Version incorporating amendments as at
17 January 2013
table of provisions
Section Page
Part 1—Preliminary 1
1 Purpose 1
2 Commencement 1
4 Crown to be bound 1
Part 5—Miscellaneous 5
38AA Definitions 5
38 Money to be paid to Victorian Consumer Law Fund 5
39 Contract unenforceable if rate exceeds 48 per cent 5
40 Mortgage void if rate under credit contract exceeds 30 per cent 6
ENDNOTES 8
General Information 8
Table of Amendments 9
Explanatory Details 11
Version No.040
Consumer Credit (Victoria) Act 1995
No. 41 of 1995
Version incorporating amendments as at
17 January 2013
The Parliament of Victoria enacts as follows:
Part 1—Preliminary
1 Purpose
The purpose of this Act is to regulate the provision of credit.
2 Commencement
(1) This Part and sections 43, 44, 53, 54 and 58 come into operation on the day on which this Act receives the Royal Assent.
(2) The remaining provisions of this Act come into operation on a day or days to be proclaimed.
S. 3 amended by Nos 52/1998 s. 4, 101/1998 s. 36(1), 17/1999 s. 27, 44/2001 s. 3(Sch. item 24.1), 4/2008 s. 32(Sch. item 6), repealed by No. 11/2010 s. 20(1).
4 Crown to be bound
This Act binds the Crown, not only in right of Victoria but also, so far as the legislative power of the Parliament permits, the Crown in all its other capacities.
Part 2 (Heading and ss 5–7) repealed by No. 11/2010 s. 20(1).
Part 3 (Heading and ss 8, 9) amended by Nos 52/1998 s. 5, 6/2008 s. 3, repealed by No. 11/2010 s. 20(1).
Pt 4 (Heading and ss 10–37) amended by Nos 52/1998 ss 6–11,
12 (as amended by No. 101/1998 s. 21(a)), 13, 14, 15, (as amended by No. 101/1998 s. 21(b)),
16–19, 101/1998 s. 36(2), 11/2001 s. 3(Sch. item 14), 44/2001 s. 3(Sch. item 24.2), 10/2004 s. 15(Sch. 1 item 1.1), 10/2005 s. 3(Sch. 1 item 5), 6/2008 ss 4 (as amended by No. 19/2009 s. 23), 5,
5A (as amended by No. 19/2009 s. 24), 20, repealed by 11/2010 s. 20(1).
Pt 4A (Heading) repealed by No. 11/2010, s. 20(2).
Pt 4A (Headings and ss 37A–37U) inserted by No. 77/1998 s. 4.
Pt 4A Div. 1 (Heading and ss 37A, 37B) inserted by No. 77/1998 s. 4, amended by No. 11/2010 s. 22(1), repealed by No. 11/2010 s. 20(2).
s. 37A
Pt 4A Div. 2 (Heading and ss 37C–37E) inserted by No. 77/1998 s. 4, repealed by No. 11/2010 s. 20(1).
Pt 4A Div. 3 (Heading and ss 37F–37I) inserted by No. 77/1998 s. 4, amended by No. 10/2004 s. 15(Sch. 1 item 1.2), repealed by No. 11/2010 s. 20(1).
Pt 4A Div. 4 (Heading and ss 37J–37M) inserted by No. 77/1998 s. 4, amended by No. 11/2010 s. 22(2), repealed by No. 11/2010 s. 20(2).
s. 37J
Pt 4A Div. 5 (Heading and ss 37N–37P) inserted by No. 77/1998 s. 4,
repealed by No. 11/2010 s. 20(2).
Pt 4A Div. 6 (Heading and ss 37Q–37U) inserted by No. 77/1998 s. 4,
repealed by No. 11/2010 s. 20(2).
Part 5—Miscellaneous
S. 38AA inserted by No. 11/2010 s. 22(3).
38AA Definitions
s. 38AA
In this Part—
Commonwealth commencement has the same meaning that commencement has in section 4 of the National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009 of the Commonwealth;
credit contract has the same meaning as in the National Credit Code;
credit provider has the same meaning as in the National Credit Code;
National Credit Code means the national credit code in Schedule 1 to the National Consumer Credit Protection Act 2009 of the Commonwealth.
S. 38 (Heading) amended by No. 21/2012 s. 238(Sch. 5 item 5(1)).
S. 38 substituted by No. 11/2010 s. 21, amended by No. 21/2012 s. 238(Sch. 5 item 5(2)).
38 Money to be paid to Victorian Consumer Law Fund
The Victorian Consumer Law Fund established under the Australian Consumer Law and Fair Trading Act 2012 is the fund into which are to be paid amounts of civil penalty awarded in proceedings commenced under a provision of the Consumer Credit (Victoria) Code before the Commonwealth commencement.
39 Contract unenforceable if rate exceeds 48 per cent
(1) A credit contract (and any mortgage given to a credit provider in relation to that contract) is unenforceable where the annual percentage rate in respect of the contract exceeds 48.
S. 39(2) substituted by No. 11/2010 s. 22(4).
(2) Nothing in this section affects or limits the powers of the Court under section 70 of the Consumer Credit (Victoria) Code or of a court under section 76 of the National Credit Code if the Court or court is satisfied that the annual percentage rate in respect of a credit contract although not exceeding, in the case of a credit contract in relation to which there is a mortgage, 30, and in the case of any other contract, 48, is excessive or that the transaction is unjust within the meaning of that section 70 or section 76, as the case requires, or is such that a court of equity would give relief.
(3) A credit provider must not enter into a credit contract where the annual percentage rate in respect of the contract exceeds 48.
Penalty applying to this subsection: 10 penalty units.
40 Mortgage void if rate under credit contract exceeds 30 per cent
s. 40
A mortgage relating to a credit contract in respect of which the annual percentage rate exceeds 30 is void in so far as it relates to that contract.
S. 40A inserted by No. 17/2007 s. 34, amended by No. 19/2009 s. 28, repealed by No. 11/2010 s. 20(1).
S. 41 amended by Nos 52/1998 s. 20, 77/1998 s. 6, repealed by No. 11/2010 s. 20(1).
Pt 6 (Heading and ss 42–50) repealed by No. 11/2010 s. 20(1).
Pt 7 (Headings and ss 51–62) repealed by No. 6/2008 s. 23.
Sch. 1 amended by No. 84/1997 s. 11, repealed by No. 6/2008 s. 25.
s. 42
ENDNOTES
General Information
Endnotes
Minister's second reading speech—
Legislative Assembly: 4 May 1995
Legislative Council: 30 May 1995
The long title for the Bill for this Act was "A Bill to regulate the provision of consumer credit, to amend the Credit (Administration) Act 1984 and the Credit Act 1984 and for other purposes."
The Consumer Credit (Victoria) Act 1995 was assented to on 14 June 1995 and came into operation as follows:
Sections 1–4, 43, 44, 53, 54 and 58 on 14 June 1995: section 2(1); section 42 on 28 September 1995: Government Gazette 28 September 1995 page 2731; section 52 on 5 March 1996: Government Gazette 29 February 1996 page 445; rest of Act on 1 November 1996: Government Gazette 29 August 1996 page 2274.
Table of Amendments
Endnotes
This Version incorporates amendments made to the Consumer Credit (Victoria) Act 1995 by Acts and subordinate instruments.
This information relates only to the provision/s amending the Consumer Credit (Victoria) Act 1995
Monetary Units Act 2004, No. 10/2004
Endnotes
Assent Date:
11.5.04
Commencement Date:
S. 15(Sch. 1 items 1.1, 1.2) on 1.7.04: s. 2(2)
Current State:
This information relates only to the provision/s amending the Consumer Credit (Victoria) Act 1995
Statute Law Revision Act 2005, No. 10/2005
Assent Date:
27.4.05
Commencement Date:
S. 3(Sch. 1 item 5) on 28.4.05: s. 2
Current State:
This information relates only to the provision/s amending the Consumer Credit (Victoria) Act 1995
Fair Trading and Consumer Acts Amendment Act 2007, No. 17/2007
Assent Date:
29.5.07
Commencement Date:
S. 34 on 30.5.07: s. 2(1)
Current State:
This information relates only to the provision/s amending the Consumer Credit (Victoria) Act 1995
Motor Car Traders Amendment Act 2008, No. 4/2008
Assent Date:
4.3.08
Commencement Date:
S. 32(Sch. item 6) on 1.12.08: s. 2(2)
Current State:
This information relates only to the provision/s amending the Consumer Credit (Victoria) Act 1995
Consumer Credit (Victoria) and Other Acts Amendment Act 2008, No. 6/2008 (as amended by No. 19/2009)
Assent Date:
18.3.08
Commencement Date:
Ss 3, 25 on 19.3.08: s. 2(1); ss 4, 5, 5A, 20, 23 on 1.7.09: s. 2(3); ss 4A, 6–19, 21, 22, 24 were never proclaimed, repealed by No. 30/2012 s. 3(Sch.)
Current State:
This information relates only to the provision/s amending the Consumer Credit (Victoria) Act 1995
Fair Trading and Other Acts Amendment Act 2009, No. 19/2009
Assent Date:
10.6.09
Commencement Date:
S. 28 on 11.6.09: s. 2(1)
Current State:
This information relates only to the provision/s amending the Consumer Credit (Victoria) Act 1995
Table of Amendments (Consumer Credit (Finance Brokers) Act 1998): Section 5 of this Act was never proclaimed and was repealed, as from 1 February 1999, by section 35 of the Licensing and Tribunal (Amendment) Act 1998, No. 101/1998. ↑