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Credit contracts made under the old state code

Information about the contracts made under the old state credit code.

The old uniform credit code continues to apply to contracts made before 1 July 2010. Contracts that existed before that date will be treated as though the old code was Commonwealth law.

The exception to this is for continuing credit contracts including credit cards and lines of credit. These are regulated by the code.

Regulation of contracts made before July 2010

VCAT no longer has jurisdiction to hear disputes over credit contracts made before 1 July 2010. People who are unable to resolve disputes using dispute resolution will have to apply to court.

Generally, the Commonwealth Act does not apply to contracts that were agreed to before the Act commenced. The Act includes provision for regulations to be made that cover old contracts. There is a presumption that the National code applies if one party makes this claim.

The role of the Australian Securities and Investments Commission (ASIC)

Victoria has transferred to ASIC the power to appeal, review or enforce the law in relation to contracts that were agreed to under the old code.

More information

Legislation

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

  • Schedule 1—transition form the old credit code to the new National Act

See National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009 (Cth)(opens in a new window)

Credit (Commonwealth Powers) Act 2010 (Vic)

  • s. 16—cessation of application of the old code
  • s. 17—empower the minister to give authority to ASIC to perform functions and powers
  • s.19—disclosure of information to ASIC

See Credit (Commonwealth Powers) Act 2010 (Vic)(opens in a new window)

National Consumer Credit Protection Act 2009 (Cth)

  • s. 13—presumption that the code applies if one party claims it does until proven otherwise

See—National Consumer Credit Protection Act 2009—Schedule 1—National Credit Code(opens in a new window)

Australian Securities and Investments Commission

The site has information to explain the law about instruments (contracts) that are carried over from the state to the Commonwealth jurisdiction.

See ASIC—Lenders with carried over instruments(opens in a new window)

Updated