59. The amount of the calculated penalty may be rounded to the nearest dollar.\n\n  The value of a penalty unit for future financial years is to be fixed by the Treasurer under section 5 of the **Monetary Units Act 2004**. The value of a penalty unit for a financial year must be published in the Government Gazette and a Victorian newspaper before 1 June in the preceding financial year. [↑](#endnote-ref-1)","sortOrder":0}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"Unauthenticated. Configure AI_GATEWAY_API_KEY or use a provider module. Learn more: https://ai-sdk.dev/unauthenticated-ai-gateway","source":"analysis-cron"},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"The regulations maintain the exact same scope as their predecessor (the 2014 regulations) and the authorising Act. They perform the narrow, specific function of prescribing an embargo notice form—precisely what section 95 of the Credit (Administration) Act 1984 empowers them to do. There is no scope creep or expansion beyond the original intent."},"complexity_factors":["Extremely short: only 5 regulations plus a single-page schedule","No defined terms section—all terms reference the parent Act (Credit (Administration) Act 1984)","Single operational requirement: prescribing a form","No nested exceptions or conditional logic within the regulations themselves (the form references offences and defences from the Act, but does not create them)","Straightforward revocation of previous regulations (regulation 4)","Standard commencement and authorisation provisions"],"plain_english_summary":"This is a short, technical piece of Victorian subordinate legislation (regulations) that came into effect in September 2024. It does one main thing: **it sets out the official form for an 'embargo notice'** used under the Credit (Administration) Act 1984.\n\n**What is an embargo notice?**\nAn embargo notice is a legal document issued by an inspector (an authorised officer) to freeze or lock down certain items—typically goods, equipment, or records—during an investigation into credit-related offences. When an item is 'embargoed,' it cannot be sold, leased, moved, transferred, or otherwise dealt with without permission.\n\n**Who does this affect?**\n- **Inspectors** investigating breaches of credit laws (they must use this specific form)\n- **Businesses or individuals** who receive an embargo notice (they are legally barred from disposing of or moving the embargoed items)\n- **Anyone else** who knowingly deals with an embargoed item (they commit an offence punishable by fines up to 10 penalty units—currently about $1,975)\n\n**Key features of the form (Schedule 1):**\n- Identifies the embargoed item\n- Warns that selling, leasing, moving, or transferring the item is a criminal offence\n- Notes a limited defence: moving the item is allowed if necessary to protect or preserve it\n- States that any illegal sale or transfer is legally void (meaning it never happened in the eyes of the law)\n- Records how the notice was delivered (served on a person or physically attached to the item)\n- Includes inspector contact details\n\n**Why it matters:**\nThese regulations ensure consistency and legal certainty when inspectors freeze assets during credit law investigations. Without a prescribed form, notices might be challenged in court for being unclear or improper. The regulations also revoke and replace the 2014 version, updating the form for modern use."},"flash_summary":{"complexity_score":2,"scope_assessment":{"changed":false,"description":"This instrument appears to be a technical and formal update that replaces the 2014 Regulations and prescribes a single standard form for embargo notices required by the Credit (Administration) Act 1984. It does not expand the statutory embargo power or add new substantive offences or exceptions; it merely standardises the notice format and records associated implementation details (who it is served on, inspector signature and contact information). Therefore the scope of the underlying regulatory power has not materially changed from the Act’s original purpose."},"complexity_factors":["Very short instrument: 5 regulations and one schedule (the form)","Single substantive change: prescribes a standard embargo notice form (Regulation 5, Schedule 1)","Limited cross-references: primarily to Credit (Administration) Act 1984 s.32 and s.95; penalty references to Sentencing Act 1991 and Monetary Units Act 2004 in explanatory notes","No new definitions or nested exceptions in the Regulations themselves","Technical revocation of prior Regulations (2014) and standard commencement/sunset information in endnotes"],"plain_english_summary":"**What this instrument does (mechanically)\n\n- Prescribes a single, mandatory form for an \"embargo notice\" under the Credit (Administration) Act 1984 (Regulation 5 and Schedule 1). The form reproduces the legal text from section 32 of the Act (including the offence, the defence, and the effect that prohibited dealings are void) and sets out fields for a description of the embargoed item, who it was served on, and the inspector's signature and contact details.\n\n- Revokes the earlier Credit (Administration) Regulations 2014 and brings the new Regulations into operation on 22 September 2024 (Regulation 4 and Regulation 3).\n\n- Is made under section 95 of the Credit (Administration) Act 1984 (Regulation 2).\n\nWho is affected\n\n- Inspectors appointed under the Credit (Administration) Act who issue embargo notices: the Regulation prescribes how they must present the notice (Schedule 1).\n\n- Persons who own, possess, or deal with goods or other things that may be subject to an embargo under section 32 of the Act (for example, secured parties, purchasers, lessees, transferees, bailees). The notice warns that certain dealings are an offence and that prohibited dealings are void (Schedule 1, paras 2–4).\n\n- Anyone who might acquire or move property: the form and the Act create an incentive to check for embargo notices before buying, leasing, moving or otherwise dealing with an item.\n\nWhy it matters (claimed purpose and practical effects)\n\n- The explanatory material states the objective is to prescribe a form authorised by the Act. That is a procedural change: it standardises the appearance and content of embargo notices so inspectors and third parties have a uniform document to rely on (Regulation 1, Regulation 5, Schedule 1).\n\n- Legal consequences rest on the underlying Act (section 32). The form reiterates that dealing with an embargoed thing, when the person knows the notice relates to it, is an offence punishable by up to 10 penalty units (Schedule 1, para 2). Under the explanatory details, a penalty unit is $197.59 for the 2024–25 financial year, so the current maximum fine would be about $1,975.90 (subject to future adjustment by the Monetary Units Act) — the monetary figure changes each year.\n\nCosts, incentives and implementation points to watch\n\n- Who pays: A person who knowingly sells, leases, transfers, moves (without written consent of the inspector), or otherwise deals with an embargoed thing risks a prosecution and fine; a transaction done in contravention is void (Schedule 1, paras 2 and 4). Buyers, lessees and other third parties therefore face transaction risk and potential loss.\n\n- Who decides and how behaviour changes: Inspectors decide to issue an embargo and must use the prescribed notice form. Third parties are incentivised to verify whether an embargo notice exists (for example, by checking records or asking sellers) before dealing with goods.\n\n- Compliance burden and implementation risk: The change is largely administrative — it imposes a standard document rather than new substantive powers. But proper service or affixing of the notice and clear recording of who was served will be important to establish knowledge for prosecution. Errors in completing or serving the form could generate contested prosecutions or civil disputes about whether a transaction was void.\n\n- Market effects and private enterprise: The Regulation does not alter the statutory embargo power itself, but by standardising the notice it may reduce transactional uncertainty where notices are correctly used. Because contravening dealings are void despite other Acts (Schedule 1, para 4), purchasers and financiers must exercise diligence, which may raise transaction costs for sales of goods that might be at risk of embargo.\n\n- Administrative and enforcement costs: The procedural change may slightly reduce enforcement friction (inspectors use one standard form) but does not remove the need for inspection, service, record-keeping or prosecution resources.\n\n- Legal clarity and limits: The form incorporates the Act’s defence (moving to protect/preserve an item — Schedule 1, para 3) and relies on the Act for substance. The Regulation itself does not expand the Act’s scope or add new exceptions; it only standardises the notice format.\n\nSource claims and testing them against trade-offs\n\n- Claim: the Regulation prescribes a form authorised by the Act (Regulation 1). Testing: prescribing a form reduces variation and may reduce uncertainty, but it shifts the attention to correct completion and service. The measure is low on direct compliance cost for most people, except those who deal in goods that may be embargoed (they bear search/due-diligence costs). There is a modest administrative benefit for inspectors and courts from uniformity. The Regulation creates concentrated legal risk for parties who transact in embargoable goods (they face voided transactions and potential fines) and diffuse compliance costs across market participants who must check for embargoes.\n\nKey provisions cited: Regulation 1 (objective), Regulation 2 (authorising provision), Regulation 3 (commencement), Regulation 4 (revocation of 2014 Regulations), Regulation 5 and Schedule 1 (form and the included statements reproducing s.32(2)–(4) of the Act)."},"issue_detection":{"absurdities":[],"contradictions":[]},"summary":{"complexity_score":2,"scope_assessment":{"changed":false,"description":"Insufficient content was provided to determine whether the scope of these regulations changed from their original intent. The text contains only version history metadata and structural headers, with no substantive provisions to analyse. No scope change can be confirmed or denied on the available material."},"complexity_factors":["Insufficient substantive content provided — only metadata and version history headers were included in the text","Cannot assess actual regulatory complexity without the operative provisions","Score reflects assessment difficulty due to missing content, not confirmed simplicity of the instrument","Credit administration frameworks can involve cross-references to parent legislation (e.g., National Consumer Credit Protection Act) which typically adds complexity","Statutory rules (delegated legislation) often require reading alongside the enabling Act to fully understand, adding a layer of complexity for lay readers"],"plain_english_summary":"These regulations are a statutory instrument on administration of credit in Australia, intended to govern how credit is managed. The published text available here contains only metadata and no substantive rules, so specific obligations cannot be assessed.\n\nThey are likely to affect credit providers, credit administrators, borrowers and regulators (e.g., ASIC) because such instruments typically set licensing, conduct, record‑keeping and compliance requirements."}},"importantCases":[],"_links":{"self":"/api/acts/credit-administration-regulations-2024","history":"/api/acts/credit-administration-regulations-2024/history","analysis":"/api/acts/credit-administration-regulations-2024/analysis","conflicts":"/api/acts/credit-administration-regulations-2024/conflicts","importantCases":"/api/acts/credit-administration-regulations-2024/important-cases","documents":"/api/acts/credit-administration-regulations-2024/documents"}}