NFSF - Comment on Proposed CCC bill and legislatio

NATIONAL FINANCIAL SERVICES FEDERATIONComment on the Exposure Drafts:Consumer Credit Code Amendment Bill 2007Consumer Credit Amendment Regulation 2007September 2007To theMinisterial Council on Consumer AffairsC/- Fringe Credit ProjectQueensland Department of Justice,Attorney General and Fair TradingGPO Box 3111Brisbane Qld 4001Prepared by:Phillip Smiles LL.B., B.Ec., M.B.A., Dip.Ed.Lyn Turner M.A., Dip.Drama.Smiles TurnerPO Box 56Manly NSW 1655Ph: 02 9975 4244Fax: 02 9975 6877Email: smilesturner01@optusnet.com.au© Smiles Turner, September 2007National Financial Services Federation 1INDEXPageSectionNo.Introduction 2Consumer Credit Amendment Regulation 2007 3Proposed New Section 7(1A) 6Amendment of Section 11 (Presumptions relating to application of9Code)Amendment of Section 15 (Matters that must be in contract 11document - annual percentage rate)Amendment of Section 46 (Prohibited securities) 17Replacement of Section 72 (Court may review unconscionable 20interest and other charges)New Office of Fair Trading Powers 24The Issue of Retrospective Powers 25Conclusion 25© Smiles Turner, September 2007National Financial Services Federation 2INTRODUCTIONThe National Council of the National Financial Services Federation would liketo thank the Ministerial Council on Consumer Affairs for the opportunity tocomment on the exposure drafts of the Consumer Credit Code Amendment Bill2007 and the Consumer Credit Amendment Regulation 2007.The ...