Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020 (69 of 2020)

Schedule 1   Amendments relating to the Registrar

Part 2   Other amendments

National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009

1414   After Schedule 6

Insert:

Schedule 7 - Application and transitional provisions for the Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020

1 Application of amendments relating to registers under the National Credit Act

The amendments made by items 1388 to 1415 of Schedule 1 to the Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020 apply on and after the day (the appointment day ) the Minister appoints, under section 212A of the National Credit Act, a Commonwealth body to be the Registrar.

2 Things started but not finished by ASIC

If:

(a) before the appointment day, ASIC started doing a thing under the National Credit Act as in force immediately before that day; and

(b) immediately before that day, ASIC had not finished doing that thing; and

(c) after that day, that thing falls within the powers or functions of the Registrar;

then, on and after that day:

(d) ASIC may finish doing the thing as if the thing were being done by the Registrar in the performance or exercise of the Registrar's functions or powers; or

(e) if ASIC does not finish doing the thing under paragraph (d) - the Registrar may finish doing the thing in the performance or exercise of the Registrar's functions or powers.