1Consumer Credit (Victoria) Act 1995

Version No. 040 **Consumer Credit (Victoria) Act 1995** **No. 41 of 1995** 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 1. General Information 8 2. Table of Amendments 9 3. 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 item 6), repealed by No. 11/2010 s. 20(1).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 _______________ Part 2 (Heading and ss 5–7) repealed by No. 11/2010 s. 20(1). * * * * * Part 3 (Heading and ss 8, 9) amended by Nos 52/1998 s. 5, 6/2008 s. 3, repealed by No. 11/2010 s. 20(1).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s. 3(Sch. 1 item 5), 6/2008 ss 4 (as amended by No. 19/2009 s. 23), 5, 5A (as amended by No. 19/2009 s. 24), 20, repealed by 11/2010 s. 20(1). * * * * * s. 5 Pt 4A (Heading) repealed by No. 11/2010, s. 20(2).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 * * * * * Pt 4A Div. 1 (Heading and ss 37A, 37B) inserted by No. 77/1998 s. 4, amended by No. 11/2010 s. 22(1), repealed by No. 11/2010 s. 20(2). * * * * * s. 37A Pt 4A Div. 2 (Heading and ss 37C–37E) inserted by No. 77/1998 s. 4, repealed by No. 11/2010 s. 20(1).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 1. 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. 1. Table of Amendments Endnotes This Version incorporates amendments made to the **Consumer Credit (Victoria) Act 1995** by Acts and subordinate instruments. ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– **Law and Justice Legislation (Further Amendment) Act 1997, No. 84/1997** | Assent Date: | 2.12.97 | | --- | --- | | Commencement Date: | S. 11 on 1.11.96: s. 2(3) | | Current State: | This information relates only to the provision/s amending the **Consumer Credit (Victoria) Act 1995** | **Tribunals and Licensing Authorities (Miscellaneous Amendments) Act 1998, No. 52/1998** (as amended by No. 101/1998) | Assent Date: | 2.6.98 | | --- | --- | | Commencement Date: | Ss 3–20 on 1.7.98: Government Gazette 18.6.98 p. 1512 | | Current State: | This information relates only to the provision/s amending the **Consumer Credit (Victoria) Act 1995** | **Consumer Credit (Finance Brokers) Act 1998, No. 77/1998[[1]](#endnote-2)** | Assent Date: | 10.11.98 | | --- | --- | | Commencement Date: | Ss 4, 6 on 1.7.99: s. 2 | | Current State: | This information relates only to the provision/s amending the **Consumer Credit (Victoria) Act 1995** | **Licensing and Tribunal (Amendment) Act 1998, No. 101/1998** | Assent Date: | 1.12.98 | | --- | --- | | Commencement Date: | S. 36 on 1.2.99: Government Gazette 24.12.98 p. 3204 | | Current State: | This information relates only to the provision/s amending the **Consumer Credit (Victoria) Act 1995** | **Fair Trading (Inspectors Powers and Other Amendments) Act 1999, No. 17/1999** | Assent Date: | 18.5.99 | | --- | --- | | Commencement Date: | S. 27 on 1.9.99: Government Gazette 19.8.99 p. 1901 | | Current State: | This information relates only to the provision/s amending the **Consumer Credit (Victoria) Act 1995** | **Statute Law Amendment (Authorised Deposit-taking Institutions) Act 2001, No. 11/2001** | Assent Date: | 8.5.01 | | --- | --- | | Commencement Date: | S. 3(Sch. item 14) on 1.6.01: s. 2(2) | | Current State: | This information relates only to the provision/s amending the **Consumer Credit (Victoria) Act 1995** | **Corporations (Consequential Amendments) Act 2001, No. 44/2001** | Assent Date: | 27.6.01 | | --- | --- | | Commencement Date: | S. 3(Sch. item 24) on 15.7.01: s. 2 | | Current State: | 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** | **Credit (Commonwealth Powers) Act 2010, No. 11/2010** | Assent Date: | 30.3.10 | | --- | --- | | Commencement Date: | Ss 20(1), 21, 22 on 1.7.10: Government Gazette 24.6.10 p. 1273; s. 20(2) on 1.1.11: s. 2(2) | | Current State: | This information relates only to the provision/s amending the **Consumer Credit (Victoria) Act 1995** | **Australian Consumer Law and Fair Trading Act 2012, No. 21/2012** | Assent Date: | 8.5.12 | | --- | --- | | Commencement Date: | S. 238(Sch. 5 item 5) on 1.7.12: Special Gazette (No. 214) 28.6.12 p. 1 | | Current State: | This information relates only to the provision/s amending the **Consumer Credit (Victoria) Act 1995** | ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– 1. Explanatory Details Endnotes 1. 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. [↑](#endnote-ref-2)