Australian Capital Territory

consumer credit regulations
This consolidation has been prepared by the ACT Parliamentary Counsel’s Office
As at 1 November 1996
TABLE OF PROVISIONS
Regulation
	1.	Citation
	2.	Commencement
	3.	Interpretation
	4.	Transfer of proceedings
	5.	Maximum annual percentage rate

Citation
1.  These Regulations may be cited as the Consumer Credit Regulations.1
Commencement
2.  These Regulations commence on the day on which they are notified in the Gazette.
Interpretation
3.  In these Regulations, unless the contrary intention appears—

“the Act” means the Consumer Credit  Act 1995.
Transfer of proceedings
4.  (1)  Where proceedings are instituted in, or are before, a court in a matter for the determination of which the Credit Tribunal and the court each have jurisdiction, the proceedings shall—
	(a)	if all the parties to the proceedings so agree; or
	(b)	if the court of its own motion or on the application of a party so directs;
be transferred to the Credit Tribunal and shall continue before the Credit Tribunal as if they had been instituted there.
(2)  Where proceedings are instituted in, or are before, the Credit Tribunal in a matter for the determination of which the Credit Tribunal and a court each have jurisdiction, the proceedings shall—
	(a)	if all the parties so agree; or
	(b)	if the Credit Tribunal of its own motion or on the application of a party so directs;
be transferred to the court in accordance with the rules of the court or, if the court is not empowered to make those rules, as prescribed, and shall continue before the court as if they had been instituted in the court.
Maximum annual percentage rate
5.  For the purposes of subsection 10 (1) of the Act, the prescribed maximum annual percentage rate is 48% per annum for all classes of credit contracts to which the Consumer Credit (Australian Capital Territory) Code applies. 

NOTES
1.	Subordinate Law No. 24, 1996 (in force under the Consumer Credit Act 1995); made on 30 October 1996; notified in the ACT Gazette on 1 November 1996; commenced on 1 November 1996.
2.	The Legislation (Republication) Act 1996 (No. 51, 1996) authorises the Parliamentary Counsel in preparing a law for republication, to make certain editorial and other formal amendments in accordance with current legislative drafting practice.  Those amendments make no change in the law.  Amendments made pursuant to that Act do not appear in the Table of Amendments but details may be obtained on request from the Parliamentary Counsel’s Office.

Table of Subordinate Laws
Regulation
No.	Date of making	Date of 
notification 
in Gazette	Date of 
commencement	Application, saving or transitional provisions	

					

Table of Amendments
ad. = added or inserted      am. = amended     rep. = repealed      rs. = repealed and substituted

Provision	How affected