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Consumer Credit and Corporations Legislation Amendment (Enhancements) Bill 2011

Consumer Credit and Corporations Legislation Amendment (Enhancements) Act 2012

Revised Explanatory Memorandum

Circulated by the authority of the Minister for Financial Services and Superannuation, the Hon Bill Shorten MP
This memorandum takes account of amendments made by the House of Representatives to the bill as introduced.

Index

Schedule 1: Enhancements

Bill reference Paragraph number
Item 1, section 72(1) 2.7
Item 1, subsection 72(2) 2.8
Item 1, subsection 72(3) 2.9
Item 1, subsection 72(4)(a) 2.10
Item 1, subsection 72(4)(b) 2.11
Item 1, subsection 72(4) 2.12
Item 1, subsection 72(5) 2.13
Item 1, subsection 72(6) 2.14
Item 2, section 73 2.15
Item 3, section 74 2.16
Item 5, subparagraphs 88(3)(f)(i) and (ii) 2.17
Item 6, section 89A 2.18
Item 6, subsection 89A(1) 2.19
Item 6, subsection 89A(2) 2.20
Item 6, subsection (2) and (4) 2.22
Item 6, subsection 89A(3) 2.24
Item 6, subsections 89A(2) and (3) 2.25
Item 7, subsection 94(1) 2.26
Item 9, subsection 94(3) 2.27
Item 9, subsections 94(3) and (5) 2.28
Item 10, section 180A 2.29
Item 10, section 180A 2.30
Item 10, subsection 180A(2) 2.34
Item 10, paragraph 180A(2)(d) 2.35
Item 10, paragraph 180A(4)(a) 2.40
Item 10, paragraph 180A(4)(b) 2.43
Item 10, paragraph 180A(4)(c) 2.44
Item 10, paragraph 180A(4)(d) 2.45
Item 10, paragraph 180A(4)(e) 2.47
Item 10, paragraph 180A(4)(f) 2.49
Item 10, paragraph 180A(4)(g) 2.51
Item 10, subsection 180A(5) 2.52
Item 10, subsection 180A(6) 2.53
Item 10, subsection 180A(7) 2.55
Item 10, subsection 180A(8) 2.56
Items 12 to 16, sections 125 and 128 2.60
Items 15, 16 and 19, sections 128 and 151 2.59
Items 17 and 18, section 148 and heading to Division 3 2.64
Item 19, section 151 2.63, 2.65
Items 22 and 23, section 27 and the heading to Division 3 of Part 2-1 2.69
Item 24, section 33 2.68
Item 25, Part 3-6A and section 160A 2.70
Item 25, section 160B 2.71
Item 25, subsection 160B(2) 2.72
Item 25, subsection 160B(1) 2.75
Item 25, subsection 160C(1) 2.77, 2.81
Item 25, subsection 160C(3) 2.79
Item 25, subsection 160C(4) 2.83
Item 25, section 160D 2.85
Item 25, sections 160E 2.90
Item 27, subsection 124(1) 2.95
Item 28, subsection 124(4) 2.97
Item 29, subsection 19(1) 2.101
Item 30, section 32 2.102
Items 31 and 32, paragraphs 36(1)(c) and (d) 2.103
Item 38, section 40 2.104
Item 39, subsection 71(1) 2.105
Items 40, 41 and 42, section 83 2.106
Items 43 and 44, section 87 2.107
Items 45, 46, 47 and 48, paragraphs 88(5)(a) and (d), subsection 88(6), and paragraphs 93(1)(c), (2)(a) and (2)(d) 2.108
Item 49, subsection 95(1) 2.109
Item 51, section 206 2.110
Item 51,subsection 204(1) 2.112
Items 52 and 53, section 128 and subsection 130(1) 2.111
Item 54, paragraph 181(b) 2.111
Item 55, subparagraph 88(3)(g)(i) 2.112
Item 56, subsection 127(2) 2.112
Items 57, 58, 59, 60 and 61, headings to sections 129, 130, 131, 132 and 133 2.112

Schedule 2: Reverse mortgages

Bill reference Paragraph number
Item 1, subsection 5(1) 3.13
Item 2, paragraph 13A(1)(b) and subsection 13A(4) 3.14
Item 2, paragraph 13A(1)(a) and subsection 13A(2) 3.14
Item 2, paragraph 13A(1)(a) and subsection13A(3) 3.14
Item 2, subsection 13A(4) 3.15
Item 3, subsection 204(1) 3.16
Item 4, subsection 5(1) 3.17
Item 5, subsection 204(1) 3.19, 5.49
Item 6, subsection 204(1) 2.33
Item 6, subsection 204(1) 3.22
Item 7, subsection 204(1) 3.22
Item 8, subsection 204(1) 3.22
Item 9, section 133 3.23
Item 10, section 133DA 3.26
Item 10, subsection 133DB(1) 3.27
Item 10, paragraph 133DB(1)(b) 3.28
Item 10, subsection 133DB(3)(a) 3.30
Item 10, subsection 133DB(3) 3.30
Item 10, subsection 133DB(4) 3.31
Item 10, paragraph 133DB(1)(c) 3.33
Item 10, paragraph 133DB(1)(d) 3.34
Item 10, subsection 133DB(5) 3.35
Item 10, subsections 133DB(1) and (2) 3.37
Item 10, subsections 133DC(1) and (2) 3.39
Item 10, subsections 133DD(1) and (2) 3.39
Item 10, subparagraph 133DD(1)(b)(ii) 3.39
Item 10, subsections 133DC(2) and (3) and subsections 133DD(2) and (3) 3.40
Item 10, subparagraph 133DD(4)(a) 3.41
Item 10, subparagraph 133DD(4)(b 3.41
Item 10, paragraph 133DD(4)(c) 3.43
Item 10, subsections 133DE(1)and (2) 3.44
Item 10, subsection 133DE(2) 3.46
Item 10, subsection 133DE(3) 3.47
Item 11, paragraph 179(6)(d) 3.49
Item 11, subsection 179(6) 3.53
Item 11, subsection 179(7) 3.54
Item 12, subsection 17(15A) 3.57
Item 13, section 18A 3.63
Item 13, subsections 18B(1) and (2) 3.67
Item 13, subsection 18B(4) 3.69
Item 13, subsections 18B(2) and (4) 3.70
Item 13, section 18C 3.72
Item 14, subsection 22 3.76
Item 15, section 26 3.76
Items 16 and 17, subsection 32(2) 3.76
Item 18, paragraph 67A(a) 3.77
Item 18, paragraph 67A(b) 3.77
Item 19 , Division 1 of Part 5 (heading) 3.79
Item 20, sections 86A and 86B 3.82
Item 20, subparagraphs 86A(b)(i) and (ii) 3.83
Item 20, subsection 86B(2) 3.85
Item 20, subsection 86A(2) 3.86
Item 20, sections 86C and 86D 3.87
Item 20, section 86E 3.88
Item 21, subsections 88(1) and (2) 3.90, 3.93
Item 22, subsection 88(7A) 3.94
Item 22, subsection 88(7B) 3.95
Item 23, subsection 93A(2) 3.97
Items 24 and 25, subsections 111(1) and (2) 3.99
Item 26, subsection 185A(1) 3.100
Item 26, subsection 185A(2) 3.101

Schedule 3: Small amount credit contracts

Bill reference Paragraph number
Item 1, subsection 5(1) 4.17
Item 1, subsection 5(1) 5.19
Item 2, paragraph 5(1(f)) 4.23
Item 2, subsection 5(1) 4.22
Items 4 and 8, subsections 117(1) and 130(1) 4.24
Items 5, 6, 11 and 12, subsections 118(3), 123(3), 131(3) and 133(3) 4.29
Item 7, section 124B and item 13, section 133CB 4.33
Item 7, section 124A and item 13, section 133CA 4.20, 4.38
Item 13, section 133CC 4.35
Item 15, section 335A 4.39

Schedule 4: Caps on costs etc for credit contracts

Bill reference Paragraph number
Item 1, subsections 17(4) to (6) 5.20
Items 2 and 3, section 23 and subsection 23(1) 5.21
Item 4, section 23A 5.22
Item 4, subsection 23A(2) 5.23
Item 5, section 24 5.28
Items 6 and 7, subsections 24(1A) and (2) 5.25
Item 8, section 24A 5.27
Item 9, section 27A 5.29
Items 10 and 11, section 31 5.30
Item 12, section 31A 5.31
Items 12, subsection 31A(2) and item 23, subsection 204(1) 5.40
Items 12, subsections 31A(3) and item 23, subsection 204(1) 5.42
Item 12, section 31B 5.44
Item 13, subsection 32A(1) 5.46
Item 13, subsections 32A(2) and (3) 5.47
Item 13, subsection 32A(4) 5.48
Item 13, section 32AA 5.50
Item 13, section 32B 5.54
Item 13, paragraph 32B(3)(c) 5.56
Item 13, subsection 32B(4A) 5.57
Item 14, subsection 34(6) 5.60
Item 15, subsection 39A(1) 5.61
Item 15, paragraph 39A(1)(b) 5.65
Item 15, subsection 39A(2) 5.66
Item 15, paragraph 39A(2)(c) 5.67
Item 15, subsection 39B 5.68
Item 15, paragraph 39A(2)(ba) 5.69
Item 15, subsection 39B(2) 5.71
Item 15, subsection 39B(3) 5.73
Item 15, section 39C 5.76
Items 16 and 17, subsection 111(1) and paragraph 111(2)(f) 5.77
Items 18 and 19, subsections 114(1) and (1A) 5.80
Item 20, subsection 204(1) 5.81
Items 21, 22, 23, 24, 25 and 26 5.87
Item 22, subsection 204(1) 5.86
Item 25, subsection 204(1) 5.62

Schedule 5: Consumer leases

Bill reference Paragraph number
Item 1, subsection 5(1) 6.84
Items 2 and 3, subsection 5(1) 6.84
Item 4, subsection 147(7) 6.85
Items 5 and 6, subsection 147(7) 6.85
Items 7 and 8, subsection 199(2) 6.86
Item 9, subsection 199(3) 6.84
Item 10, paragraph 200(1)(b) 6.86
Item 11, subsection 76(8) 6.82
Items 12 and 26, subsection 204(1) 6.82
Items 13 and 25, subsection 204(1) 6.82
Item 14, subsection 173(1) 6.15
Item 14, subsection 173(1A) 6.16
Item 15, subsection 173(2A) 6.16
Item 16, section 173A 6.17
Item 17, section 174A 6.18
Item 18, subsection 177A(2) 6.31
Item 18, subsection 177A(3) 6.34
Item 18, section 177B 6.37
Item 18, sections 177D and 177E 6.38
Item 18, subsection 177F(1) 6.39
Item 18, subsection 177F(2) 6.41
Item 18, subsection 177F(5) 6.42
Item 18, section 177G 6.44
Item 18, section 175A 6.19
Item 18, section 175C and 175E 6.21
Item 18, section 175D 6.21
Item 18, subsection 175C(4) 6.22
Item 18, section 175F 6.23
Item 18, section 175G 6.24
Item 18, section 175H 6.25
Item 18, subsection 175H(2) 6.25
Item 18, section 175J 6.29
Item 18, subsection 177A(1) 6.30
Item 19 6.87
Item 20 6.45
Item 21 6.35, 6.80
Item 22, section 178A 6.48
Item 23, section 179 (heading) 6.49
Item 24, subsection 179H(4) 6.63
Item 24, section 179J 6.64
Item 24, section 179K 6.65
Item 24, section 179L 6.65
Item 24, section 179M 6.67
Item 24, section 179N 6.67
Item 24, section 179P 6.67
Item 24, section 179Q 6.67
Item 24, section 179R 6.68
Item 24, subsection 179S(1) 6.71
Item 24, section 179S(2) 6.72
Item 24, section 179T 6.74
Item 24, section 179U 6.75, 6.76
Item 24, section 179V 6.75, 6.78
Item 24, section 179W 6.80
Item 24, section 179A 6.50
Item 24, section 179B 6.51
Item 24, section 179C 6.53
Item 24, section 179D 6.54
Item 24, subsection 179D(3) 6.55
Item 24, section 179E 6.56
Item 24, subsection 179F(1) 6.57
Item 24, subsection 179F(2) 6.58
Item 24, subsection 179F(3) 6.60
Item 24, section 179G 6.62
Item 24, section 179H 6.63
Item 25, subsection 204(1) 6.61
Item 27, subsection 204(1) 6.82
Item 28, subsection 204(1) 6.82
Item 29, subsection 204(1) 6.82
Item 30, subsection 204(1) 6.82
Item 31, subsection 204(1) 6.82
Item 32, subsection 204(1) 6.82
Item 33, subsection 204(1) 6.82
Item 34, subsection 204(1) 6.82
Item 35, subsection 204(1) 6.82
Item 36, subsection 204(1) 6.82
Item 37, subsection 204(1) 6.82
Item 38, section 204 6.82

Schedule 6: Application provisions

Bill reference Paragraph number
Item 4, section 128 7.3
Item 4, section 180A 7.3
Item 4, section 124 7.4
Item 4, subsections 179(6) and (7) 7.6
Item 4, subsection 17(15A) 7.6
Item 4, subsection 26(6) 7.6
Item 4, section 18A 7.7
Item 4, section 33 7.8
Item 4, subsections 88(1) and (2) 7.10
Item 4, paragraphs 124A(1)(b) and 133CA(1)(b) 7.11
Item 4, sections 31A, 31B, 39A, 39B and 39C 7.12
Item 4, sections 32AA and paragraphs 111(1)(k) and (2)(fb) 7.13
Item 4, subsection 199(2) 7.14

Schedule 7: Lay-by agreements etc

Bill reference Paragraph number
Items 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14 and 15, subsections 96(1), 96(2), 96(3), 96(4), 97(1), 97(2), 97(3), 103(1), 188(1), 189(1), 189(3), 190(1), 191(1), section 98 and paragraph 190(2)(c) 8.5
Item 16, section 288 8.10
Item 16, section 289 8.11
Item 16, section 290 8.12

Do not remove section break.


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