Senate
National Consumer Credit Protection Amendment (Home Loans and Credit Cards) Bill 2011
Revised Explanatory Memorandum
(Circulated by the authority of the Deputy Prime Minister and Treasurer, the Hon Wayne Swan MP)This explanatory memorandum takes account of amendments made by the House of Representatives to the bill as introduced.
Chapter 4 - Application and Transitional provisions
4.1 The Home Loans and Credit Cards Bill makes a number of consequential amendments to the National Consumer Credit (Transitional and Consequential Provisions) Act 2009 (Transitional Act):
- •
- it introduces, in a new Schedule 4 to the Transitional Act, definitions of the term amended Act (meaning the NCCP Act as amended by Part 2 of Schedule 1 of the National Consumer Credit Protection Amendment (Home Loans and Credit Cards) Act 2011) and commencement (meaning the commencement date of Part 2 of Schedule 1 of the National Consumer Credit Protection Amendment (Home Loans and Credit Cards) Act 2011); and
- •
- it specifies that:
- -
- the requirements introduced by Part 3-2B, Division 4 of the Home Loans and Credit Cards Bill, in respect of the restrictions on the making of credit limit increase invitations, apply to credit card contracts whether or not the contract was entered into prior to commencement (as defined above); and
- -
- the requirements introduced by Part 3-2B, Divisions 5 and 6 of the Home Loans and Credit Cards Bill, in relation to approving the use of a credit card in excess of the credit limit and the allocation of payments made under a credit card contract, only apply to credit card contracts entered into after commencement (as defined above).