Territories Legislation Amendment Act 2020 (154 of 2020)

Schedule 2   Amendments of Treasury Acts

Part 1   Acts administered by ASIC

Division 2   Acts administered by ASIC: application, saving and transitional provisions

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

66   In the appropriate position

Insert:

Schedule 18 - Application and transitional provisions for the Territories Legislation Amendment Act 2020

1 Transitional rules

(1) ASIC may, by legislative instrument, make rules prescribing matters of a transitional nature (including prescribing any saving or application provisions) relating to the amendments of the National Credit Act made by Division 1 of Part 1 of Schedule 2 to the Territories Legislation Amendment Act 2020.

(2) To avoid doubt, the rules may not do the following:

(a) create an offence or civil penalty;

(b) provide powers of:

(i) arrest or detention; or

(ii) entry, search or seizure;

(c) impose a tax;

(d) set an amount to be appropriated from the Consolidated Revenue Fund under an appropriation in this Act;

(e) directly amend the text of this Act or the National Credit Act.

2 Repeal of this Schedule

This Schedule is repealed at the end of the first Monday after the period of 12 months beginning on the day Division 1 of Part 1 of Schedule 2 to the Territories Legislation Amendment Act 2020 commences.